New Gold deal reshapes Coeur Mining (NYSE: CDE) production and capital plans
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Coeur Mining has completed its acquisition of New Gold, making New Gold a wholly owned subsidiary through an all‑share transaction that issued approximately 393 million shares of Coeur common stock. To support the larger business, Coeur entered a new five‑year, $1.0 billion senior secured revolving credit facility, expandable by $250 million, with covenants tied to leverage and coverage ratios.
The company amended its charter to raise authorized common shares from 900 million to 1.3 billion, appointed Patrick Godin and Marilyn Schonberner to its board, and expanded its share repurchase program to $750 million through March 19, 2029. Coeur also introduced a semi‑annual $0.02 per‑share dividend starting in the second quarter of 2026. Updated 2026 guidance now reflects seven operations, targeting 680,000–815,000 ounces of gold, 18.68–21.93 million ounces of silver, and 50–65 million pounds of copper, alongside significant sustaining and development capital. Coeur has launched a private exchange offer for all $400 million of New Gold’s 6.875% senior notes due 2032 into new Coeur notes plus cash, paired with a consent solicitation to strip many restrictive covenants and remove the change‑of‑control repurchase requirement.
Positive
- Transformational scale and diversification: Closing the New Gold acquisition adds the New Afton and Rainy River mines, with 2026 guidance implying much higher consolidated gold, silver and copper production from seven North American operations.
- Enhanced capital access and returns: A new $1.0 billion revolving credit facility plus a $750 million share repurchase authorization and a new semi‑annual $0.02 dividend establish a more flexible balance‑sheet and shareholder‑return framework.
Negative
- Higher financial and execution risk: Large sustaining and development capital budgets alongside $475–$600 million of expected 2026 cash income and mining taxes increase cash needs, while the New Gold integration and reliance on a sizable secured revolver add leverage and operational complexity.
- Bondholder consent dependence: The exchange offer and consent solicitation for $400 million of New Gold’s 6.875% notes aim to remove restrictive covenants and the change‑of‑control put; outcomes depend on sufficient noteholder participation.
Insights
Transformational New Gold acquisition scales Coeur, adds leverage, and reshapes its capital return and debt profile.
Coeur Mining’s purchase of New Gold turns it into a larger, multi‑asset precious metals producer. Management highlights an expected 80% increase in overall gold output, with 2026 guidance of 680,000–815,000 ounces of gold, 18.68–21.93 million ounces of silver, and 50–65 million pounds of copper.
To fund a broader platform, Coeur replaced its prior facility with a new $1.0 billion senior secured revolver, expandable by $250 million. Covenants initially cap consolidated net leverage at 3.5x and require an interest coverage ratio of at least 3.0x, later switching to a net‑debt‑to‑capital cap of 60% after a collateral release event.
Capital allocation is shifting toward shareholder returns through a $750 million share repurchase authorization running to March 19, 2029 and a semi‑annual dividend of $0.02 per share starting in Q2 2026. At the same time, combined sustaining and development capital is guided at $437–$526 million in 2026, and cash income and mining taxes at $475–$600 million, implying heavy cash demands.
On the liability side, Coeur is offering to exchange all $400 million of New Gold’s 6.875% notes due 2032 into new Coeur notes plus a small cash sweetener, while soliciting consents to remove most restrictive covenants and the change‑of‑control 101% put. Actual impact will depend on noteholder participation and the ability to realize the planned operating synergies and integration of New Afton and Rainy River.
8-K Event Classification
10 items: 1.01, 2.01, 3.02, 3.03, 5.02, 5.03, 7.01, 8.01, 9.01, 12.6
10 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 2.01
Completion of Acquisition or Disposition of Assets
Financial
The company completed a significant acquisition or sale of business assets.
Item 3.02
Unregistered Sales of Equity Securities
Securities
The company sold equity securities in a private placement or other unregistered transaction.
Item 3.03
Material Modification to Rights of Security Holders
Securities
A change was made that materially affects the rights of existing shareholders (e.g., dividend rights, voting rights).
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 5.03
Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
Governance
The company amended its charter documents, bylaws, or changed its fiscal year.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Item 12.6
Item 12.6
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange
Act of 1934
Date of Report (Date of earliest event reported): March 19, 2026
(Exact name of registrant as specified in its charter)
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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(Address of Principal Executive Offices)
(312 )
489-5800
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
(§240.12b-2 of this chapter).
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Introductory Note
As previously announced, on November 2, 2025, Coeur
Mining, Inc., a Delaware corporation (“Coeur”), New Gold Inc., a corporation existing under the laws of the Province of British Columbia, Canada (“New Gold”), and 1561611 B.C. LTD., a corporation organized and existing under the laws of the Province of British Columbia, Canada and a wholly-owned subsidiary of Coeur (“Canadian Sub”), entered into an arrangement agreement (the “Arrangement Agreement”) and agreed to a
strategic business combination transaction pursuant to a plan of arrangement under the Business Corporations Act (British Columbia) (the “Arrangement”). On March
20, 2026 (the “Closing Date”), pursuant to the
terms and conditions set forth in the Arrangement Agreement, Coeur
(through the Canadian Sub) acquired all of the issued and outstanding common shares of New Gold (each, a “New Gold Common Share”) pursuant to a Plan of Arrangement with New Gold becoming a wholly-owned subsidiary of Coeur.
The foregoing descriptions of the Arrangement
and Arrangement Agreement do not purport to be complete and are qualified in their entirety by reference to the full text of the Arrangement Agreement, which is included as Exhibit 2.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) by Coeur on November 3, 2025 and is incorporated by
reference herein.
| Item 1.01 |
Entry into a Material Definitive Agreement.
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On March 20, 2026, Coeur entered into a Credit Agreement (the “Credit Agreement”) by and among Coeur, as borrower, certain subsidiaries of Coeur, as guarantors, the lenders party thereto and National Bank of Canada, as administrative agent. The Credit Agreement replaced Coeur’s existing credit
agreement dated as of September 29, 2017, by and among Coeur, as borrower, certain
subsidiaries of Coeur, as guarantors, the lenders party thereto, and Bank of America,
N.A., as administrative agent, as amended.
The Credit
Agreement provides for a $1,000,000,000 senior secured revolving credit facility (the “Facility”), which may be increased by up to
$250,000,000 in incremental loans and commitments subject to the terms of the Credit Agreement. The proceeds of the Facility will be used to finance working capital and general corporate purposes of
Coeur and its subsidiaries.
The Facility has a term of five
years. The loans under the Facility will bear interest at a rate equal to either a base rate plus a margin ranging from 0.450% to 1.500%, Term SOFR plus a margin ranging from 1.450% to 2.500%, or Daily Simple SOFR plus a margin ranging from 1.450% to 2.500%, in each case as selected by Coeur, with such margin determined in accordance with a pricing grid based upon Coeur’s consolidated net leverage ratio as of the end of the applicable period. Subject to no event of default, upon Coeur receiving at least two of the following debt ratings: BBB- (or better) from S&P, Baa3 (or better) from Moody’s, or BBB- (or better) from Fitch (the “Collateral Release Event”)
and the one-time election of Coeur (the “Margin Election”), the applicable margin will instead be determined based upon Coeur’s
debt ratings from S&P, Moody’s and Fitch, and will range from 0.125% to 1.000% for Base Rate Loans and from 1.125% to 2.000% for Term SOFR Loans and Daily SOFR Loans.
Coeur is required to pay a
commitment fee on the daily unused portion of the Facility. Prior to the Collateral Release Event and the Margin Election, the commitment fee ranges from 0.200% to 0.350% per annum, determined in accordance with a pricing grid based upon Coeur’s consolidated net leverage ratio. Following the Collateral
Release Event and the Margin Election, the commitment fee ranges from 0.110% to 0.250%
per annum, determined in accordance with a pricing grid based upon Coeur’s debt ratings. Coeur will also pay customary letter of credit fees and other fees under the Credit Agreement.
Voluntary prepayments of the loans under the Credit Agreement are permitted without premium or penalty. Other than a requirement that Coeur
prepay outstanding loans and/or cash collateralize letter of credit obligations to the extent that the total revolving outstandings exceed the aggregate revolving commitments then in effect, the Credit Agreement does not require mandatory prepayments of the loans prior to maturity. Amounts repaid may be subsequently reborrowed subject to the terms
of the Credit Agreement.
The Facility is secured by a pledge of the shares of certain of Coeur’s domestic and Canadian subsidiaries. Upon the occurrence of the Collateral Release Event, and provided no event of default has occurred and is continuing, the equity pledge will be released and the Facility will be unsecured.
The Credit
Agreement contains representations and warranties and affirmative and negative covenants that are usual and customary, including representations, warranties, and covenants that, among other things, restrict the ability of Coeur and its subsidiaries to incur additional debt, incur or permit liens on assets, make investments and acquisitions, consolidate or
merge with any other company, engage in asset sales and make dividends and distributions. The Credit
Agreement also contains representations, warranties, and covenants that, among other things, require compliance with environmental laws and maintenance of mining rights. The Credit Agreement also contains financial covenants consisting of (i) prior to the Collateral Release Event and the Margin Election, a consolidated net leverage ratio not to exceed 3.50 to 1.00 and a consolidated interest coverage ratio of not less than 3.00 to 1.00, and (ii) following the Collateral Release Event and the Margin
Election, a net debt to capital ratio not to exceed 60%.
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Obligations under the Credit Agreement may be accelerated upon the occurrence of certain customary events of default (subject to grace periods and cure rights, as appropriate), including among others: nonpayment of
principal, interest or fees; breach of the affirmative, negative or financial covenants; breach of the representations or warranties in any material respect; events of default with respect to other material indebtedness; bankruptcy or insolvency;
material judgments entered against Coeur or any of its restricted subsidiaries that are not promptly paid or stayed; termination of
or default under any material contract or license relating to the New Afton Mine, the Rainy River Mine, the Las Chispas Mine, the Palmarejo Mine,
the Rochester Mine, the Kensington Mine, or the Wharf Mine that could reasonably be expected to result in a material adverse effect; invalidity or unenforceability of the
Credit Agreement or other documents associated with the Credit Agreement; and a change of control of Coeur.
A copy of the Credit Agreement is attached hereto as Exhibit 10.1 and is incorporated herein by reference. The description of the Credit Agreement is a summary only and is qualified in its entirety by the terms of the Credit Agreement.
| Item 2.01. |
Completion of Acquisition or Disposition of Assets.
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The information set forth in the Introductory Note and under Item 3.02 and Item 5.03 of this Current Report on Form 8-K are incorporated by reference in its
entirety into this Item 2.01.
At the effective time of the Arrangement (the “Effective
Time”), among other things:
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each New Gold shareholder (other than in respect to New Gold Common
Shares held by Coeur or Canadian Sub, and New
Gold shareholders who validly exercised dissent rights in connection with the Arrangement) received 0.4959 shares of common stock (the “Exchange Ratio”), par value $0.01 per share, of Coeur (the “Coeur Common Stock”), in exchange for each New Gold Common Share they held;
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each option to purchase New Gold Common Shares (a “New Gold
Option”) outstanding immediately prior to the Effective Time was fully vested and cancelled in exchange for an amount equal to (a) the product of (i) the number of New Gold common shares for which such New Gold Options may be exercised, and (ii) the volume weighted average share
price of the New Gold Common Shares on the Toronto Stock Exchange (during continuous trading
hours) for the five trading days ending on the third business day prior to the Closing Date, less (b) its exercise price;
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all deferred share units of New Gold (“New Gold DSUs”) were fully vested in exchange for a cash payment from New Gold, calculated in accordance with the terms
of the deferred share unit plan of New Gold effective May 6, 2010 (except that the calculation of the amounts payable was
determined as of the third business day prior to the Closing Date);
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all performance share units of New Gold (“New Gold PSUs”) were fully vested
in exchange for a cash payment from New Gold, calculated in accordance with the terms of the long term incentive plan of New Gold effective February 19, 2025 (the “LTIP”) (except that the calculation of the
amounts payable was determined as at the third business day prior to the Closing Date) immediately prior to the Effective Time provided that (A) the vesting multiplier applicable to all calculation periods ending on or prior to the third business day prior to
the Closing Date for each New Gold PSU was determined based on the terms of the LTIP and (B) the vesting
multiplier applicable to all calculation periods ending after the third business day prior to the Closing Date for each New Gold PSU was (i) 100%, in the case of New Gold employees who were employed by Coeur, New Gold or any of their respective subsidiaries following the Effective Time (“Continuing Employees”); or (ii) 150%, in the case of New Gold employees whose employment with New Gold or any of its subsidiaries was terminated at or immediately prior to
the Effective Time (“Non-Continuing Employees”);
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all restricted share units of New Gold (“New Gold RSUs”) were treated as
follows:
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New Gold RSUs held by Non-Continuing Employees (“Accelerated
RSUs”) were fully vested pursuant to, and redeemed for cash in accordance with, the terms of the LTIP (except that the calculation of the amounts payable was
determined as of the third business day prior to the Closing Date); and
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New Gold RSUs held by Continuing Employees were (1) amended by multiplying each such New Gold RSU by the Exchange Ratio, and thereafter, the holder thereof was entitled to the number of New Gold RSUs as is equal to the product of such amendment (the “Revised New Gold RSUs”); (2) upon the vesting of such Revised New Gold RSUs following the Effective Time, each such Revised New Gold RSU entitled the holder thereof to receive a payment in cash, in accordance with the terms of the LTIP, with reference to the trading price of the Coeur Shares rather than the New Gold Shares, and (3) such Revised New Gold RSUs remained outstanding and governed by the terms of the LTIP
and any document evidencing the New Gold RSUs (subject to amendments as contemplated in the Arrangement
Agreement).
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| Item 3.02. |
Unregistered Sales of Equity Securities.
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The information disclosed under Item 2.01 is incorporated into this Item 3.02 in its entirety. The securities issued pursuant to the Arrangement Agreement,
consisting of approximately 393 million shares of Coeur Common Stock were issued in reliance upon Section
3(a)(10) of the Securities Act of 1933, as amended (the “Securities
Act”).
| Item 3.03. |
Material Modification to Rights of Security Holders.
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The information set forth in Item 5.03 of this Current Report on Form 8-K is incorporated by reference in its entirety into this Item 3.03.
| Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
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As previously announced on February 17, 2026, Coeur’s Board
of Directors (the “Coeur Board”) approved the appointment of Mr. Patrick Godin and Ms. Marilyn Schonberner to the Coeur Board, effective at, and contingent upon, the completion of the Arrangement.
Effective as of the Closing Date, Mr. Godin and Ms. Schonberner have been
appointed to the Coeur Board and Ms. Schonberner has been appointed to the Audit Committee of the Board.
| Item 5.03. |
Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
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The information set forth in the Introductory Note and under Item 2.01 of this Current Report on Form 8-K is incorporated by reference in its entirety into this Item
5.03.
On March 19, 2026, Coeur’s certificate of incorporation was amended in connection with the Arrangement and in accordance with the terms of the Arrangement Agreement in the form attached hereto as Exhibit 3.1 (the “Certificate of Incorporation Amendment”), to increase the number of authorized shares of Coeur
Common Stock from 900,000,000 shares to 1,300,000,000 shares, such share authorization having been approved at Coeur’s special meeting of stockholders held on January 27, 2026.
The foregoing description does not purport to be complete and is qualified in its entirety by reference to the full text of the Certificate of Incorporation Amendment, which is filed as Exhibit 3.1 hereto and incorporated
by reference herein.
| Item 7.01. |
Regulation FD Disclosure.
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Press Release
On March 23, 2026, Coeur issued a press release (the “Press Release”) announcing the completion of
the Arrangement, issuing updated reserves and resources estimates for the New Afton and Rainy
River properties acquired in the Arrangement, and issuing updated production, cost and expense guidance for 2026. The Press Release also announced that the Coeur Board had authorized an expanded
$750 million share repurchase program, which incorporates and supersedes the previous plan announced on May 27, 2025, effective through March 19, 2029. The Press Release also announced that the Coeur Board had approved an updated
financial policy, under which Coeur anticipates paying a semi-annual dividend of $0.02 per share of Coeur Common Stock, beginning in the second quarter of 2026. A copy of the press release is attached as Exhibit 99.1 and is incorporated into this Item 7.01 by reference.
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Exchange Offer
On March 23, 2026, Coeur issued a press release announcing that it has commenced an offer to exchange (the “Exchange Offer”) any and all of the outstanding $400,000,000 in aggregate principal amount of 6.875% Senior Notes due 2032 (the “Existing Notes”) issued
by New Gold Inc. for new 6.875% Senior Notes due 2032 to be issued by Coeur (the “New Notes”) and cash consideration. The Exchange Offer is being made on the terms and subject to the conditions set forth in the exchange offer and consent
solicitation statement dated March 23, 2026 (the “Exchange
Offer Memorandum and Consent Solicitation Statement”). The Exchange Offer will expire at 5:00 p.m., New York City
time, on April 20, 2026, unless extended or terminated (such date and time, as the same may be extended, the “Expiration Date”).
For each $1,000 principal amount of Existing Notes validly tendered and not validly withdrawn at or prior to 5:00 p.m.,
New York time, on April 3, 2026, unless extended or terminated (such date and time, as the same may be extended, the “Early Participation Date”), Eligible Holders of Existing Notes will be eligible to receive the total consideration (the “Total Consideration”), which includes early participation cash consideration of $2.00 in cash (the “Early Participation Cash Consideration”) and an early participation premium,
payable in additional principal amount of New Notes, of $50 (the “Early Participation Premium”). For each $1,000 principal amount of Existing
Notes validly tendered and not validly withdrawn after the Early Participation Date and on or prior to the Expiration Date, Eligible Holders of Existing Notes will be eligible to receive $950 principal amount of New Notes (the “Exchange Consideration”).
In conjunction with the Exchange Offer, Coeur is concurrently soliciting consents (the “Consent Solicitation”) to adopt certain proposed amendments to
the indenture governing the Existing Notes (the “Existing
Notes Indenture”) to, among other things, eliminate from the Existing Notes Indenture (i) substantially all of the restrictive covenants,
(ii) certain of the events which may lead to an “Event of Default”, (iii) the restrictions on New Gold consolidating with
or merging into another person or conveying, transferring or leasing all or any of its properties and assets to any person, (iv) the reporting covenant, and (v) the obligation to offer to exchange the Existing Notes upon certain change of control transactions (including the Transaction,
as defined below) (collectively, the “Proposed Amendments”). The Proposed Amendments require the consent of the holders of not less than a majority
in principal amount of the Existing Notes outstanding (the “Requisite Consent”). If the Requisite Consent is obtained, any remaining Existing Notes not tendered and exchanged for New Notes will be
governed by the amended indenture. The Exchange Offer and the Consent Solicitation are subject to the same conditions, and any waiver of a condition
by Coeur with respect to the Exchange Offer will automatically waive such condition with respect to the Consent Solicitation, as applicable.
As previously announced, Coeur has completed the acquisition of all of
the issued and outstanding shares of New Gold (the “Transaction”). The consummation of the Transaction constitutes a “change of control” under the Existing Notes Indenture. Accordingly, pursuant to the existing terms of the Existing
Notes Indenture, New Gold would be obliged to, within 30 days of the consummation of the Transaction,
make an offer to repurchase all outstanding Existing Notes at a purchase price equal to 101% of the principal amount of the
Existing Notes, plus accrued and unpaid interest, if any to, but excluding, the date of repurchase, in connection with the consummation of the Transaction (the “Change of Control Offer”). However, if the Exchange Offer is consummated and the Proposed Amendments are adopted, Coeur will no longer be obliged to make the Change of Control Offer.
A copy of the press release is attached as Exhibit 99.2 and is
incorporated into this Item 7.01 by reference.
The information in this Item 7.01 (including the exhibit) shall not be deemed to be “filed”
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act or the Exchange Act.
| Item 8.01. |
Other Events.
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On March 23, 2026, Coeur issued a technical report summary for
its New Afton Mine (the “New Afton Report”). The New Afton Report is filed as Exhibit 99.3 to this Current Report on Form 8-K and incorporated herein by reference.
On March 23, 2026, Coeur issued a technical report summary for its Rainy River Mine (the “Rainy River Report”). The Rainy River Report is filed as Exhibit 99.4 to this Current Report on Form 8-K and incorporated
herein by reference.
Cautionary Statement Regarding Forward-Looking Statements
This current report on Form 8-K contains numerous forward-looking
statements within the meaning of securities legislation in the United States and Canada, including statements relating to, but not limited to, any statements
concerning the results, effects, benefits, and synergies of the Arrangement, future opportunities for the combined company, future financial performance and condition, guidance, any statements regarding
the expected timetable for the Exchange Offer and the Consent Solicitation, the expected results of the Exchange
Offer, the effects of, and expected timeline for the adoption of, the Proposed Amendments, whether the New
Gold Change of Control Offer will be made, and any other statements regarding Coeur’s or New
Gold’s future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts are “forward-looking” statements based on assumptions currently believed to be valid.
Forward-looking statements are all statements other than statements of historical facts. The words “anticipate,” “believe,” “ensure,” “expect,” “if,” “intend,” “estimate,” “probable,” “project,” “forecasts,” “predict,” “outlook,” “aim,” “will,”
“could,” “should,” “would,” “potential,” “may,” “might,” “anticipate,” “likely,” “plan,” “positioned,” “strategy,” and similar expressions or other words of similar meaning, and the negatives thereof, are intended to identify forward-looking
statements. Specific forward-looking statements include, but are not limited to, statements regarding the form and results of the Exchange Offer and the Consent
Solicitation; Coeur’s or New Gold’s plans and expectations with respect to the acquisition
of New Gold pursuant to the Arrangement, the anticipated impact of the Arrangement
on the combined company’s results of operations, financial position, growth opportunities and competitive position, and related strategies, plans and integration. The forward-looking statements are intended to be subject to the safe harbor provided
by Section 27A of the Securities Act, Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995 or “forward-looking information” within the meaning of applicable Canadian securities laws.
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These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those
anticipated, including, but not limited to, the possibility that Eligible Holders of New Gold may not tender the Existing Notes in the Exchange Offer and may not deliver their consents in the Consent Solicitation; the risk that any other condition to closing of the Exchange Offer and the Consent
Solicitation may not be satisfied; the risk that the closing of the Exchange Offer and the Consent Solicitation might be delayed or not occur at all;
Coeur’s ability to comply with covenants in New Gold’s Existing Notes and Existing Notes Indenture; Coeur’s ability to obtain amendments to the covenants in the Existing Notes and
Existing Notes Indenture; potential adverse reactions or changes to business or employee relationships of Coeur or New Gold, including those resulting from the announcement or completion of the Exchange
Offer; the diversion of management time on transaction-related issues; the ultimate timing, outcome and results of integrating the operations of Coeur and New Gold; the effects of the business combination of Coeur and New Gold, including the combined company’s future financial condition, results of operations, strategy and plans; the
ability of the combined company to realize anticipated synergies in the timeframe expected or at all; changes in capital markets and the ability of the combined company to finance operations in the manner expected; the risk of any litigation
relating to the Transaction; the risk of changes in governmental regulations or enforcement practices; the effects of commodity prices, life of mine estimates; the timing and amount of estimated future
production; the risks of mining activities; and the fact that operating costs and business disruption may be greater than expected. Expectations regarding business outlook, including changes in revenue, pricing, capital expenditures, cash flow
generation, strategies for the combined company’s operations, gold, silver and copper market conditions, legal, economic and regulatory conditions, and environmental matters are only forecasts regarding these matters.
Additional factors that could cause results to differ materially from those described above can be found in the Exchange Offer Memorandum and Consent Solicitation Statement under “Risk Factors,” in Coeur’s Annual Report on Form 10-K for the year ended December 31, 2025,
which is on file with the SEC and available from Coeur’s website at www.coeur.com under the “Investors” tab, and in other documents Coeur’s files with the SEC and in New Gold’s annual information form for the year ended December 31, 2024,
which is on file with the SEC and on SEDAR+ and available from New Gold’s website at www.newgold.com
under the “Investors” tab, and in other documents New Gold files with the SEC or on
SEDAR+.
All forward-looking statements speak only as of the date they are made and are based on information available at that time. Neither Coeur nor New Gold assumes any obligation to update forward-looking statements to reflect
circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by applicable securities laws. As forward-looking statements involve significant
risks and uncertainties, caution should be exercised against placing undue reliance on such statements. This report does not constitute an offer of any securities for sale.
| Item 9.01. |
Financial Statements and Exhibits.
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Financial Statements of Business Acquired.
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The financial statements required by this item are not being filed herewith. They will be filed with the SEC by amendment as soon as practicable, but not later than 71 days after the date on which this Current Report on Form 8-K is required to
be filed.
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Pro Forma Financial Information.
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The pro forma financial information required by this item is not being filed herewith. It will be filed with the SEC by amendment as soon as practicable, but not later than 71 days after the date on which this Current Report on Form 8-K is required
to be filed.
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List of Exhibits
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5
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Exhibit No.
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Description
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2.1*
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Arrangement Agreement, dated as of November 2, 2025 by and
among Coeur Mining, Inc., New Gold Inc., and 1561611 B.C. LTD. (incorporated by reference to Exhibit 2.1 of Coeur’s Current Report on Form 8-K filed with the SEC on November 3, 2025).
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3.1
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Amendment to the Certificate of Incorporation of Coeur
Mining, Inc., dated March 19, 2026.
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10.1
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Credit Agreement, dated as of March
20, 2026, by and among Coeur Mining, Inc., as borrower, certain subsidiaries of Coeur Mining, Inc., as
guarantors, the lenders party thereto and National Bank of Canada, as administrative agent.
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23.1
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Consent of Qualified Person – Tyler Roberts.
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23.2
|
Consent of Qualified Person – Devin Wade.
|
|
|
23.3
|
Consent of Qualified Person – Jenifer Katchen.
|
|
|
23.4
|
Consent of Qualified Person – Vincent Nadeau-Benoit.
|
|
|
23.5
|
Consent of Qualified Person – Matthew Davis.
|
|
|
23.6
|
Consent of Qualified Person – Emily O’Hara.
|
|
|
23.7
|
Consent of Qualified Person – Corey Kamp.
|
|
|
23.8
|
Consent of Qualified Person – Michael Kontzamanis.
|
|
|
23.9
|
Consent of Qualified Person – Caroline Daoust.
|
|
|
23.10
|
Consent of Qualified Person – Vincent Nadeau-Benoit.
|
|
|
23.11
|
Consent of Qualified Person – Emily O’Hara.
|
|
|
23.12
|
Consent of Qualified Person – Mohammad Taghimohammadi.
|
|
|
23.13
|
Consent of Qualified Person – Travis Pastachak.
|
|
|
99.1
|
Press Release, dated March 23, 2026, issued by
Coeur Mining, Inc.
|
|
|
99.2
|
Press Release, dated March 23, 2026, issued by
Coeur Mining, Inc.
|
|
|
99.3
|
Technical Report Summary for the New Afton Mine effective December 31, 2025.
|
|
|
99.4
|
Technical Report Summary for the Rainy River Mine effective December 31, 2025.
|
|
|
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document).
|
| * |
Schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. Coeur hereby
undertakes to furnish supplemental copies of any of the omitted schedules and exhibits upon request by the SEC.
|
6
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
COEUR MINING, INC.
|
||
|
Dated: March 23, 2026
|
By:
|
/s/ Thomas S. Whelan
|
|
Name:
|
Thomas S. Whelan
|
|
|
Title:
|
Executive Vice President and Chief Financial Officer
|
Exhibit 99.1
 |
 |
Coeur Provides Company Update Post-New Gold Closing
Provides Consolidated 2026 Guidance and Announces Updated Capital Return Program
Issues Updated Year-End Reserves and Resources for Rainy River and New Afton, Including Maiden K-Zone Resource at New Afton and Two Years of
Additional Mine Life at Rainy River
Chicago, Illinois – March 23, 2026 – Coeur
Mining, Inc. (“Coeur” or the “Company”) (NYSE, TSX: CDE) today provided a corporate update following the March 20, 2026 completion of the acquisition of New Gold Inc.(“New Gold”), including consolidated 2026 guidance, 2025 mineral reserves and
resources for the newly-acquired New Afton and Rainy River mines, and an updated financial policy highlighted by a robust new return of capital program.
Highlights
| • |
New Afton and Rainy River contribute strong additions to Coeur’s updated 2026 consolidated
production guidance – The Company expects 2026 consolidated gold, silver and copper production of 680,000 – 815,000 ounces, 18.7 – 21.9 million ounces, and 50 – 65 million pounds, respectively, which
incorporates nine months of contribution from its two new Canadian mines. Coeur’s 2025 production totaled 419,046 gold ounces and 17.9 million silver ounces
|
| • |
Solid financial position and strong free cash flow lead to robust capital returns to stockholders – Coeur’s Board of Directors has authorized an expanded $750 million share repurchase program as well as an inaugural $0.02 per share semiannual dividend policy expected to be paid in June and December of each
year. Additionally, Coeur has entered into a new $1.0 billion revolving credit facility to further bolster its liquidity profile
|
| • |
Updated New Afton and Rainy River S-K 1300 technical reports highlight mine life expansion
opportunities and strong free cash flow – New life of mine plans reflect strong production and cash flow profiles from both operations including the impact of the recently developed C-Zone at New
Afton and a two-year mine life extension at Rainy River
|
| • |
Maiden resource at K-Zone positions New Afton for substantial future mine life extension – Year-end 2025 measured and indicated mineral resources at K-Zone totaled 47.6 million tonnes containing 715,000 ounces of gold, 2.8 million ounces of silver and 606 million pounds of copper. K-Zone inferred
mineral resources totaled 5.9 million tonnes containing 86,000 ounces of gold, 309,000 ounces of silver and 77 million pounds of copper. New Afton’s 2025 proven and probable reserves totaled 36.2 million tonnes containing 780,000 ounces
of gold, 201 million ounces of silver, and 591 million pounds of copper
|
“Today marks an important milestone in Coeur’s transformation to the sector’s newest senior precious metals producer,” said Mitchell J. Krebs, Chairman, President and
Chief Executive Officer. “With the New Gold acquisition now complete, the addition of New Afton and Rainy River increases our expected overall gold production by 80% and adds meaningful copper production alongside our dominant silver production
profile. The tremendous free cash flow profile from our combined platform of seven North American operations will allow the Company to meaningfully accelerate and enlarge its return of capital strategy while also further bolstering our overall
liquidity position. This strong financial position – along with the deep and talented combined team we are creating – will give us the flexibility to fund a pipeline of attractive organic growth projects and emerging new opportunities such as
progressing the K-Zone at New Afton, advancing studies at our Silvertip silver project, and investing in high-return exploration programs across the portfolio.
“After having an opportunity to spend time at New Afton, Rainy River, and in the Toronto office and meet many of our new team members and important stakeholders, we
are excited about building on these relationships and delivering the compelling benefits of this combination to our shareholders and to Canada going forward.”
Updated Financial Policy
Coeur’s enhanced financial policy seeks to generate per share value for stockholders and position the Company for future commodity price cycles by: (i) building and
maintaining a resilient and flexible balance sheet; (ii) prudently reinvesting into its operations and projects to further drive its peer-leading return on invested capital; and (iii) returning excess capital to stockholders through a combination
of opportunistic and programmatic share repurchases and sustainable cash dividends. Key priorities under the Company’s financial policy include:
| • |
Maintaining a strong, resilient balance sheet and liquidity levels consistent with its new peer group of senior precious metals companies. This includes a policy of maintaining a net cash position
and establishing a new $1.0 billion revolving credit facility to replace the existing $400 million facility
|
| • |
Continuing to invest in focused exploration near its existing mines and projects. Over the last five years, the Company has invested over $340 million in exploration, contributing to double-digit
reserve and resource growth. In 2026, the Company expects to invest a total of approximately $160 million in exploration
|
| • |
Efficiently reinvesting in the Company’s existing mine portfolio and organic growth projects, including ongoing leach pad expansions at Rochester and increased tailings capacity at Kensington, to
support longer mine lives due to successful exploration investments. Longer term priorities include the potential development of New Afton’s K-Zone, the emerging regional development opportunity at East Palmarejo and the Silvertip
exploration project. In 2026, the Company expects to invest approximately $500 million in sustaining and development capital projects
|
| • |
Repurchasing shares under an expanded $750 million share repurchase program consisting of both opportunistic and programmatic repurchases to enhance key per share metrics and generate strong
returns. The new repurchase program incorporates and supersedes the Company’s previous $75 million repurchase program
|
2
| • |
Establishing an inaugural dividend policy of $0.02 per share of Coeur common stock paid semiannually, with the first dividend expected to be paid during the second quarter of 2026
|
New Afton and Rainy River Technical Report Highlights
Coeur filed updated technical report summaries under Item 1300 of SEC Regulation S-K for the New Afton and Rainy River operations following the close of the New Gold
Transaction. The reports are available on www.sec.gov and on Coeur’s website.
New Afton: Mine Expected to Generate Significant, Low-Cost Production
Year-end 2025 proven and probable mineral reserves at New Afton totaled 36.2 million tonnes containing 780,000 ounces of gold, 2.1 million ounces of silver and 591
million pounds of copper. Measured and indicated mineral resources totaled 104.7 million tonnes containing 1.5 million ounces of gold, 5.6 million ounces of silver and 1.2 billion pounds of copper. Inferred mineral resources totaled 7.2 million
tonnes containing 100,000 ounces of gold, 338,000 ounces of silver and 83 million pounds of copper.
Highlights
| • |
Gold and copper production expected to average 105,000 ounces and 88 million pounds, respectively, over the next five years from C-Zone with a one-year extension to its reserves-only mine life to
2032
|
| • |
Throughput expected to ramp up to 15,000 tonnes per day from C-Zone during the first half of 2026
|
| • |
Life-of-mine EBITDA of $3.4 billion and free cash flow of $2.8 billion based on proven and probable reserves only1
|
| • |
Initial K-Zone resource established
|
| o |
Measured and indicated mineral resources totaled 47.6 million tonnes containing 715,000 ounces of gold, 2.9 million ounces of silver and 606 million pounds of copper; inferred mineral resources
totaled 5.9 million tonnes containing 86,000 ounces of gold, 309,000 ounces of silver and 77 million pounds of copper
|
| o |
The resource remains open both laterally and at depth, with the 2026 exploration program focusing on lateral growth of cave shape
|
| o |
Exploration drift extension planned to establish optimal drill platform, with approximately 515 meters expected by mid-year 2026
|
| o |
Approximately 6,800 meters of ramp development has been approved for the 2026-2028 period
|
| o |
A feasibility study is expected to commence in the second half of 2026
|
Rainy River: Large-Scale Canadian Gold Operation Expected to Deliver Robust Free Cash Flow
Year-end 2025 proven and probable mineral reserves at Rainy River totaled 2.2 million ounces of gold and 5.6 million ounces of silver. Measured and indicated mineral
resources totaled 1.6 million ounces of gold and 6.5 million ounces of silver. Inferred mineral resources totaled 418,000 ounces of gold and 1.0 million ounces of silver.
3
Highlights
| • |
Replaced depletion in 2025 and extended reserves-only mine life by two years to 2035
|
| • |
Annual gold and silver production expected to average 287,000 ounces and 527,000 ounces, respectively, over the next three years
|
| • |
Life of mine EBITDA of $3.0 billion and free cash flow of $2.2 billion based on proven and probable reserves only2
|
| • |
Addition of Northwest extension to the open pit mine plan
|
| • |
Transition and ramp-up of underground mining activities continue to progress
|
Updated 2026 Guidance Incorporates New Afton and Rainy River Mines
The Company has provided consolidated guidance for full-year 2026 including production, costs applicable to sales (“CAS”), capital expenditures, depreciation,
depletion and amortization (“DD&A”), exploration, general and administrative expenses (“G&A”), and income and mining tax. Guidance reflects nine months of contributions of New Afton and Rainy River. This guidance replaces the Coeur
stand-alone guidance issued on February 18, 2026.
2026 Production Guidance
|
Gold
(oz) |
Silver
(K oz) |
Copper
(M lbs) |
|||||
|
Las Chispas
|
55,000 - 65,000
|
5,500 - 6,300
|
—
|
||||
|
Palmarejo
|
95,000 - 105,000
|
6,250 - 7,000
|
—
|
||||
|
Rochester
|
70,000 - 90,000
|
6,400 - 7,800
|
—
|
||||
|
Kensington
|
98,000 - 110,000
|
—
|
—
|
||||
|
Wharf
|
72,000 - 90,000
|
50 - 200
|
—
|
||||
|
Coeur Sub Total
|
390,000 – 460,000
|
18,200 – 21,300
|
—
|
||||
|
New Afton
|
60,000 – 80,000
|
130 - 180
|
50 – 65
|
||||
|
Rainy River
|
230,000 – 275,000
|
350 – 450
|
—
|
||||
|
Total
|
680,000 - 815,000
|
18,680 – 21,930
|
50 - 65
|
4
2026 Adjusted Costs Applicable to Sales Guidance
|
Gold
($/oz) |
Silver
($/oz) |
Copper
($/lb) |
|||||
|
Las Chispas (co-product)
|
$750 - $950
|
$12.50 - $14.50
|
—
|
||||
|
Palmarejo (co-product)
|
$700 - $900
|
$21.50 - $23.50
|
—
|
||||
|
Rochester (co-product)
|
$1,350 - $1,550
|
$23.00 - $25.00
|
—
|
||||
|
Kensington
|
$1,750 - $1,950
|
—
|
—
|
||||
|
Wharf (by-product)
|
$1,400 - $1,600
|
—
|
—
|
||||
|
New Afton (co-product)3
|
$1,000 - $1,200
|
—
|
$1.20 - $1.35
|
||||
|
Rainy River (by-product)4
|
$2,150 - $2,350
|
—
|
—
|
2026 Capital, DD&A, Exploration, G&A and Income and Mining Tax Guidance
|
(US$M)
|
Coeur
|
New Gold
|
Total
|
||||
|
Capital Expenditures, Sustaining
|
$207 - $239
|
$84 - $98
|
$291 - $337
|
||||
|
Capital Expenditures, Development
|
$98 - $125
|
$48 - $64
|
$146 - $189
|
||||
|
Exploration, Expensed
|
$93 - $103
|
$25 - $29
|
$118 - $132
|
||||
|
Exploration, Capitalized
|
$27 - $33
|
$2 - $4
|
$29 - $37
|
||||
|
General & Administrative Expenses
|
$63 - $67
|
$27 - $33
|
$90 - $100
|
||||
|
Cash Income and Mining Taxes
|
$400 - $500
|
$75 - $100
|
$475 - $600
|
||||
|
Amortization
|
$335 - $390
|
$1,200 - $1,400
|
|||||
|
Effective Tax Rate (%)
|
29% – 35%
|
|
30% - 36%
|
|
Note: The Company’s guidance figures assume prices of $4,550/oz gold, $77.50/oz silver and $5.00/lb copper as well as CAD of 1.38 and MXN of 18.00.
Guidance figures exclude the impact of any metal sales or foreign exchange hedges.
The normalized effective tax rate excludes items that are not reflective of Coeur’s underlying performance, such as the impacts of foreign currency on
deferred taxes, taxes related to prior periods, and one-time, non-cash, tax valuation allowance adjustments.
Conference Call
Coeur will conduct a conference call today, March 23, 2026, at 11:00 a.m. Eastern Time to discuss today’s release. An accompanying presentation will be made available
on the Company’s website at www.coeur.com.
|
Dial-In Numbers:
|
(855) 560-2581 (U.S.)
|
|
|
(855) 669-9657 (Canada)
|
||
|
(412) 542-4166 (International)
|
||
|
Conference ID:
|
Coeur Mining
|
Hosting this call will be Mitchell J. Krebs, Chairman, President, and Chief Executive Officer of Coeur, who will be joined by Thomas S. Whelan, Executive Vice
President and Chief Financial Officer, Michael “Mick” Routledge, Executive Vice President and Chief Operating Officer, Aoife McGrath, Executive Vice President, Exploration and other members of management. A replay of the call will be available
through March 30, 2026.
5
|
Replay numbers:
|
(855) 669-9658 (U.S./Canada)
|
|
|
(412) 317-0088 (International)
|
||
|
Conference ID:
|
148 67 53
|
6
About Coeur
Coeur Mining, Inc. is a U.S.-based, well-diversified, growing precious metals producer with seven wholly-owned operations: the New Afton gold-copper mine in British
Columbia, Canada, the Rainy River gold-silver mine in Ontario, Canada, the Las Chispas silver-gold mine in Sonora, Mexico, the Palmarejo gold-silver mine in Chihuahua, Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in
Alaska and the Wharf gold mine in South Dakota. In addition, the Company wholly-owns the Silvertip polymetallic critical minerals exploration project in British Columbia, Canada.
Cautionary Statements
This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada, relating to our mining business,
including statements regarding the acquisition of New Gold and the integration of the New Afton and Rainy River mines, anticipated mineral reserve and resource estimates, exploration efforts and expenditures, development and expansion initiatives,
growth, and upgrade or conversion, estimated production, costs, EBITDA, free cash flow, capital expenditures, expenses, recoveries, metals prices, sufficiency of assets, ability to discharge liabilities, liquidity management, financing needs, risk
management strategies, including hedging, capital resources and use, cash flow maximization, mine life and other strategic initiatives. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause
Coeur’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the risk that
anticipated additions or upgrades to reserves and resources are not attained, the risk that planned exploration programs may be curtailed or canceled due to budget constraints or other reasons, the risks and hazards inherent in the mining business
(including risks inherent in developing large-scale mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), changes in the market prices of gold, silver, copper, zinc and lead and a sustained lower
price environment, the uncertainties inherent in Coeur’s production, exploratory and developmental activities, including risks relating to permitting and regulatory delays, ground conditions, grade and recovery variability, any future labor
disputes or work stoppages, the uncertainties inherent in the estimation of mineral reserves and mineral resources, the potential effects of pandemics or epidemics, including impacts to the availability of our workforce, continued access to
financing sources, government orders that may require temporary suspension of operations at one or more of our sites and effects on our suppliers or the refiners and smelters to whom the Company markets its production, changes that could result
from Coeur’s future acquisition of new mining properties or businesses, the loss of any third-party smelter to which Coeur markets its production, the effects of environmental and other governmental regulations and government shut-downs, the risks
inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries, the ability to maintain positive relationships with community stakeholders, inflationary pressures and impacts from tariffs and other
trade barriers, Coeur’s ability to raise additional financing necessary to conduct its business, make payments or refinance its debt, as well as other uncertainties and risk factors set out in filings made from time to time with the United States
Securities and Exchange Commission, and the Canadian securities regulators, including, without limitation, Coeur’s most recent report on Form 10-K. Actual results, developments and timetables could vary significantly from the estimates presented.
Readers are cautioned not to put undue reliance on forward-looking statements. Coeur disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise.
Additionally, Coeur undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Coeur, its financial or operating results or its securities.
The scientific and technical information concerning our mineral projects in this news release have been reviewed and approved by a “qualified person” under Item 1300
of Regulation S-K under the Securities Exchange Act of 1934, as amended (“SK 1300”), namely our Senior Vice President, Technical Services, Christopher Pascoe. For a description of the key assumptions, parameters and methods used to estimate mineral
reserves and mineral resources for Coeur’s material properties included in this news release, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental,
permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review the Technical Report Summaries for each of the Company’s material properties which are available at www.sec.gov.
Notes
1. See New Afton mine technical report dated December 31, 2025.
2. See Rainy River mine technical report dated December 31, 2025.
3. New Afton CAS per gold ounce includes the non-cash impact of the $21 million total of the preliminary purchase price allocation ascribed to inventory, split between
gold ($134 per ounce) and copper ($0.15 per pound).
4. Rainy River CAS per gold ounce includes the non-cash impact of $180 million ($675 per ounce) of the preliminary purchase price allocation ascribed to inventory. It
also includes $41 million ($155 per ounce) of stripping costs which are required to be capitalized under U.S. GAAP and $93 million ($239 per ounce) related to how the streaming arrangement with Royal Gold is reported under U.S. GAAP.
7
For Additional Information
Coeur Mining, Inc.
200 S. Wacker Drive, Suite 2100
Chicago, Illinois 60606
Attention: Jeff Wilhoit, Senior Director, Investor Relations
Phone: (312) 489-5800
www.coeur.com
Source: Coeur Mining
8
Exhibit 99.2
|
|
Coeur Mining, Inc. Announces Commencement of Exchange Offer and Consent Solicitation for New Gold Senior Notes
Chicago, Illinois – March 23, 2026 – Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE, TSX: CDE) today announced that it has commenced a
private exchange offer to certain Eligible Holders (the “Exchange Offer”) for any and all of the US$400,000,000 aggregate principal amount outstanding 6.875% Senior Notes due 2032 (CUSIP: 644535 AJ5 / C62944 AE0; ISIN: US644535AJ57 /
USC62944AE04) (the “Existing Notes”) issued by New Gold Inc. (“New Gold”) for up to US$400,000,000 aggregate principal amount of new notes to be issued by Coeur (the “New Notes”) and cash.
In conjunction with the Exchange Offer, Coeur is concurrently soliciting consents (the “Consent Solicitation”) to adopt certain proposed amendments to the indenture
governing the Existing Notes (the “Existing Notes Indenture”) to, among other things, eliminate from the Existing Notes Indenture (i) substantially all of the restrictive covenants and (ii) certain of the events which may lead to an “Event of
Default” (collectively, the “Proposed Amendments”). The Proposed Amendments require the consent of the holders of not less than a majority in principal amount of the Existing Notes outstanding (the “Requisite Consent”). If the Requisite Consent
is obtained, any remaining Existing Notes not tendered and exchanged for New Notes will be governed by the amended indenture. The Exchange Offer and the Consent Solicitation are subject to the same conditions, and any waiver of a condition by
Coeur with respect to the Exchange Offer will automatically waive such condition with respect to the Consent Solicitation, as applicable.
As previously announced, Coeur has completed the acquisition of all of the issued and outstanding shares of New Gold (the “Transaction”).
The consummation of the Transaction constitutes a “change of control” under the Existing Notes Indenture. Accordingly, pursuant to the existing terms of the Existing Notes Indenture, New Gold would be obliged to, within 30 days of the consummation
of the Transaction, make an offer to repurchase all outstanding Existing Notes at a purchase price equal to 101% of the principal amount of the Existing Notes, plus accrued
and unpaid interest, if any to, but excluding, the date of repurchase, in connection with the consummation of the Transaction (the “Change of Control Offer”). However, if the Exchange Offer is consummated and the Proposed Amendments are adopted,
Coeur will no longer be obliged to make the Change of Control Offer.
The following table sets forth the Early Participation Cash Consideration (as defined herein), Exchange Consideration (as defined herein), Early Participation Premium (as
defined herein) and Total Consideration (as defined herein) for the Existing Notes:
|
Title of
Existing
Notes
|
CUSIP
Number / ISIN
|
Aggregate
Principal Amount Outstanding
|
Early
Participation
Cash Consideration(1)
|
Exchange Consideration(2)
|
Early
Participation Premium(3)
|
Total
Consideration(4)
|
|
6.875% Senior Notes due 2032
|
Rule 144A Notes: 644535 AJ5 / US644535AJ57
Reg. S Notes: C62944 AE0 / USC62944AE04
|
US$400,000,000
|
US$2.00
|
US$950
|
US$50
|
US$1,000 in New Notes and US$2.00 in cash
|
1
| (1) |
Amount payable in cash on the Settlement Date for each US$1,000 principal amount of Existing Notes validly tendered (and not validly withdrawn) on or prior to the Early
Participation Date and accepted for exchange.
|
| (2) |
Principal amount of New Notes issued in exchange for each US$1,000 principal amount of Existing Notes validly tendered (and not validly withdrawn) after the Early Participation Date, but on or
prior to the Expiration Date, and accepted for exchange.
|
| (3) |
Principal amount of additional New Notes issued in exchange for each US$1,000 principal amount of Existing Notes validly tendered (and not validly withdrawn) on or prior to the Early Participation
Date, and accepted for exchange.
|
| (4) |
Principal amount of New Notes issued in exchange for, and amount payable in cash on the Settlement Date for, each US$1,000 principal amount of Existing Notes validly tendered (and not validly
withdrawn) on or before the Early Participation Date and accepted for exchange. Includes the Early Participation Cash Consideration, US$950 in New Notes, and the Early Participation Premium.
|
The Exchange Offer and Consent Solicitation is being made pursuant to the terms and subject to the conditions set forth in the exchange offer memorandum and consent
solicitation statement dated March 23, 2026 (the “Exchange Offer Memorandum and Consent Solicitation Statement”). The Exchange Offer will expire at 5:00 p.m., New York City time, on April 20, 2026, unless extended or terminated by Coeur (such date
and time, as may be extended, the “Expiration Date”). Eligible Holders of Existing Notes who validly exchange and have not validly withdrawn their Existing Notes at or prior to 5:00 p.m., New York time, on April 3, 2026, unless extended or
terminated (such date and time, as the same may be extended, the “Early Participation Date”), will be eligible to receive the Early Participation Premium (as defined herein). Eligible Holders may not deliver a consent in the Consent Solicitation without tendering Existing Notes in the Exchange Offer. Tenders of Existing Notes may be validly withdrawn at any time prior to 5:00 p.m., New York City time, on April 3, 2026 (such date and time, as it may be extended, the “Withdrawal Deadline”); however, a valid withdrawal of the tendered Existing Notes after the Consent Revocation Deadline will not be deemed a revocation of the related consent and such consent will continue to be deemed
delivered. Tenders of Existing Notes after the Withdrawal Deadline will be irrevocable, except in
certain limited circumstances where additional withdrawal rights are required by law. A consent may not be withdrawn after the earlier of (i) 5:00 p.m., New York City time, on April 3, 2026, unless extended or terminated, and (ii) the date the
supplemental indenture to the Existing Notes Indenture implementing the Proposed Amendments is executed (the earlier of (i) and (ii), the “Consent Revocation Deadline”). The Consent Solicitation will expire at the Early Participation Date. The
settlement date (the “Settlement Date”) for the Exchange Offer will be promptly after the Expiration Date and is expected to occur no earlier than the second business day after the Expiration Date, on or about April 22, 2026, unless extended or
terminated by Coeur, subject to customary closing conditions, including regulatory approvals.
For each $1,000 principal amount of Existing Notes validly tendered and not validly withdrawn at or prior to the Early Participation Date, Eligible Holders of Existing
Notes will be eligible to receive the total consideration set out in the table above (the “Total Consideration”), which includes early participation cash consideration of $2.00 in cash (the “Early Participation Cash Consideration”) and an early
participation premium, payable in additional principal amount of New Notes, of $50 (the “Early Participation Premium”). To be eligible to receive the Total Consideration, Eligible Holders must have validly tendered and not withdrawn their
Existing Notes at or prior to the Early Participation Date and beneficially own such Existing Notes at the Expiration Date. For the avoidance of doubt, unless the Exchange Offer is amended, in no event will any holder of Existing Notes receive
more than $1,000 aggregate principal amount of New Notes for each $1,000 aggregate principal amount of Existing Notes accepted for exchange.
2
For each $1,000 principal amount of Existing Notes validly tendered and not validly withdrawn after the Early Participation Date and on or prior to the Expiration Date,
Eligible Holders of Existing Notes will be eligible to receive $950 principal amount of New Notes (the “Exchange Consideration”). To be eligible to receive the Exchange Consideration, Eligible Holders must validly tender (and not validly withdraw)
their Existing Notes at or prior to the Expiration Date. An Eligible Holder that validly tenders Existing Notes and delivers (and does not validly revoke) a consent prior to the Early Participation Date but withdraws such Existing Notes after the
Early Participation Date but prior to the Expiration Date will receive the Early Participation Cash Consideration, even if such Eligible Holder is no longer the beneficial owner of such Existing Notes on the Expiration Date.
No accrued and unpaid interest is payable upon exchange of any Existing Notes in the Exchange Offer and Consent Solicitation. The interest rate, interest payment dates,
maturity and redemption terms of the New Notes to be issued by Coeur in the Exchange Offer will be the same as those of the Existing Notes to be exchanged. The first interest payment on the New Notes will include the accrued and unpaid interest
from the date of the last interest payment made under the Existing Notes Indenture on the Existing Notes in exchange therefor so that a tendering Eligible Holder will receive the same interest payment it would have received had its Existing Notes
not been tendered in the Exchange Offer and Consent Solicitation; provided that the amount of accrued and unpaid interest shall only be equal to the accrued and unpaid interest on the principal amount of Existing Notes equal to the aggregate
principal amount of New Notes an Eligible Holder receives, which may be less than the principal amount of corresponding Existing Notes tendered for exchange if such holder tenders (and does not subsequently withdraw) its Existing Notes after the
Early Participation Date.
Tenders of Existing Notes in the Exchange Offer may be validly withdrawn at any time prior to the Expiration Date. The Exchange Offer is subject to the satisfaction or
waiver of a number of conditions as set forth in the Exchange Offer Memorandum and Consent Solicitation Statement, together with cash on hand, if needed, in an amount sufficient to effect the repurchase of all the Existing Notes validly exchanged
and accepted for purchase pursuant to the Exchange Offer. The Company may amend, extend or terminate the Exchange Offer in its sole discretion and subject to applicable law.
RBC Capital Markets, LLC is acting as the Dealer Manager for the Exchange Offer. The information agent and exchange agent is Global Bondholder Services Corporation.
Copies of the Exchange Offer Memorandum, the notice of delivery and related exchange offering materials are available by contacting Global Bondholder Services Corporation at (855) 654-2015 or by email at contact@gbsc-usa.com. Questions regarding
the Exchange Offer should be directed to RBC Capital Markets, LLC at (877) 381-2099 (toll-free) or (212) 618-7843 (collect) or by email at liability.management@rbccm.com.
Documents relating to the Exchange Offer and Consent Solicitation will only be distributed to Eligible Holders of Existing Notes who complete and return an eligibility
certificate, available at https://gbsc-usa.com/eligibility/coeur, confirming that they are either a “qualified institutional buyer” under Rule 144A or not a “U.S. person” and outside the United States under Regulation S for purposes of applicable
securities laws, and a non-U.S. qualified offeree (as defined in the Exchange Offer Memorandum and Consent Solicitation Statement). Additionally, in order to participate in the Exchange Offer and Consent Solicitation, Eligible Holders located or
resident in Canada are required to complete, sign and submit to the information agent and exchange agent a Canadian eligibility certification (the “Canadian Eligibility Form”), which is available from the information agent and exchange agent. The
complete terms and conditions of the Exchange Offer and Consent Solicitation are described in the Exchange Offer Memorandum and Consent Solicitation Statement, copies of which may be obtained by contacting Global Bondholder Services Corporation,
the exchange agent and information agent in connection with the Exchange Offer and Consent Solicitation, at (855) 654-2015 (toll-free) or (212) 430-3774 (banks and brokers), or by email at contact@gbsc-usa.com.
3
None of the Company, the Dealer Manager, the Exchange Agent and Information Agent, or the Trustee for the Notes, or any of their respective affiliates, is making any
recommendation as to whether holders of the Notes should exchange any Notes in response to the Exchange Offer. Holders of the Notes must make their own decision as to whether to exchange any of their Notes and, if so, the principal amount of Notes
to exchange. This announcement is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which
such offering, solicitation or sale would be unlawful. The Exchange Offer is being made solely by means of the Exchange Offer Memorandum and Consent Solicitation Statement. In those jurisdictions where the securities, blue sky or other laws
require any exchange offer to be made by a licensed broker or dealer, the Exchange Offer will be deemed to be made on behalf of the Company by the Dealer Manager or one or more registered brokers or dealers licensed under the laws of such
jurisdiction.
The New Notes offered in the Exchange Offer have not been registered under the Securities Act of 1933, as amended, or any state securities laws. Therefore, the New Notes
may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933, as amended, and any applicable state securities laws.
About Coeur
Coeur Mining, Inc. (NYSE: CDE) is a U.S.-based, well-diversified, growing precious metals producer with seven wholly-owned operations: the New Afton gold-copper mine in
British Columbia, Canada, the Rainy River gold-silver mine in Ontario, Canada, the Las Chispas silver-gold mine in Sonora, Mexico, the Palmarejo gold-silver mine in Chihuahua, Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold
mine in Alaska and the Wharf gold mine in South Dakota. In addition, the Company wholly-owns the Silvertip polymetallic critical minerals exploration project in British Columbia, Canada.
Forward-Looking Statements and Cautionary Statements
Certain statements in this press release, including, but not limited to, any statements regarding the expected timetable for the Exchange Offer and the Consent
Solicitation, the expected results of the Exchange Offer, the effects of, and expected timeline for the adoption of, the Proposed Amendments, whether the New Gold Change of Control Offer will be made, and any other statements regarding the
Company’s future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts are “forward-looking” statements based on assumptions currently believed to be valid.
Forward-looking statements are all statements other than statements of historical facts. The words “anticipate,” “believe,” “ensure,” “expect,” “if,” “intend,” “estimate,” “probable,” “project,” “forecasts,” “predict,” “outlook,” “aim,” “will,”
“could,” “should,” “would,” “potential,” “may,” “might,” “anticipate,” “likely,” “plan,” “positioned,” “strategy,” and similar expressions or other words of similar meaning, and the negatives thereof, are intended to identify forward-looking
statements. Specific forward-looking statements include, but are not limited to, statements regarding the form and results of the Exchange Offer and the Consent Solicitation; Coeur’s plans and expectations with respect to the acquisition of New
Gold and the anticipated impact of the Transaction on the combined company’s results of operations, financial position, growth opportunities and competitive position, and related strategies, plans and integration. The forward-looking statements are
intended to be subject to the safe harbor provided by Section 27A of the Securities Act, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995 or “forward-looking information” within the meaning
of applicable Canadian securities laws.
4
These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but
not limited to, the possibility that Eligible Holders of New Gold may not tender the Existing Notes in the Exchange Offer and may not deliver their consents in the Consent Solicitation; the risk that any other condition to closing of the Exchange
Offer and the Consent Solicitation may not be satisfied; the risk that the closing of the Exchange Offer and the Consent Solicitation might be delayed or not occur at all; Coeur’s ability to comply with covenants in New Gold’s Existing Notes and
Existing Notes Indenture; Coeur’s ability to obtain amendments to the covenants in the Existing Notes and Existing Notes Indenture; potential adverse reactions or changes to business or employee relationships of Coeur or New Gold, including those
resulting from the announcement or completion of the Exchange Offer; the diversion of management time on transaction-related issues; the ultimate timing, outcome and results of integrating the operations of Coeur and New Gold; the effects of the
business combination of Coeur and New Gold, including the combined company’s future financial condition, results of operations, strategy and plans; the ability of the combined company to realize anticipated synergies in the timeframe expected or at
all; changes in capital markets and the ability of the combined company to finance operations in the manner expected; the risk of any litigation relating to the Transaction; the risk of changes in governmental regulations or enforcement practices;
the effects of commodity prices, life of mine estimates; the timing and amount of estimated future production; the risks of mining activities; and the fact that operating costs and business disruption may be greater than expected. Expectations
regarding business outlook, including changes in revenue, pricing, capital expenditures, cash flow generation, strategies for the combined company’s operations, gold, silver and copper market conditions, legal, economic and regulatory conditions,
and environmental matters are only forecasts regarding these matters.
Additional factors that could cause results to differ materially from those described above can be found in the Exchange Offer Memorandum and Consent Solicitation
Statement under “Risk Factors,” in Coeur’s Annual Report on Form 10-K for the year ended December 31, 2025, which is on file with the SEC and available from Coeur’s website at www.coeur.com under the “Investors” tab, and in other documents Coeur’s
files with the SEC and in New Gold’s annual information form for the year ended December 31, 2025, which is on file with the SEC and on SEDAR+ and available from New Gold’s website at www.newgold.com under the “Investors” tab, and in other
documents New Gold files with the SEC or on SEDAR+.
All forward-looking statements speak only as of the date they are made and are based on information available at that time. Neither Coeur’s nor New Gold assumes any
obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by applicable securities
laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.
NO OFFER OR SOLICITATION
This communication is not intended to and does not constitute an offer to purchase, or the solicitation of an offer to sell, or the solicitation of tenders or consents
with respect to any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such
jurisdiction. In the case of the Exchange Offer and Consent Solicitation, the Exchange Offer and Consent Solicitation are being made solely pursuant to the Exchange Offer Memorandum and Consent Solicitation Statement and only to such persons and in
such jurisdictions as is permitted under applicable law.
For Additional Information
Coeur Mining, Inc.
200 S. Wacker Drive, Suite 2100
Chicago, Illinois 60606
Attention: Jeff Wilhoit, Senior Director, Investor Relations
Phone: (312) 489-5800
Source: Coeur Mining
5
Exhibit 99.3
New Afton Operations
British Columbia, Canada
Technical Report Summary
|
Prepared for:
Coeur Mining, Inc.
Report current as at:
31 December, 2025
|
Prepared by:
Mr. Tyler Roberts, P.Eng.
Mr. Devin Wade, P.Geo.
Ms. Jennifer Katchen, P.Eng.
Mr. Vincent Nadeau-Benoit, P.Geo.
Mr. Matthew Davis, P.Eng.
Ms. Emily O’Hara, P.Eng.
|
 |
New Afton Operations
British Columbia
Technical Report Summary
|
Date and Signature Page
The following Qualified Persons, who are employees of Coeur Mining, Inc. or its subsidiaries, prepared this technical report summary, entitled “New Afton Operations, British Columbia, Technical
Report Summary” and confirm that the information in the technical report summary is current as at 31 December, 2025.
“Signed”
Mr. Tyler Roberts, P.Eng.
“Signed”
Mr. Devin Wade, P.Geo.
“Signed”
Ms. Jennifer Katchen, P.Eng.
“Signed”
Mr. Vincent Nadeau-Benoit, P.Geo.
“Signed”
Mr. Matthew Davis, P.Eng.
“Signed”
Ms. Emily O’Hara, P.Eng.
|
New Afton Operations
British Columbia
Technical Report Summary
|
CONTENTS
|
1.0
|
EXECUTIVE SUMMARY
|
1-1
|
|
1.1
|
Introduction
|
1-1
|
|
1.2
|
Terms of Reference
|
1-1
|
|
1.3
|
Property Setting
|
1-1
|
|
1.4
|
Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements
|
1-2
|
|
1.5
|
Geology and Mineralization
|
1-3
|
|
1.6
|
History and Exploration
|
1-3
|
|
1.7
|
Drilling and Sampling
|
1-3
|
|
1.8
|
Data Verification
|
1-4
|
|
1.9
|
Metallurgical Testwork
|
1-4
|
|
1.10
|
Mineral Resource Estimation
|
1-5
|
|
1.10.1
|
Estimation Methodology
|
1-5
|
|
1.10.2
|
Mineral Resource Statement
|
1-6
|
|
1.10.3
|
Factors That May Affect the Mineral Resource Estimate
|
1-6
|
|
1.11
|
Mineral Reserve Estimation
|
1-8
|
|
1.11.1
|
Estimation Methodology
|
1-8
|
|
1.11.2
|
Mineral Reserve Statement
|
1-8
|
|
1.11.3
|
Factors That May Affect the Mineral Reserve Estimate
|
1-8
|
|
1.12
|
Mining Methods
|
1-9
|
|
1.13
|
Recovery Methods
|
1-11
|
|
1.14
|
Infrastructure
|
1-11
|
|
1.15
|
Markets and Contracts
|
1-12
|
|
1.15.1
|
Market Studies
|
1-12
|
|
1.15.2
|
Commodity Prices
|
1-13
|
|
1.15.3
|
Contracts
|
1-13
|
|
1.16
|
Environmental, Permitting and Social Considerations
|
1-13
|
|
1.16.1
|
Environmental Studies and Monitoring
|
1-13
|
|
1.16.2
|
Closure and Reclamation Considerations
|
1-14
|
|
1.16.3
|
Permitting
|
1-14
|
|
1.16.4
|
Social Considerations, Plans, Negotiations and Agreements
|
1-14
|
|
1.17
|
Capital Cost Estimates
|
1-14
|
|
1.18
|
Operating Cost Estimates
|
1-15
|
|
1.19
|
Economic Analysis
|
1-16
|
|
1.19.1
|
Forward-Looking Information
|
1-16
|
|
1.19.2
|
Methodology and Assumptions
|
1-17
|
|
1.19.3
|
Economic Analysis
|
1-17
|
|
1.19.4
|
Sensitivity Analysis
|
1-19
|
|
1.20
|
Risks and Opportunities
|
1-19
|
|
1.20.1
|
Risks
|
1-19
|
|
1.20.2
|
Opportunities
|
1-19
|
|
1.21
|
Conclusions
|
1-20
|
|
1.22
|
Recommendations
|
1-20
|
|
2.0
|
INTRODUCTION
|
2-1
|
|
2.1
|
Registrant
|
2-1
|
|
2.2
|
Terms of Reference
|
2-1
|
|
2.2.1
|
Report Purpose
|
2-1
|
|
2.2.2
|
Terms of Reference
|
2-1
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
2.3
|
Qualified Persons
|
2-3
|
|
2.4
|
Site Visits and Scope of Personal Inspection
|
2-3
|
|
2.4.1
|
Mr. Tyler Roberts
|
2-3
|
|
2.4.2
|
Mr. Devin Wade
|
2-3
|
|
2.4.3
|
Ms. Jennifer Katchen
|
2-3
|
|
2.4.4
|
Mr. Vincent Nadeau-Benoit
|
2-4
|
|
2.4.5
|
Mr. Matthew Davis
|
2-5
|
|
2.4.6
|
Ms. Emily O’Hara
|
2-5
|
|
2.5
|
Report Date
|
2-5
|
|
2.6
|
Information Sources and References
|
2-5
|
|
2.7
|
Previous Technical Report Summaries
|
2-5
|
|
3.0
|
PROPERTY DESCRIPTION
|
3-1
|
|
3.1
|
Property Location
|
3-1
|
|
3.2
|
Ownership
|
3-1
|
|
3.3
|
Mineral Title
|
3-1
|
|
3.3.1
|
Tenure Holdings
|
3-1
|
|
3.3.2
|
Tenure Maintenance Requirements
|
3-8
|
|
3.4
|
Surface Rights
|
3-8
|
|
3.5
|
Water Rights
|
3-8
|
|
3.6
|
Royalties
|
3-8
|
|
3.7
|
Agreements
|
3-12
|
|
3.8
|
Encumbrances
|
3-12
|
|
3.8.1
|
Permitting Requirements
|
3-12
|
|
3.8.2
|
Permitting Timelines
|
3-12
|
|
3.8.3
|
Violations and Fines
|
3-12
|
|
3.9
|
Significant Factors and Risks That May Affect Access, Title or Work Programs
|
3-12
|
|
4.0
|
ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY
|
4-1
|
|
4.1
|
Physiography
|
4-1
|
|
4.2
|
Accessibility
|
4-1
|
|
4.3
|
Climate
|
4-1
|
|
4.4
|
Infrastructure
|
4-1
|
|
5.0
|
HISTORY
|
5-1
|
|
6.0
|
GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT
|
6-1
|
|
6.1
|
Deposit Type
|
6-1
|
|
6.2
|
Regional Geology
|
6-1
|
|
6.3
|
Local Geology
|
6-3
|
|
6.3.1
|
Lithological Units
|
6-3
|
|
6.3.2
|
Structure
|
6-3
|
|
6.3.3
|
Metamorphism
|
6-3
|
|
6.3.4
|
Mineralization
|
6-3
|
|
6.4
|
Property Geology
|
6-8
|
|
6.4.1
|
Deposit Dimensions
|
6-8
|
|
6.4.2
|
Lithological Units
|
6-8
|
|
6.4.3
|
Structure
|
6-8
|
|
6.4.4
|
Alteration
|
6-8
|
|
6.4.5
|
Mineralization
|
6-11
|
|
7.0
|
EXPLORATION
|
7-1
|
|
7.1
|
Exploration
|
7-1
|
|
7.1.1
|
Grids and Surveys
|
7-1
|
|
7.1.2
|
Geological Mapping
|
7-1
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
7.1.3
|
Geochemistry
|
7-1
|
|
7.1.4
|
Geophysics
|
7-1
|
|
7.1.5
|
Exploration Drifts
|
7-5
|
|
7.1.6
|
Other Studies
|
7-5
|
|
7.1.7
|
Qualified Person’s Interpretation of the Exploration Information
|
7-5
|
|
7.1.8
|
Exploration Potential
|
7-5
|
|
7.2
|
Drilling
|
7-7
|
|
7.2.1
|
Overview
|
7-7
|
|
7.2.2
|
Drill Methods
|
7-7
|
|
7.2.3
|
Logging
|
7-7
|
|
7.2.4
|
Recovery
|
7-13
|
|
7.2.5
|
Collar Surveys
|
7-13
|
|
7.2.6
|
Down Hole Surveys
|
7-13
|
|
7.2.7
|
Drilling Since Database Close-out Date
|
7-13
|
|
7.2.8
|
Comment on Material Results and Interpretation
|
7-14
|
|
7.3
|
Hydrogeology
|
7-14
|
|
7.3.1
|
Sampling Methods and Laboratory Determinations
|
7-14
|
|
7.3.2
|
Comment on Results
|
7-14
|
|
7.3.3
|
Surface Water
|
7-15
|
|
7.3.4
|
Groundwater
|
7-15
|
|
7.4
|
Geotechnical
|
7-16
|
|
7.4.1
|
Sampling Methods and Laboratory Determinations
|
7-17
|
|
7.4.2
|
In Situ Rock Mass Stress
|
7-18
|
|
7.4.3
|
Comment on Results
|
7-18
|
|
8.0
|
SAMPLE PREPARATION, ANALYSES, AND SECURITY
|
8-1
|
|
8.1
|
Sampling Methods
|
8-1
|
|
8.2
|
Sample Security Methods
|
8-1
|
|
8.3
|
Density Determinations
|
8-1
|
|
8.4
|
Analytical and Test Laboratories
|
8-2
|
|
8.5
|
Sample Preparation
|
8-2
|
|
8.6
|
Analysis
|
8-2
|
|
8.7
|
Quality Assurance and Quality Control
|
8-3
|
|
8.8
|
Database
|
8-4
|
|
8.9
|
Qualified Person’s Opinion on Sample Preparation, Security, and Analytical Procedures
|
8-5
|
|
9.0
|
DATA VERIFICATION
|
9-1
|
|
9.1
|
Internal Data Verification
|
9-1
|
|
9.2
|
External Data Verification
|
9-1
|
|
9.3
|
Data Verification by Qualified Person
|
9-2
|
|
9.3.1
|
Mr. Nadeau-Benoit
|
9-2
|
|
9.3.2
|
Mr. Roberts
|
9-2
|
|
9.4
|
Qualified Person’s Opinion on Data Adequacy
|
9-3
|
|
10.0
|
MINERAL PROCESSING AND METALLURGICAL TESTING
|
10-1
|
|
10.1
|
Test Laboratories
|
10-1
|
|
10.2
|
Metallurgical Testwork
|
10-1
|
|
10.2.1
|
C-Zone
|
10-1
|
|
10.2.2
|
East Extension
|
10-3
|
|
10.2.3
|
D-Zone
|
10-3
|
|
10.2.4
|
K-Zone
|
10-4
|
|
10.2.5
|
Cleaner Circuit Upgrade
|
10-4
|
|
10.3
|
Recovery Estimates
|
10-4
|
|
10.4
|
Metallurgical Variability
|
10-5
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
10.5
|
Deleterious Elements
|
10-7
|
|
10.6
|
Qualified Person’s Opinion on Data Adequacy
|
10-7
|
|
11.0
|
MINERAL RESOURCE ESTIMATES
|
11-1
|
|
11.1
|
Introduction
|
11-1
|
|
11.2
|
Exploratory Data Analysis
|
11-1
|
|
11.3
|
Geological Models
|
11-1
|
|
11.4
|
Density Assignment
|
11-2
|
|
11.5
|
Grade Capping/Outlier Restrictions
|
11-2
|
|
11.6
|
Composites
|
11-4
|
|
11.7
|
Variography
|
11-4
|
|
11.8
|
Estimation/interpolation Methods
|
11-4
|
|
11.9
|
Validation
|
11-4
|
|
11.10
|
Confidence Classification of Mineral Resource Estimate
|
11-5
|
|
11.10.1
|
Mineral Resource Confidence Classification
|
11-5
|
|
11.10.2
|
Uncertainties Considered During Confidence Classification
|
11-5
|
|
11.11
|
Reasonable Prospects of Economic Extraction
|
11-6
|
|
11.11.1
|
Input Assumptions
|
11-6
|
|
11.11.2
|
Commodity Price
|
11-6
|
|
11.11.3
|
Cut-off Grades
|
11-6
|
|
11.11.4
|
QP Statement
|
11-8
|
|
11.12
|
Mineral Resource Statement
|
11-8
|
|
11.13
|
Uncertainties (Factors) That May Affect the Mineral Resource Estimate
|
11-8
|
|
12.0
|
MINERAL RESERVE ESTIMATES
|
12-1
|
|
12.1
|
Introduction
|
12-1
|
|
12.2
|
Development of Mining Case
|
12-1
|
|
12.3
|
Cut-offs
|
12-3
|
|
12.4
|
Ore Loss and Dilution
|
12-3
|
|
12.5
|
Commodity Price
|
12-4
|
|
12.6
|
Mineral Reserve Statement
|
12-5
|
|
12.7
|
Uncertainties (Factors) That May Affect the Mineral Reserve Estimate
|
12-5
|
|
13.0
|
MINING METHODS
|
13-1
|
|
13.1
|
Introduction
|
13-1
|
|
13.2
|
Geotechnical Considerations
|
13-1
|
|
13.2.1
|
Caveability and Fragmentation
|
13-1
|
|
13.2.2
|
Stope Stability
|
13-1
|
|
13.2.3
|
Surface Subsidence
|
13-2
|
|
13.2.4
|
Mud Rushes
|
13-3
|
|
13.2.5
|
Air Blast
|
13-3
|
|
13.2.6
|
Support Systems
|
13-4
|
|
13.2.7
|
Monitoring
|
13-4
|
|
13.3
|
Hydrogeological Considerations
|
13-5
|
|
13.4
|
Operations
|
13-5
|
|
13.4.1
|
Mining Method
|
13-5
|
|
13.4.2
|
Access
|
13-6
|
|
13.4.3
|
B3 Cave
|
13-6
|
|
13.4.4
|
C-Zone
|
13-6
|
|
13.4.5
|
East Extension
|
13-7
|
|
13.5
|
Materials Handling
|
13-8
|
|
13.5.1
|
B3 Cave
|
13-8
|
|
13.5.2
|
C-Zone
|
13-8
|
|
13.5.3
|
East Extension
|
13-9
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
13.6
|
Underground Infrastructure
|
13-9
|
|
13.6.1
|
Maintenance and Workshops
|
13-9
|
|
13.6.2
|
Fuel Bay
|
13-10
|
|
13.6.3
|
Batch Plant
|
13-10
|
|
13.6.4
|
Refuge Stations
|
13-10
|
|
13.6.5
|
Utility and Fire Water
|
13-10
|
|
13.6.6
|
Compressed Air and Electricity
|
13-10
|
|
13.6.7
|
Communications
|
13-10
|
|
13.7
|
Ventilation
|
13-11
|
|
13.8
|
Blasting and Explosives
|
13-13
|
|
13.9
|
Production Schedule
|
13-13
|
|
13.10
|
Equipment
|
13-13
|
|
13.11
|
Personnel
|
13-15
|
|
14.0
|
RECOVERY METHODS
|
14-1
|
|
14.1
|
Process Method Selection
|
14-1
|
|
14.2
|
Flowsheet
|
14-1
|
|
14.3
|
Throughput
|
14-1
|
|
14.4
|
Plant Design
|
14-1
|
|
14.4.1
|
Crushing
|
14-1
|
|
14.4.2
|
Grinding
|
14-3
|
|
14.4.3
|
Flotation
|
14-3
|
|
14.4.4
|
Dewatering
|
14-4
|
|
14.4.5
|
Tailings
|
14-4
|
|
14.5
|
Equipment Sizing
|
14-5
|
|
14.6
|
Power and Consumables
|
14-6
|
|
14.6.2
|
Consumables
|
14-6
|
|
14.6.3
|
Personnel
|
14-6
|
|
15.0
|
INFRASTRUCTURE
|
15-1
|
|
15.1
|
Introduction
|
15-1
|
|
15.2
|
Surface Buildings and Facilities
|
15-1
|
|
15.3
|
Roads and Logistics
|
15-3
|
|
15.4
|
Stockpiles
|
15-3
|
|
15.5
|
Waste Rock Storage Facilities
|
15-3
|
|
15.6
|
Tailings Storage Facilities
|
15-3
|
|
15.6.1
|
Afton Pit TSF
|
15-4
|
|
15.6.2
|
New Afton TSF
|
15-4
|
|
15.6.3
|
Historical Afton TSF
|
15-4
|
|
15.6.4
|
Pothook TSF
|
15-5
|
|
15.6.5
|
Tailings Facility Stabilization
|
15-5
|
|
15.6.6
|
Monitoring
|
15-6
|
|
15.6.7
|
Performance Reviews
|
15-6
|
|
15.7
|
Water Management
|
15-6
|
|
15.8
|
Water Supply
|
15-7
|
|
15.9
|
Camps and Accommodation
|
15-7
|
|
15.10
|
Power and Electrical
|
15-7
|
|
16.0
|
MARKET STUDIES AND CONTRACTS
|
16-1
|
|
16.1
|
Markets
|
16-1
|
|
16.2
|
Commodity Price Forecasts
|
16-1
|
|
16.3
|
Contracts
|
16-2
|
|
17.0
|
ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS
|
17-1
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
17.1
|
Baseline and Supporting Studies
|
17-1
|
|
17.2
|
Environmental Considerations/Monitoring Programs
|
17-1
|
|
17.3
|
Closure and Reclamation Considerations
|
17-1
|
|
17.4
|
Permitting
|
17-2
|
|
17.5
|
Social Considerations, Plans, Negotiations and Agreements
|
17-3
|
|
17.5.1
|
Social Considerations
|
17-3
|
|
17.5.2
|
Indigenous Communities
|
17-3
|
|
17.5.3
|
Cultural Heritage
|
17-4
|
|
17.6
|
Qualified Person’s Opinion on Adequacy of Current Plans to Address Issues
|
17-4
|
|
18.0
|
CAPITAL AND OPERATING COSTS
|
18-1
|
|
18.1
|
Introduction
|
18-1
|
|
18.2
|
Capital Cost Estimates
|
18-1
|
|
18.2.1
|
Mine-Related Costs
|
18-1
|
|
18.2.2
|
Other Costs
|
18-1
|
|
18.2.3
|
Capital Cost Summary
|
18-1
|
|
18.3
|
Operating Cost Estimates
|
18-2
|
|
18.3.1
|
Basis of Estimate
|
18-2
|
|
18.3.2
|
Mining and Processing Costs
|
18-2
|
|
18.3.3
|
General and Administrative Costs
|
18-3
|
|
18.3.4
|
Other Operating Costs
|
18-3
|
|
18.3.5
|
Operating Cost Summary
|
18-3
|
|
19.0
|
ECONOMIC ANALYSIS
|
19-1
|
|
19.1
|
Forward-looking Information
|
19-1
|
|
19.2
|
Methodology Used
|
19-1
|
|
19.3
|
Financial Model Parameters
|
19-2
|
|
19.3.1
|
Mineral Resource, Mineral Reserve, and Mine Life
|
19-2
|
|
19.3.2
|
Metallurgical Recoveries
|
19-2
|
|
19.3.3
|
Smelting and Refining Terms
|
19-2
|
|
19.3.4
|
Metal Prices
|
19-2
|
|
19.3.5
|
Capital and Operating Costs
|
19-2
|
|
19.3.6
|
Working Capital
|
19-3
|
|
19.3.7
|
Taxes and Royalties
|
19-3
|
|
19.3.8
|
Closure Costs and Salvage Value
|
19-3
|
|
19.3.9
|
Financing
|
19-3
|
|
19.3.10
|
Inflation
|
19-3
|
|
19.4
|
Economic Analysis
|
19-3
|
|
19.5
|
Sensitivity Analysis
|
19-4
|
|
20.0
|
ADJACENT PROPERTIES
|
20-1
|
|
21.0
|
OTHER RELEVANT DATA AND INFORMATION
|
21-1
|
|
22.0
|
INTERPRETATION AND CONCLUSIONS
|
22-1
|
|
22.1
|
Introduction
|
22-1
|
|
22.2
|
Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements
|
22-1
|
|
22.3
|
Geology and Mineralization
|
22-1
|
|
22.4
|
Exploration, Drilling, and Sampling
|
22-2
|
|
22.5
|
Data Verification
|
22-2
|
|
22.6
|
Metallurgical Testwork
|
22-2
|
|
22.7
|
Mineral Resource Estimates
|
22-2
|
|
22.8
|
Mineral Reserve Estimates
|
22-3
|
|
22.9
|
Mining Methods
|
22-3
|
|
22.10
|
Recovery Methods
|
22-4
|
|
22.11
|
Infrastructure
|
22-4
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
22.12
|
Market Studies
|
22-4
|
|
22.13
|
Environmental, Permitting and Social Considerations
|
22-4
|
|
22.14
|
Capital Cost Estimates
|
22-5
|
|
22.15
|
Operating Cost Estimates
|
22-5
|
|
22.16
|
Economic Analysis
|
22-5
|
|
22.17
|
Risks and Opportunities
|
22-6
|
|
22.17.1
|
Risks
|
22-6
|
|
22.17.2
|
Opportunities
|
22-6
|
|
22.18
|
Conclusions
|
22-7
|
|
23.0
|
RECOMMENDATIONS
|
23-1
|
|
24.0
|
REFERENCES
|
24-1
|
|
24.1
|
Bibliography
|
24-1
|
|
24.2
|
Abbreviations and Units of Measure
|
24-5
|
|
24.3
|
Glossary of Terms
|
24-9
|
|
25.0
|
RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT
|
25-1
|
|
25.1
|
Introduction
|
25-1
|
|
25.2
|
Macroeconomic Trends
|
25-1
|
|
25.3
|
Markets
|
25-1
|
|
25.4
|
Legal Matters
|
25-1
|
|
25.5
|
Environmental Matters
|
25-2
|
|
25.6
|
Stakeholder Accommodations
|
25-2
|
|
25.7
|
Governmental Factors
|
25-2
|
|
TABLES
|
||
|
Table 1‑1:
|
Measured, Indicated and Inferred Mineral Resource Statement
|
1-7
|
|
Table 1‑2:
|
Proven and Probable Mineral Reserves Statement
|
1-9
|
|
Table 1‑3:
|
LOM Sustaining Capital Cost Estimate
|
1-15
|
|
Table 1‑4:
|
LOM Total Operating Cost Estimate
|
1-16
|
|
Table 1‑5:
|
Commodity Price Forecast Used in Cashflow Analysis
|
1-18
|
|
Table 1‑6:
|
Cashflow Summary Table
|
1-18
|
|
Table 2‑1:
|
QP Chapter Responsibilities
|
2-4
|
|
Table 3‑1:
|
Mineral Tenure Summary Table
|
3-2
|
|
Table 3‑2:
|
Surface Rights Summary Table
|
3-9
|
|
Table 5‑1:
|
Exploration and Development History Summary Table
|
5-2
|
|
Table 6‑1:
|
Stratigraphic Table
|
6-6
|
|
Table 6‑2:
|
Alteration Types
|
6-12
|
|
Table 6‑3:
|
Mineralized Zone Characteristics
|
6-13
|
|
Table 7‑1:
|
Geophysical Surveys
|
7-2
|
|
Table 7‑2:
|
Petrographic and Other Studies Completed
|
7-6
|
|
Table 7‑3:
|
Property Drill Summary Table
|
7-8
|
|
Table 7‑4:
|
Drilling Used for Mineral Resource Estimation
|
7-10
|
|
Table 7‑5:
|
Geotechnical Properties By Mining Zone
|
7-17
|
|
Table 7‑6:
|
Geotechnical Properties By Lithology
|
7-17
|
|
Table 9‑1:
|
External Data Reviews
|
9-2
|
|
Table 11‑1:
|
Interpolation Parameters
|
11-5
|
|
Table 11‑2:
|
Cut-off Input Assumptions
|
11-7
|
|
Table 11‑3:
|
Measured, Indicated, and Inferred Mineral Resources Statement
|
11-9
|
|
Table 12‑1:
|
NSR Parameters
|
12-4
|
|
Table 12‑2:
|
Proven and Probable Mineral Reserves Statement
|
12-6
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Table 13‑1:
|
LOM Production Plan
|
13-14
|
|
Table 13‑2:
|
Key Equipment List
|
13-16
|
|
Table 16‑1:
|
Commodity Price Forecast Used in Cashflow Analysis
|
16-3
|
|
Table 18‑1:
|
LOM Capital Cost Estimate (US$ M)
|
18-2
|
|
Table 18‑2:
|
LOM Operating Cost Estimate
|
18-4
|
|
Table 19‑1:
|
Cashflow Summary Table
|
19-5
|
|
Table 19‑2:
|
Cashflow Forecast on Annualized Basis (US$ M)
|
19-6
|
|
Table 19‑3:
|
Sensitivity Table (US$ M)
|
19-7
|
|
FIGURES
|
||
|
Figure 2‑1:
|
Location of New Afton Mine
|
2-2
|
|
Figure 3‑1:
|
Mineral Tenure Location Plan
|
3-7
|
|
Figure 3‑2:
|
Lands Purchase Agreement Royalty
|
3-11
|
|
Figure 6‑1:
|
Regional Geology Map
|
6-2
|
|
Figure 6‑2:
|
Local Geology Map
|
6-4
|
|
Figure 6‑3:
|
Stratigraphic Column, New Afton Deposit Area
|
6-5
|
|
Figure 6‑4:
|
Geology Map, New Afton Deposit
|
6-9
|
|
Figure 6‑5:
|
Mineralized Zones Relative to Lithological Units
|
6-10
|
|
Figure 6‑6:
|
Mineralization Domains within the New Afton Geological Model
|
6-14
|
|
Figure 7‑1:
|
Map of Geophysical Surveys
|
7-4
|
|
Figure 7‑2:
|
Drill Collar Location Plan, Project Area
|
7-9
|
|
Figure 7‑3:
|
Collar Locations of Drilling used for Mineral Resource Estimation
|
7-11
|
|
Figure 7‑4:
|
Example Drill Section, Drilling Used In Mineral Resource Estimates
|
7-12
|
|
Figure 10‑1:
|
Copper Recovery Curves At 16,000 t/d Processing Rate
|
10-6
|
|
Figure 10‑2:
|
Gold Recovery Curves At 16,000 t/d Processing Rate
|
10-7
|
|
Figure 11‑1:
|
Low-Grade Estimation and Mineral Reserves-Constraining Shapes
|
11-3
|
|
Figure 12‑1:
|
Final Mine Layout Plan
|
12-2
|
|
Figure 13‑1:
|
Ventilation Schematic
|
13-12
|
|
Figure 14‑1:
|
Process Flowsheet
|
14-2
|
|
Figure 15‑1:
|
Infrastructure Layout Plan
|
15-2
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 1.0 |
EXECUTIVE SUMMARY
|
| 1.1 |
Introduction
|
Mr. Tyler Roberts, P.Eng., Mr. Devin Wade, P.Geo., Ms. Jennifer Katchen, P.Eng., Mr. Vincent Nadeau-Benoit, P.Geo., Mr. Matthew Davis, P.Eng., and Ms. Emily O’Hara, P.Eng., prepared this technical
report summary (the Report) for Coeur Mining, Inc. (Coeur), on the New Afton copper–gold mine (the New Afton Operations or the Project) in British Columbia (BC).
Coeur acquired the New Afton Operations in March 2026 through its acquisition of New Gold Inc. (New Gold).
| 1.2 |
Terms of Reference
|
The Report was prepared to be attached as an exhibit to support mineral property disclosure, including mineral resource and mineral reserve estimates, for the New Afton Operations in Coeur’s Current
Report on Form 8-K.
Unless otherwise indicated, all financial values are reported in United States dollars (US$). The Canadian currency is the Canadian dollar (C$). Unless otherwise noted, the Report uses metric units
and US English.
Mineral resources and mineral reserves are reported using the definitions in Item 1300 of Regulation S–K (17 CFR Part 229) (S-K 1300) of the United States Securities and Exchange Commission.
| 1.3 |
Property Setting
|
The New Afton Operations are in the south-central interior region of British Columbia, approximately 10 km west of the City of Kamloops and approximately 350 km northeast of Vancouver. The
approximate center of the property is located at 50° 39' latitude north and 120° 31' longitude west, or 5614800N and 675500E using NAD83, Zone 10 North Universal Transverse Mercator (UTM) coordinates. The nominal elevation of the property is
approximately 700 meters above mean sea level (masl).
The operations are located just west of the junction of the Trans-Canada Highway No. 1 with Coquihalla Highway No. 5, which both provide year-round road access. Access to the site is by a mine road
located off the Trans-Canada Highway. The Kamloops airport is served by regular scheduled flights to Vancouver and Victoria, British Columbia, and Calgary, Alberta. The Canadian National Railway and Canadian Pacific Railway both pass through
Kamloops.
British Columbia Hydro and Power Authority (BC Hydro) transmission lines, a FortisBC Inc. (FortisBC) natural gas pipeline, and a Pembina Pipeline Corporation (Pembina) oil pipeline traverse the
mining lease north of the historical Afton pit. A water pipeline, approximately 4 km in length, delivers fresh water from Kamloops Lake to the mine site. Coeur purchased the water pipeline and pump house facilities from Teck Resources Limited
(Teck) and its subsidiary (Afton Operating Corp.) as part of a purchase agreement in 2007.
|
New Afton Operations
British Columbia
Technical Report Summary
|
Coeur has four active water licenses to withdraw water from Kamloops Lake for mining and milling operations.
The Kamloops area is in the rain shadow of the British Columbia Coast Mountains and is characterized by a semi-arid climate. The mine operates year-round.
| 1.4 |
Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements
|
Coeur’s mineral tenures in the mine area comprise cell claims, legacy claims, and a mining lease. Mineral claims cover a total area of approximately 21,714 ha, and the mining lease covers
approximately 902 ha.
The Project area is defined by Coeur’s M-229 Mines Act Permit boundary; within this permit boundary, Coeur is authorized to complete approved surface works and mining operations as written in the
M-229 Permit document. The New Afton deposit is within the M-229 permit boundary. The permit area encompasses most of the mining lease area, as well as a portion of several mineral claims.
The New Afton Mining Lease is valid until November 2036 and is renewed annually with a cash payment due on or before the November 29 anniversary date. Work completed within the mining lease boundary
cannot be used for the annual lease renewal or on mineral claims that overlap the mining lease. The remainder of the mineral tenure is renewed with either exploration work done on a mineral claim (including contiguous mineral claims) and submitted
online in the form of a work report, or with a ‘cash in lieu of work’ payment.
Coeur holds the surface rights plus a section of Crown property (Crown land in British Columbia is land owned by the provincial government) within and adjacent to the area covered by the M-229 Permit
boundary. The area held under surface rights totals 5,620.5 acres. No additional rights are needed to support the life-of-mine (LOM) plan presented in this Report.
Coeur has engaged in several royalty agreements with various third parties on relatively small parcels within the broader overall property, with one proximal to the New Afton mine. In 2007, a Land
Purchase Agreement was signed between Teck, Afton Operating Corporation, and New Gold Inc. (Coeur). Part of this agreement was a 2% net smelter royalty (NSR) on ‘the lands subject to the agreement payable to Teck or a C$12 M buyout at any time on
the mineral rights. This royalty remains active, has changed hands twice, and would now be payable to Royal Gold Inc.
Coeur is party to a Cooperation Agreement originally with the Tk’emlúps te Secwépemc and the Skeetchestn Indian Band (together referred to as the SSN). The Cooperation Agreement provides that a fixed
royalty amount is paid annually until the full amount is reached in January 31, 2030.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 1.5 |
Geology and Mineralization
|
The New Afton deposit, and its associated hydrothermal systems, occurs where the Late Triassic to Early Jurassic mafic to intermediate volcanic and volcaniclastic rocks of the Nicola Group are in
contact with the multi-phase Late Triassic to Early Jurassic alkaline intrusions of the Iron Mask Batholith. Post-accretion Early to Middle Eocene sedimentary and volcanic rocks of the Kamloops Group unconformably overlie the island-arc
assemblages. The New Afton deposit is classified as a silica-saturated alkalic copper–gold porphyry deposit.
Copper–gold mineralization typically occurs as east-west subvertical tabular zones of disseminations, stringers, and fracture-filling sulfides within rocks of the volcanic Nicola Group and the
diorite. The deposit consists of three principal zones:
| • |
The Main zone, located on the western edge of the Pothook diorite is subdivided into Lift 1 East, Lift 1 West (both mined out), and the B3, C-Zone, and D-Zone mining zones. Mining is currently focused on the B3
and C-Zone. Mineral resources are estimated for the D-Zone;
|
| • |
The Hanging wall (HW) zones are smaller satellite zones located along the southern margin of the Pothook diorite;
|
| • |
The Eastern zones include two separate areas located on the northern margin of the Pothook diorite: East Extension and K-Zone. East Extension is currently in the mine planning phase and the K-Zone has estimated
mineral resources.
|
Mineralization is subdivided into three types: hypogene (either chalcopyrite- or bornite-dominant), secondary hypogene (sometimes referred to as mesogene) (overprint of tennantite-enargite +
tetrahedrite and bornite + chalcocite rims), and supergene (native copper and chalcocite).
| 1.6 |
History and Exploration
|
Companies that had a Project interest prior to Coeur included Teck, Iso Mines Ltd., Westridge Ltd., Indogold Development Ltd., and DRC Resources Corporation (DRC). DRC changed its name to New Gold in
2005. Work completed prior to Coeur’s Project interest included claims staking, geochemical and geophysical surveys, drilling, construction of an exploration decline, and mining-related studies. Open pit mining operations ran from 1977–1997.
Underground development commenced in 2007.
Coeur acquired the New Afton Operations in March 2026 through its acquisition of New Gold.
| 1.7 |
Drilling and Sampling
|
A total of 1,712 core, reverse circulation, piezo cone penetration, vertical seismic profiling, Odex, and sonic drill holes (601,145.21 m) have been completed in the Project area from 2000–2025. No
drilling was conducted in 2004. Drilling includes drill holes completed for geotechnical, hydrogeological, metallurgical and exploration purposes. Drill holes are both surface and underground. A total of 1,165 core holes (491,531.79 m) is used in
estimation. Drill holes omitted from estimation support include drilling prior to 2000, distal exploration drill holes and geotechnical drill holes.
|
New Afton Operations
British Columbia
Technical Report Summary
|
Core recovery averaged 98.5% for those drill holes used in estimation.
Drill hole collars are located by mine survey staff. Downhole dip and azimuth data were also measured for core drill holes by the drill contractor using a DeviGyro Overshot Xpress (OX) downhole tool.
In the opinion of the Qualified Person (QP), the sample preparation procedures, analytical methods, QA/QC protocols, and sample security for the samples used in mineral resource estimation are
acceptable, meet industry-standard practice, and are acceptable for mineral resource and mineral reserve estimation and mine planning purposes.
| 1.8 |
Data Verification
|
Data verification programs were carried out by independent consultants and operations personnel over time. Coeur implements a series of routine verification procedures to ensure the reliable
collection of exploration data. All work is conducted by appropriately qualified personnel under the supervision of qualified geologists.
A number of validation checks were performed in support of technical reports filed as a result of New Afton’s Canadian regulatory reporting requirements.
The QP supervised the preparation of the mineral resource estimate, completed site visits, undertook review of selected data audit reports, drill cores, geological data, QA/QC procedures, and
completed a validation of the current drill hole database. The QP is of the opinion that the data verification programs for Project data adequately support the geological interpretations, the analytical and database quality, and therefore support
the use of the data in mineral resource and mineral reserve estimation, and in mine planning.
| 1.9 |
Metallurgical Testwork
|
Initial metallurgical testing was performed in 2008 and 2009 to evaluate the mineralogy of the deposit and contribute to the process plant and tailings storage facility (TSF) designs. Testwork
included mineralogical studies, modal analyses, grinding tests, flotation tests, gravity tests, variability tests, and dewatering tests. It was determined that conventional crushing, grinding, and concentration processes were appropriate given the
mineralogy of the deposit.
Since the New Afton Operations commenced production in 2012, additional metallurgical testwork was completed, primarily by ALS Laboratories (ALS) in Kamloops, to support the evaluation of C-Zone,
East Extension, HW, K-Zone and D-Zone. ALS is independent of Coeur/New Gold. This testwork included chemical and mineralogical studies, comminution testwork (semi-autogenous grind (SAG) mill comminution (SMC), SAG power index (SPI) with comminution
economic evaluation tool (CEET) crusher index determination, Bond ball and rod mill index tests), dilution cleaning tests, locked-cycle tests, gravity recoverable gold tests, and flotation technology evaluations.
|
New Afton Operations
British Columbia
Technical Report Summary
|
Two main mineralization types will be treated over the life-of-mine (LOM): hypogene ore (including background material that is not classified as either hypogene, secondary hypogene, or supergene) and
secondary hypogene ore. Hypogene ore and background material form the majority of the material to be processed at 95% while secondary hypogene ore makes up the remaining 5%. Predictive recovery formulas were developed (based on feed grades, grind
size, and throughput rate) to forecast copper and gold recoveries. Based on operating experience, C-Zone hypogene copper recovery is capped at 92%. LOM copper and gold recovery rates are estimated to be approximately 88.4% and 83.9%, respectively.
The New Afton concentrate has historically been very clean and marketable. There are no known deleterious elements that could have a significant effect on economic extraction. Expected penalties
associated with mercury and arsenic levels have been taken into account in the concentrate sales model.
| 1.10 |
Mineral Resource Estimation
|
| 1.10.1 |
Estimation Methodology
|
Two block models were generated to estimate mineral resources at New Afton. The two models cover the same extent but have different block sizes to provide more flexibility with choice of mining
methods. A 10 x 10 x 10 m model was generated to estimate Mineral Resources for zones considered suitable for mining through block caving. A 5 x 5 x 5 m sub-blocked model was generated to test potential applicability of more selective underground
mining methods.
Grade shells were modelled at specific grade thresholds. Mineralized grade shells were generated for all mineralized zones at a grade threshold of 0.2% copper equivalent (CuEq). Sub-domain grade
thresholds were 5.0% CuEq for East Extension, 1.0% CuEq for HW1 and 0.8% for K-Zone. Estimation was also carried out in complementing lithological domains including monzonite dykes, latite dyke, and Nicola Group volcanic rocks. The picrite unit was
assigned a grade of zero for all metals contained within. All domains were used as hard boundaries during the estimation process.
The block model grades for copper, gold, and silver were estimated using ordinary kriging (OK). The copper, gold, and silver estimates were conducted in a single pass using a search ellipsoid
measuring 150 x 150 x 40 m for the 10 x 10 x 10 m model and a search ellipsoid measuring 150 x 150 x 20 m for the 5 x 5 x 5 m sub-blocked model.
The mineral resource estimates were reported assuming underground stope mining methods for East Extension and underground bulk mining methods, likely block caving, for all other zones. Constraining
volumes were created to demonstrate the spatial continuity of the mineralization within a potentially mineable shape.
For underground bulk mining zones, mineral resources were reported within resource cave shapes created using a cut-off grade of 0.33% CuEq. Within the resource cave shapes, resources are reported for
blocks above 0.30% CuEq for K-Zone, and above 0.15% CuEq for the other zones.
|
New Afton Operations
British Columbia
Technical Report Summary
|
The following copper-equivalency is used:
| • |
Cu% + (Au g/t * Au Recovery * Au Payable * (Au Price - Refining) / 31.1035) + (Ag g/t * Ag Recovery * Ag Payable * (Ag Price - Refining) / 31.1035) / (22.046 * Cu Recovery * Cu Payable * (Cu Price - Refining).
|
The calculations are based on the following:
| • |
Au price: US$2,500/oz Au; Au recovery: 87.7%; Au payable: 97.0%; Au refining charge: US$6.00/oz; Ag price: US$30/oz Au; Ag recovery: 73.5%; Ag payable: 90.0%; Ag refining charge: US$0.50/oz; Cu price: US$4.40/lb
Cu; Cu recovery: 86.4%; Cu payable: 96.4%; Cu refining charge: US$0.8/lb.
|
| 1.10.2 |
Mineral Resource Statement
|
Mineral resources are reported using the mineral resource definitions set out in S-K 1300, and are reported exclusive of those mineral resources converted to mineral reserves. Mineral resources that
are not mineral reserves do not have demonstrated economic viability.
Estimates are current as at December 31, 2025. The reference point for the estimate is in situ.
Mineral resource estimates are summarized in Table 1‑1.
The Qualified Persons for the estimates are Mr. Vincent Nadeau-Benoit P.Geo., and Mr. Tyler Roberts, P.Eng., both Coeur employees.
| 1.10.3 |
Factors That May Affect the Mineral Resource Estimate
|
Factors that may affect the Mineral Resource and Mineral Reserve estimates include metal price and exchange rate assumptions; changes to the assumptions used to generate cut-off grades;
interpretations of mineralization geometry and continuity of mineralized zones; changes to geological and mineralization shape and geological and grade continuity assumptions; density and domain assignments; geotechnical and hydrogeological
assumptions; parameters used to derive cave resource shapes and stope shapes; assumptions related to cave mixing and dilution; changes to metallurgical recovery assumptions; changes to inputs to capital and operating cost estimates; and assumptions
regarding the continued ability to access the site, retain mineral and surface rights, maintain environmental and other regulatory permits, and maintain the social and environmental license to operate.
|
New Afton Operations
British Columbia
Technical Report Summary
|
Table 1‑1: Measured, Indicated and Inferred Mineral Resource Statement
|
Zone
|
Category
|
Tonnes
(t x 1,000)
|
Grade | Metal Content |
Cut-off
Grade
|
Metallurgical
Recovery |
|||||||||||||||||||
|
Au
(g/t)
|
Ag
(g/t)
|
Cu
(%)
|
Au Ounces
(oz x 1,000)
|
Ag Ounces
(oz x 1,000)
|
Cu Pounds
(lb x 1,000,000)
|
CuEq.
(%)
|
Au
(%)
|
Ag
(%)
|
Cu
(%)
|
||||||||||||||||
|
B-Zone
C-Zone
D-Zone
HW
|
Measured
|
29,843
|
0.58
|
1.78
|
0.62
|
552
|
1,707
|
408
|
0.15
|
87.7
|
73.5
|
86.4
|
|||||||||||||
|
Indicated
|
25,611
|
0.28
|
1.04
|
0.28
|
230
|
859
|
158
|
0.15
|
87.7
|
73.5
|
86.4
|
||||||||||||||
|
Sub-total measured and indicated
|
55,454
|
0.44
|
1.44
|
0.46
|
782
|
2,566
|
566
|
0.15
|
87.7
|
73.5
|
86.4
|
||||||||||||||
|
Inferred
|
1,289
|
0.35
|
0.70
|
0.22
|
15
|
29
|
6
|
0.15
|
87.7
|
73.5
|
86.4
|
||||||||||||||
|
K-Zone
|
Measured
|
7,206
|
0.70
|
3.66
|
0.91
|
162
|
849
|
144
|
0.30
|
87.7
|
73.5
|
86.4
|
|||||||||||||
|
Indicated
|
40,436
|
0.43
|
1.52
|
0.52
|
553
|
1,979
|
462
|
0.30
|
87.7
|
73.5
|
86.4
|
||||||||||||||
|
Sub-total measured and indicated
|
47,642
|
0.47
|
1.85
|
0.58
|
715
|
2,827
|
606
|
0.30
|
87.7
|
73.5
|
86.4
|
||||||||||||||
|
Inferred
|
5,877
|
0.45
|
1.64
|
0.59
|
86
|
309
|
77
|
0.30
|
87.7
|
73.5
|
86.4
|
||||||||||||||
|
East
Extension
|
Measured
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
|
Indicated
|
1,558
|
0.96
|
4.24
|
1.04
|
48
|
213
|
36
|
1.26
|
87.7
|
73.5
|
86.4
|
||||||||||||||
|
Sub-total measured and indicated
|
1,558
|
0.96
|
4.24
|
1.04
|
48
|
213
|
36
|
1.26
|
87.7
|
73.5
|
86.4
|
||||||||||||||
|
Inferred
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||
|
Total
|
Measured
|
37,049
|
0.60
|
2.15
|
0.68
|
715
|
2,555
|
552
|
—
|
87.7
|
73.5
|
86.4
|
|||||||||||||
|
Indicated
|
67,605
|
0.38
|
1.40
|
0.44
|
831
|
3,051
|
656
|
—
|
87.7
|
73.5
|
86.4
|
||||||||||||||
|
Total measured and indicated
|
104,654
|
0.46
|
1.67
|
0.52
|
1,545
|
5,606
|
1,208
|
—
|
87.7
|
73.5
|
86.4
|
||||||||||||||
|
Inferred
|
7,166
|
0.44
|
1.47
|
0.53
|
100
|
338
|
83
|
—
|
87.7
|
73.5
|
86.4
|
||||||||||||||
Notes to accompany mineral resource tables:
| 1. |
The mineral resource estimates are current as at December 31, 2025, and are reported using the definitions in Item 1300 of Regulation S–K (17 CFR Part 229) (S-K 1300).
|
| 2. |
The reference point for the mineral resource estimate is in situ. The Qualified Persons for the estimate are Mr. Vincent Nadeau-Benoit P.Geo., and Mr. Tyler Roberts, P.Eng., both Coeur employees.
|
| 3. |
Mineral resources are reported exclusive of those mineral resources converted to mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
|
| 4. |
Mineral Resources are estimated using metal price assumptions of US$4.40 per pound of copper, US$2,500 per ounce of gold, and US$30 per ounce of silver, and a foreign exchange rate assumption of 1.30 C$/1.00US$.
|
| 5. |
For underground bulk mining, mineral resources are reported within resource cave shapes created using a cut-off grade of 0.33% CuEq. Within resource cave shapes, resources are reported for blocks above 0.30% CuEq
for K-Zone, and above 0.15% CuEq for the other zones. For stope mining, mineral resources are reported within mineable shapes created using a cut-off grade of 1.26% CuEq and include must-take material.
|
| 6. |
The following copper-equivalency (CuEq%) formula is used: Cu% + (Au g/t * Au Recovery * Au Payable * (Au Price - Refining) / 31.1035) + (Ag g/t * Ag Recovery *
Ag Payable * (Ag Price - Refining) / 31.1035) / (22.046 * Cu Recovery * Cu Payable * (Cu Price - Refining). The calculations are based on the following: Au price: US$2,500/oz Au; Au recovery: 87.7%; Au payable: 97.0%; Au refining charge:
US$6.00/oz; Ag price: US$30/oz Au; Ag recovery: 73.5%; Ag payable: 90.0%; Ag refining charge: US$0.50/oz; Cu price: US$4.40/lb Cu; Cu recovery: 86.4%; Cu payable: 96.4%; Cu refining charge: US$0.8/lb.
|
| 7. |
Rounding of tonnes, grades, troy ounces and pounds as required by reporting guidelines, may result in apparent differences between tonnes, grades, and contained metal contents.
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 1.11 |
Mineral Reserve Estimation
|
| 1.11.1 |
Estimation Methodology
|
C-Zone mineral reserves were estimated using the 10 x 10 x 10 m model. Measured and indicated mineral resources were converted to probable mineral reserves. Due to the uncertainty associated with
estimating movement of material within the block caves, no proven mineral reserves were reported for C-Zone and East Extension. Mining of the B3 block cave is expected to be completed in Q1 2026. Material is continuing to be drawn from the B3 cave;
however, this material is unclassified and is not included in the mineral reserves or mine plan in this Report.
East Extension mineral reserves were estimated using the 5 x 5 x 5 m sub-blocked model. Indicated mineral resources were converted to probable mineral reserves.
Mineral reserve block models were generated by adding an NSR attribute, in US$ per tonne, to each block in the resource block models. Blocks classified as inferred mineral resources, or without a
resource classification, were set to zero grade and zero NSR.
Ore recovery in the block caves is assumed to be 100% of the mixed/diluted block model. Dilution assumptions for East Extension stopes are currently estimated at 10.8%, with 5.8% from hanging-wall
and footwall overbreak at the block model grade and 5% backfill dilution at zero grade. n additional 93% mining recovery factor is applied to stope tonnes to account for un-blasted ore in the shoulders of the stopes and un-mucked ore remaining on
the floor of the stopes.
| 1.11.2 |
Mineral Reserve Statement
|
Mineral reserves were classified using the mineral reserve definitions set out in S-K 1300. The reference point for the mineral reserve estimate is the point of delivery to the process plant.
Mineral reserves are current as at December 31, 2025.
Mineral reserves are reported in Table 1‑2.
The Qualified Person for the estimate is Mr. Tyler Roberts, P.Eng., a Coeur employee.
| 1.11.3 |
Factors That May Affect the Mineral Reserve Estimate
|
Factors that may affect the mineral reserve estimates include changes to the long-term copper, gold, and silver price and exchange rate assumptions; changes to the parameters used to derive the cave
outlines and stope shapes and determine the cut-off values; changes to geotechnical and hydrogeological assumptions; changes to the cave mixing model and dilution estimates; changes to metallurgical recovery assumptions; changes to inputs to
capital and operating cost estimates; and the ability to maintain the social and environmental license to operate.
|
New Afton Operations
British Columbia
Technical Report Summary
|
Table 1‑2: Proven and Probable Mineral Reserves Statement
|
Zone
|
Category
|
Tonnes
(kt)
|
Grade | Contained Metal |
Metallurgical
Recovery
(%) |
||||||||||||||
|
Au
(g/t)
|
Ag
(g/t)
|
Cu
(%)
|
Au
(koz)
|
Ag
(koz)
|
Cu (Mlbs)
|
||||||||||||||
|
C-Zone
|
Proven
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||
|
Probable
|
35,212
|
0.65
|
1.62
|
0.72
|
739
|
1,837
|
556
|
88.5
|
|||||||||||
|
Sub-total proven and probable
|
35,212
|
0.65
|
1.62
|
0.72
|
739
|
1,837
|
556
|
88.5
|
|||||||||||
|
East Extension
|
Proven
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||
|
Probable
|
962
|
1.31
|
8.5
|
1.63
|
41
|
264
|
35
|
87.6
|
|||||||||||
|
Sub-total proven and probable
|
962
|
1.31
|
8.5
|
1.63
|
41
|
264
|
35
|
87.6
|
|||||||||||
|
Total
|
Proven & Probable
|
36,174
|
0.67
|
1.79
|
0.74
|
780
|
2,101
|
591
|
88.5
|
||||||||||
Notes to accompany mineral reserve table:
| 1. |
The Mineral Reserve estimates are current as at December 31, 2025, and are reported using the definitions in Item 1300 of Regulation S–K (17 CFR Part 229) (S-K 1300).
|
| 2. |
The Qualified Person for the estimate is Mr. Tyler Roberts, P.Eng., a Coeur employee.
|
| 3. |
Mineral Reserves are estimated using metal price assumptions of US$3.50 per pound of copper, US$1,650 per ounce of gold, and US$20 per ounce of silver, and a foreign exchange rate assumption of C$1.30 : US$1.00.
|
| 4. |
C-Zone block cave Mineral Reserves are reported at a cut-off NSR of US$24/t and East Extension Mineral Reserves are reported at a cut-off NSR of US$100/t, based on processing costs of US$9.00/t processed, G&A
costs of US$3.50/t processed, block caving costs of US$11.50/t ore mined, and stoping costs of US$87.50/t ore mined. Metallurgical recoveries vary depending on ore type and grades.
|
| 5. |
Rounding of short tonnes, grades, and troy ounces, as required by reporting guidelines, may result in apparent differences between tonnes, grades, and contained metal contents.
|
| 1.12 |
Mining Methods
|
The mineral reserve estimates are based on block caving and long-hole stoping underground mining methods. The B3 and C-Zones are mined using block caving, and the East Extension is planned to be
mined using stoping methods. Mining of the B3 block cave is expected to be completed in Q1 2026. Material is continuing to be drawn from the B3 cave; however, this material is unclassified and is not included in the mineral reserves or mine plan in
this Report. The LOM plan is based on the C-Zone block cave, and longitudinal stoping at the East Extension.
|
New Afton Operations
British Columbia
Technical Report Summary
|
Stope stability analysis for East Extension was completed using empirical design. Stopes are scheduled to be backfilled with cemented rock fill shortly after they are mined to reduce stand-up time
and overbreak. East Extension is not expected to cause additional subsidence.
The block cave mining method involves development of a footprint at the base of the cave that includes an undercut level for initiating the cave and an extraction level from which ore will be mucked
from drawpoints for the duration of the cave.
The B3 block cave extraction level is approximately 160 m below the mined-out Lift 1 and 760 m below surface. The B3 footprint measures approximately 250 x 125 m for a footprint area of approximately
31,000 m2. B3 has a total of 65 drawbells spaced at 16.5 x 27.0 m, four longitudinal strike drives, and 111 drawpoints.
The C-Zone extraction level is located approximately 390 m below the B3 extraction level and 1,150 m below surface. The footprint of C-Zone measures approximately 460 x 120 m for an area of
approximately 55,000 m2. The extraction level has seven transverse crosscuts, 91 designed drawbells spaced at 18.0 x 27.0 m, and a total of 177 drawpoints.
East Extension is located 120 m east of the C-Zone block cave, and 150 m above the C-Zone extraction level. East Extension Mineral Reserves extend approximately 200 m vertically and 140 m along
strike. The current design has 10 levels, spaced at 20 m vertical intervals, with ramp access from the east. Each level has a single or second parallel ore drive running east-west, with dimensions of 5.0 m wide x 5.0 m high. There are 114 stopes
designed in three panels to optimize scoop productivity; the panels are separated by 5 m thick sill pillars. Stopes were designed with dimensions of 14 m long x 20 m high and a width up to 20 m.
The underground mine is accessed by decline from a portal on surface located to the south of the processing plant. Emergency egress is available through a fresh-air raise equipped with an Alimak
elevator and a staging area.
The materials handling system consists of ore passes, underground crushers, a conveyor system to surface, and underground truck haulage. All concrete and shotcrete products used underground are
produced at the on-site batch plant. Shotcrete and concrete products are delivered via 4 or 6 m3 underground transmixers. Three explosives magazines are located on site: two on surface, and two underground.
The current ventilation layout is a push–pull system with six ventilation raises to surface: three intake raises and three exhaust raises. The intake raises (VR5, VR6, and VR7) are fitted with 800 hp
axial fans. The exhaust shafts (VR2, VR3, and VR4) are fitted with 600 hp axial fans. The main conveyor portal also exhausts air from the mine.
Mining of the B3 block cave is expected to be completed in Q1 2026. Material is continuing to be drawn from the B3 cave from outside the stated proven and probable reserve, the material is
unclassified and not represented in reserves. Draw will cease from the B3 cave at such a time as the observed grades become uneconomical or the approaching C-Zone cave induces safety risks.
C-Zone mining production is expected to ramp up to approximately 5.4 Mt of ore in 2026 and 5.4–6.0 Mt/a from 2026–2032. In periods when the mining
rate exceeds the processing rate, intermediate-grade ore will be stockpiled on surface until it can be processed.
|
New Afton Operations
British Columbia
Technical Report Summary
|
Development of the East Extension access ramp is scheduled to start from the top and bottom in 2028, and the first ore from East Extension is expected in 2028. From 2028–2031, the East Extension is
expected to provide approximately 500 t/d of high-grade supplementary mill feed.
With the ramping up of C-Zone block cave, the processing rate is planned to increase from an average of 13,750 t/od at the start of 2026 to full capacity of approximately 16,000 t/d by the end of
2026. These processing rates were achieved in the past during mining of the Lift 1 block caves. Feed grades are planned to increase as C-Zone caving advances into the core of the deposit, peaking in 2027 and 2028.
The current mine life forecast is seven years, to 2032.
| 1.13 |
Recovery Methods
|
The New Afton process plant has been in operation since mid‐2012. The plant is a mineral concentrator. The process flowsheet consists of conventional crushing and grinding circuits, a flotation
circuit, and a gravity circuit to produce a copper-gold concentrate.
Since initial commissioning, the process plant has undergone several major updates to increase processing capacity, maintain metallurgical recoveries, facilitate the processing of different ore
types, and produce thickened and amended tailings.
The process facility uses one source of fresh water and multiple sources of reclaimed water. Water drawn from Kamloops Lake is used for applications requiring fresh rather than reclaimed water, as
well as to make up any deficit in the site water balance.
Most of the power consumption at the mill occurs in the grinding circuit.
| 1.14 |
Infrastructure
|
The New Afton Mine is in operation and has all the required infrastructure to support the operation.
Surface infrastructure supporting the New Afton operation includes: a process facility, a thickened and amended tailings plant, maintenance workshops, warehouses, an assay laboratory, the integrated
operations center, mine dry buildings, offices, explosives magazines, a concrete batch plant, ventilation fans and heaters, and electrical and pumping facilities.
During periods when mining rates exceed processing capacity, intermediate-grade ore may be stockpiled on surface for later processing. Intermediate-grade C-Zone Mineral Reserves may also be
segregated and stockpiled on surface using a diverter on the conveyor as it exits the underground portal. All stockpile locations and volumes are permitted and approved through end of mine.
Waste rock produced by block cave mining at New Afton is deposited in the Afton Pit TSF or within designated block cave subsidence areas, both of which are classified as potentially acid generating
(PAG) storage areas.
There are four TSFs on the New Afton mine site:
| • |
The Afton Pit TSF, which is the primary facility for LOM tailings deposition;
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| • |
The New Afton TSF, which holds the Lift 1 and majority of B3 tailings ;
|
| • |
The Historical Afton TSF, which holds the tailings from the original Afton operation and has since been inactive;
|
| • |
The Pothook TSF, which acts as a site water reservoir, and currently does not receive any tailings.
|
The current LOM plan is to deposit 44 Mt in the Afton Pit TSF, which will use approximately 55–60% of the total storage capacity. Coeur has implemented a stringent subsidence monitoring and adaptive
management plan during the stabilization and mining period to effectively manage TSF risks. Subsidence models and site observations are continually reviewed and used to confirm understanding of the timing of ground movements, and to verify that
subsidence movement is projected to remain within the target stabilization areas of the affected facilities. All TSFs located on the New Afton Mine site undergo thorough review and oversight from qualified professionals.
Fresh water is drawn from Kamloops Lake and is used primarily for ore processing make-up water, as road dust suppressant, for vehicle wash-down, fire control, and drilling. The majority of mill
process water is currently reclaimed from the tailings thickener overflow. Water balance modelling is used to track the inventory of water on site, as well as water consumption and water losses. Tailings seepage water is collected surface water
management ponds, in the mine workings, or via interception wells prior to entering the underground workings. The water collected from these locations is pumped to the mill process water stream.
Currently, BC Hydro supplies the mine with 49.5 MW of electrical power via a connection located between the Savona Substation and the Douglas Substation. This connection consists of a 138 kV overhead
line terminal and approximately 1.1 km of 138 kV transmission line to the site’s substation.
| 1.15 |
Markets and Contracts
|
| 1.15.1 |
Market Studies
|
The New Afton Operations produce a high-quality clean copper concentrate with typical copper grade, high gold grades, payable silver credits, and relatively low impurity levels. The current
concentrate is readily marketable to any of several smelters or concentrate marketing firms. Smelting and refining terms are generally similar and include treatment charges and refining charges which are generally known, with penalty charges for
contaminants such as arsenic and mercury in the concentrates. Penalty terms are generally more variable than the treatment and refining terms. Concentrates are typically sold through concentrate marketing firms, with long-term contracts that cover
several years. Coeur has established contracts and buyers for the concentrate products, and has an internal marketing group that monitors markets for its key products.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 1.15.2 |
Commodity Prices
|
Coeur uses a combination of analysis of three-year rolling averages, long-term consensus pricing, and benchmarks to pricing used by industry peers over the past year, when considering long-term
commodity price forecasts.
Higher metal prices are used for the mineral resource estimates to ensure the mineral reserves are a sub-set of, and not constrained by, the mineral resources, in accordance with industry-accepted
practice.
The long-term gold and copper price forecasts are:
| • |
Mineral reserves:
|
| o |
US$1,650/oz Au; US$3.50/lb;
|
| • |
Mineral resources:
|
| o |
US$2,500/oz Au; US$4.40/lb.
|
The economic analysis in Chapter 1.19 uses a reverting price curve.
| 1.15.3 |
Contracts
|
There are numerous contracts in place at the Project to support mine operations. Currently there are contracts in place to cover maintenance services, fuel, explosives, grinding media, and milling
reagents. Coeur also has contracts in place for the transportation of concentrates, port services in Vancouver, and representation services related to concentrate analysis at delivery. The terms and rates for these contracts are within industry
norms. The contracts are periodically put up for bid or re-negotiated as required.
Coeur entered into, and maintains, a cooperation agreement with the SSN First Nation.
| 1.16 |
Environmental, Permitting and Social Considerations
|
| 1.16.1 |
Environmental Studies and Monitoring
|
The New Afton Mine was reviewed and permitted as a major mine under the BC Mines Act in 2007 and received BC Environmental Management Act permits in 2010. The M-229 permit was issued under the Mines
Act and is administered by the Ministry of Mining and Critical Minerals. The Effluent Discharge permit 100224 and Air Discharge permit 100223 were issued under the Environmental Management Act and administered by the Ministry of Environment and
Parks.
The New Afton Operations are in compliance with all current permit conditions and requirements and there are no outstanding environmental issues. Environmental monitoring for air quality, ambient
noise and vibration, geochemistry, surface water quality, groundwater quality, aquatic resources, flora and fauna, are completed regularly and reported per permit conditions.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 1.16.2 |
Closure and Reclamation Considerations
|
The most recent reclamation liability cost estimate for the New Afton Operations, as submitted to the MCM on November 1, 2024, is approximately C$70.4 million (US$ 51 million). It assumes
approximately C$30.4 million (US$ 22 million) for post-closure monitoring and maintenance over the following 100 years. Based on the standard regulatory discount rates applicable in British Columbia, the NPV of the post-closure monitoring and
maintenance costs is approximately C$8.1 million (US$ 5.9 million), while the conventional closure works cost is not subject to discount. This gives a total NPV of approximately C$48.2 million (US$ 34.9 million). Since BC regulations will not allow
discount of the total reclamation liability cost estimate below C$50 million (US$ 36.2 million); the current bonding for the site is fixed at C$50 million (US$ 36.2 million). All amounts were converted from Canadian dollars to United States dollars
at a rate of US$1 to C$1.38.
| 1.16.3 |
Permitting
|
New Afton submitted a Mines Act Permit Amendment on January 12, 2026, seeking amendment to the M-229 Mines Act Permit. This authorization is to allow the
stope mining of East Extension and includes the proposed K-Zone access ramp development. All other operations included in the LOM plan are fully permitted.
| 1.16.4 |
Social Considerations, Plans, Negotiations and Agreements
|
Coeur maintains strong relationships with Indigenous partners and collaborates with them on environmental and business matters. A Cooperation Agreement is in place with the SSN First Nation.
The mine is located approximately 10 km from the City of Kamloops, which has a growing population of approximately 97,000. New Afton employs most of its staff from the nearby communities.
| 1.17 |
Capital Cost Estimates
|
Capital cost estimates are at a minimum at a pre-feasibility level of confidence, having an accuracy level of ±25% and a contingency range not exceeding 15%.
Capital costs are based on budget estimates and supplier and contractor quotes, engineering designs, maintenance strategies, production plans, and recent operating history. In later years, capital
estimates are based on estimated annual operating requirements and are therefore classified as sustaining capital.
Total LOM capital is expected to be approximately US$212.6 million, including US$84.2 million of sustaining capital and $128.4 million of growth capital (Table 1‑3).
|
New Afton Operations
British Columbia
Technical Report Summary
|
Table 1‑3: LOM Sustaining Capital Cost Estimate
|
Category
|
2026
|
2027
|
2028
|
2029
|
2030
|
2031
|
2032
|
Total
|
|||||||||
|
Sustaining Capital
|
|||||||||||||||||
|
C-Zone
|
14.3
|
18.9
|
4.3
|
4.3
|
4.3
|
4.3
|
—
|
50.6
|
|||||||||
|
East Extension
|
—
|
—
|
1.1
|
2.0
|
—
|
—
|
—
|
3.1
|
|||||||||
|
Other
|
17.6
|
6.1
|
2.9
|
2.7
|
1.1
|
—
|
—
|
30.5
|
|||||||||
|
Total sustaining capital
|
32.0
|
25.0
|
8.4
|
9.0
|
5.4
|
4.3
|
—
|
84.2
|
|||||||||
|
Growth Capital
|
|||||||||||||||||
|
C-Zone
|
27.3
|
0.5
|
—
|
—
|
—
|
—
|
—
|
27.8
|
|||||||||
|
East Extension
|
0.4
|
1.2
|
34.0
|
—
|
—
|
—
|
—
|
35.5
|
|||||||||
|
K-Zone
|
17.6
|
21.7
|
21.2
|
—
|
—
|
—
|
—
|
60.5
|
|||||||||
|
Other
|
(0.6)
|
2.3
|
0.7
|
2.2
|
—
|
—
|
—
|
4.6
|
|||||||||
|
Total growth capital
|
44.6
|
25.8
|
55.9
|
2.2
|
—
|
—
|
—
|
128.4
|
|||||||||
|
Total Capital
|
76.6
|
50.8
|
64.2
|
11.2
|
5.4
|
4.3
|
—
|
212.6
|
|||||||||
Note: Numbers have been rounded.
| 1.18 |
Operating Cost Estimates
|
Operating cost estimates are at a minimum at a pre-feasibility level of confidence, having an accuracy level of ±25% and a contingency range not exceeding 15%.
The basis for the operating cost estimate is the budget and LOM plan. The production plan drove the calculation of the mining and processing costs, as the mining mobile equipment fleet, workforce,
contractors, power, and consumables requirements were calculated based on specific consumption rates. Consumable prices and labor rates are based on current contracts and agreements.
LOM operating costs are shown in Table 1‑4 and total US$1,085.6 M. Unit operating costs from 2026–2032 range from US$24.08–US$33.60/t.
|
New Afton Operations
British Columbia
Technical Report Summary
|
Table 1‑4: LOM Total Operating Cost Estimate
|
Units
|
2026
|
2027
|
2028
|
2029
|
2030
|
2031
|
2032
|
Total/
Average
|
|||||||||||
|
Operating Costs
|
|||||||||||||||||||
|
Mining
|
US$ M
|
65.7
|
65.2
|
58.7
|
83.7
|
75.7
|
69.8
|
11.6
|
430.3
|
||||||||||
|
Processing
|
US$ M
|
45.3
|
41.6
|
41.2
|
40.5
|
39.8
|
36.1
|
5.0
|
249.4
|
||||||||||
|
G&A
|
US$ M
|
66.1
|
62.1
|
59.9
|
46.4
|
42.6
|
38.2
|
4.2
|
319.5
|
||||||||||
|
Other
|
US$ M
|
12.4
|
13.5
|
12.8
|
18.7
|
14.5
|
13.3
|
1.2
|
86.4
|
||||||||||
|
Total
|
US$ M
|
189.5
|
182.4
|
172.6
|
189.2
|
172.5
|
157.3
|
22.0
|
1,085.6
|
||||||||||
|
Unit Operating Costs
|
|||||||||||||||||||
|
Mining
|
$/t mined
|
11.51
|
10.67
|
9.94
|
14.23
|
12.87
|
11.87
|
14.25
|
12.19
|
||||||||||
|
Processing
|
$/t milled
|
8.03
|
6.94
|
6.91
|
6.81
|
6.77
|
6.17
|
5.46
|
6.73
|
||||||||||
|
G&A
|
$/t milled
|
11.72
|
10.37
|
10.04
|
7.81
|
7.25
|
6.53
|
4.60
|
8.33
|
||||||||||
|
Other
|
$/t milled
|
2.21
|
2.26
|
2.14
|
3.14
|
2.46
|
2.27
|
1.28
|
2.25
|
||||||||||
|
Total
|
$/t milled
|
33.60
|
30.44
|
28.93
|
31.84
|
29.35
|
26.92
|
24.08
|
29.31
|
||||||||||
Note: Numbers have been rounded.
| 1.19 |
Economic Analysis
|
| 1.19.1 |
Forward-Looking Information
|
Results of the economic analysis represent forward- looking information that is subject to several known and unknown risks, uncertainties and other factors that may cause actual results to differ
materially from those presented here.
Other forward-looking statements in this Report include, but are not limited to: statements with respect to future metal prices and concentrate sales contracts; the estimation of mineral reserves and
mineral resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; costs and timing of the development of new ore zones; permitting time lines;
requirements for additional capital; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; title disputes or claims; and, limitations on insurance coverage.
Factors that may cause actual results to differ from forward-looking statements include: actual results of current reclamation activities; results of economic evaluations; changes in Project
parameters as mine and process plans continue to be refined, possible variations in mineral reserves, grade or recovery rates; geotechnical considerations during mining; failure of plant, equipment or processes to operate as anticipated; shipping
delays and regulations; accidents, labor disputes and other risks of the mining industry; and, delays in obtaining governmental approvals.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 1.19.2 |
Methodology and Assumptions
|
Coeur records its financial costs on an accrual basis and adheres to U.S. Generally Accepted Accounting Principles (GAAP).
The financial costs used for this analysis are based on the 2026 LOM budget model, which was built on a zero-based budgeting process that was validated through a historical cost comparison from the
previous financial year. Production figures in this Chapter are based on predicted equipment hours and manpower requirements needed to execute the mine plan using actual unit costs, labor rates and may vary from year to year depending on capital
and production needs.
Consumables are based upon market projections and contract pricing. Experts and bids are used for capital purchases to ensure that all costs are included in the project to avoid unbudgeted
expenditures.
All financial results are communicated to the site management team. This process results in refinements and agreements as to the validity of the cost, capital, and cash flow results. This is an
ongoing process throughout the budget and provides consistency of the results and acceptance of both short- and long-term goals.
Capitalized exploration is determined annually through the corporate office, is discretionary, and therefore not included in the economic analysis. Management fees assessed
through the corporate office are not included in the economic analysis.
The economic model metal price assumptions are outlined in Table 1‑5.
Royalties included in the cashflow analysis are based upon gold ounces mined or produced, depending upon the agreement. The analysis includes applicable mining-related and corporate income taxes
based on current laws and regulations, which are subject to change. Currently, Coeur pays no federal income tax due to historic net operating losses.
| 1.19.3 |
Economic Analysis
|
The NPV at 5% is $2,485 M. As the cashflow is based on existing operations, considerations of payback and internal rate of return are not relevant.
A summary of the financial results is provided in Table 1‑6.
The active mining operation ceases in 2032; however, closure costs are estimated to be paid out through 2032. For the purposes of the financial model, all costs incurred beyond 2032 are included in
the cash flow in the year 2032.
|
New Afton Operations
British Columbia
Technical Report Summary
|
Table 1‑5: Commodity Price Forecast Used in Cashflow Analysis
|
Units
|
2026
|
2027
|
2028
|
2029
|
2030
|
2031+
|
|||||||||
|
Gold
|
US$/oz
|
4,550
|
4,000
|
3,800
|
3,600
|
3,100
|
3,100
|
||||||||
|
Copper
|
US$/lb
|
5.00
|
5.00
|
5.00
|
5.00
|
4.50
|
4.50
|
Table 1‑6: Cashflow Summary Table
|
Item
|
Units
|
Value
|
||
|
Revenue
|
US$ M
|
4,837.4
|
||
|
Production costs
|
US$ M
|
1,108.9
|
||
|
Exploration
|
US$ M
|
23.3
|
||
|
Accretion liability
|
US$ M
|
18.9
|
||
|
Total cost and expenses
|
US$ M
|
1,151.2
|
||
|
Interest income
|
US$ M
|
3.4
|
||
|
Intercompany
|
US$ M
|
27.7
|
||
|
EBITDA
|
US$ M
|
3,655.1
|
||
|
Depreciation, depletion and amortization
|
US$ M
|
4,580.4
|
||
|
Income before taxes
|
US$ M
|
(925.3)
|
||
|
Income tax expense (benefit)
|
US$ M
|
731.1
|
||
|
Net income
|
US$ M
|
(1,656.4)
|
||
|
Add back amortization
|
US$ M
|
4,580.4
|
||
|
Add back accretion
|
US$ M
|
(47.3)
|
||
|
Add back other non-cash items
|
US$ M
|
54.4
|
||
|
Operating cash flow before working capital changes
|
US$ M
|
2,931.2
|
||
|
Working capital
|
US$ M
|
28.6
|
||
|
Operating cash flow
|
US$ M
|
2,959.6
|
||
|
Investing activities
|
US$ M
|
(222.4)
|
||
|
Interest received
|
US$ M
|
0.4
|
||
|
Other
|
US$ M
|
(2.8)
|
||
|
Payments on capital leases
|
US$ M
|
(0.2)
|
||
|
Total cash flow
|
US$ M
|
2,734.7
|
||
|
Free cash flow
|
US$ M
|
2,737.2
|
||
|
NPV Pre-Tax/After-Tax @ 5%
|
US$ M
|
3132/2,484.6
|
Note: EBITDA = earnings before interest, taxes, depreciation, and amortization. Numbers have been rounded.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 1.19.4 |
Sensitivity Analysis
|
The sensitivity of the Project to changes in metal prices, grade, capital costs, and operating cost assumptions was tested using a range of 30% above and below the base case values. The Project is
most sensitive to copper and gold prices and metal grades, less sensitive to operating cost increases, and least sensitive to capital expenditure changes and exchange rates.
The primary sensitivity is to the world economy and the effect this has upon copper and gold pricing. With block caving being a low operating costs per tonne mining method, the project carries less
world economy risk when compared to alternative underground mining methods.
| 1.20 |
Risks and Opportunities
|
| 1.20.1 |
Risks
|
Risks to the mineral resources and mineral reserves are discussed in Chapter 1.10.3 and Chapter 1.11.3.
The major risks to the New Afton Operations are associated with the following elements:
| • |
Negative variations to the copper and gold price assumptions;
|
| • |
Significant additional dilution or ore losses due to cave deviation or variations to the mine plan;
|
| • |
Oversized material or hung drawpoints during the early stages of C-Zone cave propagation, potentially limiting daily tonnage until additional drawpoints are blasted or drawpoints become free-flowing;
|
| • |
Significant delays to the completion of the tailings stabilization project, potentially impacting C-Zone production;
|
| • |
Changes in geotechnical conditions and modelling parameters, including but not limited to the following:
|
| o |
The extent and magnitude of subsidence affecting site infrastructure;
|
| o |
Convergence in underground production drifts exceeding expectations;
|
| o |
Cave growth deviation and induced stress from the C-Zone block cave impacting underground development and infrastructure.
|
| 1.20.2 |
Opportunities
|
The major opportunities are as follows:
| • |
Potential extension of mine life and improved production profile if mineral resources at the K-Zone, D-Zone, and HW Zone can be converted to mineral reserves with additional studies;
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| • |
Potential to expand mineralization and identify new zones with additional drilling;
|
| • |
Further improvements in metallurgical recoveries with process plant improvements;
|
| • |
Further reduction in cement consumption in the thickened and amended tailings plant with additional testing and analysis;
|
| • |
Overperformance of drawpoints in C-Zone pulling in residual grade from the B3 cave post closure;
|
| • |
Conversion of some or all of the measured and indicated mineral resources currently reported exclusive of mineral reserves to mineral reserves, with appropriate supporting studies;
|
| • |
Upgrade of some or all of the inferred mineral resources to higher-confidence categories with additional studies.
|
| 1.21 |
Conclusions
|
Under the assumptions in this Report, the operations evaluated show a positive cash flow over the remaining LOM. The mine plan is achievable under the set of assumptions and parameters used.
| 1.22 |
Recommendations
|
As New Afton is an operating mine, the QPs have no material recommendations to make.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 2.0 |
INTRODUCTION
|
| 2.1 |
Registrant
|
Mr. Tyler Roberts, P.Eng., Mr. Devin Wade, P.Geo., Ms. Jennifer Katchen, P.Eng., Mr. Vincent Nadeau-Benoit, P.Geo., Mr. Matthew Davis, P.Eng., and Ms. Emily O’Hara, P.Eng., prepared this technical
report summary (the Report) for Coeur Mining, Inc. (Coeur), on the New Afton copper–gold mine (the New Afton Operations or the Project) in British Columbia (BC) (Figure 2‑1).
Coeur acquired the New Afton Operations in March 2026 through its acquisition of New Gold Inc. (New Gold).
| 2.2 |
Terms of Reference
|
| 2.2.1 |
Report Purpose
|
The Report was prepared to be attached as an exhibit to support mineral property disclosure, including mineral resource and mineral reserve estimates in Coeur’s Current Report on Form 8-K.
Mineral resources and mineral reserves are reported for the underground cave and stope mining zones.
| 2.2.2 |
Terms of Reference
|
Unless otherwise indicated, all financial values are reported in United States (US) currency (US$) including all operating costs, capital costs, cash flows, taxes, revenues, expenses, and overhead
distributions.
Unless otherwise indicated, all financial values are reported in United States dollars (US$). The Canadian currency is the Canadian dollar (C$).
Unless otherwise noted, the Report uses metric units and US English.
Mineral resources and mineral reserves are reported using the definitions in Item 1300 of Regulation S–K (17 CFR Part 229) (S-K 1300) of the United States Securities and Exchange Commission.
|
New Afton Operations
British Columbia
Technical Report Summary
|
Figure 2‑1: Location of New Afton Mine
Note: Figure prepared by Coeur, 2026.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 2.3 |
Qualified Persons
|
The following Coeur employees serve as the Qualified Persons (QPs) for the Report:
| • |
Mr. Tyler Roberts, P.Eng. Strategic Planning Superintendent, New Afton Mine;
|
| • |
Mr. Devin Wade, P.Geo. Chief Exploration Geologist, New Afton Mine;
|
| • |
Ms. Jennifer Katchen, P.Eng. Metallurgical Superintendent, New Afton Mine;
|
| • |
Mr. Vincent Nadeau-Benoit, P.Geo., Director, Mineral Resources at Coeur ;
|
| • |
Mr. Matthew Davis, P.Eng. Tailings and Surface Superintendent, New Afton Mine;
|
| • |
Ms. Emily O’Hara, P.Eng. Manager, Water Strategy and Stewardship at Coeur.
|
The QPs are responsible for, or co-responsible for, the Report Chapters set out in Table 2‑1.
| 2.4 |
Site Visits and Scope of Personal Inspection
|
| 2.4.1 |
Mr. Tyler Roberts
|
Mr. Roberts works directly at the mine site with required inspection visits underground to review the minable reserve plan and resource shapes used for the determination of mineral resources., he
attends required meetings for reserve and life of mine strategy.
| 2.4.2 |
Mr. Devin Wade
|
Mr. Wade works directly at the mine site supervising all the exploration at New Afton. His main work at the site includes managing contractor compliance, review of the drill core, supervising New
Afton employees, regular field visits, reviewing drilling results, and monitoring drilling and other field activities.
| 2.4.3 |
Ms. Jennifer Katchen
|
Ms. Katchen works directly at the mine site, and this familiarity with the mine operations serves as her personal inspection. Her role is to inspect and oversee process plant operations. Activities
included direct oversight of plant performance, engagement with operations, metallurgical, and projects teams, and review of process control, throughput, and recovery performance in support of ongoing operational and planning objectives.
|
New Afton Operations
British Columbia
Technical Report Summary
|
Table 2‑1: QP Chapter Responsibilities
|
QP Name
|
Chapter Responsibility
|
||
|
Mr. Roberts
|
1.1, 1.2, 1.10.2, 1.10.3, 1.11.1, 1.11.1.2, 1.11.1.3, 1.11.2, 1.11.3, 1.12, 1.12.2, 1.15, 1.17, 1.18, 1.19, 1.20, 1.21, 1.22, 2.1, 2.2, 2.3, 2.4.1, 2.5, 2.6, 2.7, 7.4, 9.1, 9.2, 9.3.2, 9.4,
11.11, 11.12, 11.13, 12.1, 12.2, 12.3, 12.4, 12.5, 12.6, 12.7, 13.1, 13.2, 13.3, 13.4, 13.5, 13.6, 13.7, 13,8, 13.9, 13.10, 13.11, 16.1, 16.2, 16.3, 18.1, 18.2, 18.3, 19.1, 19.2, 19.3, 19.4, 19.5, 21, 22.1, 22.6, 22.7, 22.8, 22.9, 22.12,
22.14, 22.15, 22.16, 22.17, 22.18, 23, 24, 25.1, 25.2, 25.3
|
||
|
Mr. Wade
|
1.1, 1.2, 1.5, 1.6, 1.7, 1.8, 1.20, 1.21, 1.22, 2.1, 2.2, 2.3, 2.4.2, 2.5, 2.6, 2.7, 5.0, 6.1, 6.2, 6.3, 6.4, 7.1, 7.2, 8.1, 8.2, 8.3, 8.4, 8.5, 8.6, 8.7, 8.8, 8.9, 21, 22.1, 22.3, 22.4, 22.6,
22.17, 22.18, 23, 24, 25.1
|
||
|
Mr. Vincent Nadeau-Benoit
|
1.1, 1.2, 1.8, 1.10.1, 1.10.2, 1.10.3, 1.20, 1.21, 1.22, 2.1, 2.2, 2.3, 2.4.4, 2.5, 2.6, 2.7, 9.1, 9.2, 9.3.1, 9.4. 11.1, 11.2, 11.3, 11.4, 11.5, 11.6, 11.7, 11.8, 11.9, 11.10, 11.11, 11.12,
11.13, 21, 22.1, 22.3, 22.5, 22.7, 22.17, 22.18, 23, 24, 25.1
|
||
|
Ms. Katchen
|
1.1, 1.2, 1.9, 1.13, 1.20, 1.21, 1.22, 2.1, 2.2, 2.3, 2.4.3, 2.5, 2.6, 2.7, 10.1, 10.2, 10.3, 10.4, 10.5, 10.6, 14.1, 14.2, 14.3, 14.4, 14.5, 14.6, 21, 22.1, 22.10, 22.17, 22.18, 23, 24, 25.1
|
||
|
Mr. Davis
|
1.1, 1.2, 1.14, 1.20, 1.21, 1.22, 2.1, 2.2, 2.3, 2.4.5, 2.5, 2.6, 2.7, 14.4, 15.1, 15.2, 15.3, 15.4, 15.8, 15.9, 15.10, 21, 22.1, 22.11, 22.17, 22.18, 23, 24, 25.1
|
||
|
Ms. Emily O’Hara
|
1.1, 1.2, 1.3, 1.4, 1.16, 1.20, 1.21, 1.22, 2.1, 2.2, 2.3, 2.4.6, 2.5, 2.6, 2.7, 3.1, 3.2, 3.3, 3.4, 3.5, 3.6, 3.7, 3.8, 3.9, 4.1, 4.2, 4.3, 4.4, 5.0, 7.3, 13.11, 15.6, 15.7, 15.8, 17.1, 17.2,
17.3, 17.4, 17.5, 17.6, 20, 21, 22.1, 22.2, 22.13, 22.17, 22.18, 23, 24, 25.4, 25.1, 25.5, 25.6, 25.7
|
||
| 2.4.4 |
Mr. Vincent Nadeau-Benoit
|
Mr. Nadeau-Benoit visited the New Afton Mine on numerous occasions. The most recent site visits was from December 8 to December 11, 2025 and from February 2 to February 4, 2026 and was focused on
K-Zone. Mr. Nadeau-Benoit visited the core shack and inspected and reviewed K-Zone drill core from the 2024 and 2025 exploration programs. Drill core from other zones were also reviewed. Discussions took place with on-site geologists on the topics
of sampling and the logging procedure, and other protocols regarding the data collection for the drill hole database. Discussions and 3D review with the exploration team regarding the lithological and structural interpretation along the domaining
strategies were completed.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 2.4.5 |
Mr. Matthew Davis
|
Mr. Davis works directly at the mine site, his role is to supervise New Afton employees on any construction and maintenance of the tailing facilities, In addition, work with the New Afton Engineers
of Record for the tailings facilities on site for all long- and short-term planning.
| 2.4.6 |
Ms. Emily O’Hara
|
Ms. O’Hara has visited the New Afton mine on numerous occasions. The most recent site tour was the week of the 27th of October, 2025. This was for the Independent Tailings Review Board and
included visual inspections of all tailings and water storage facilities.
| 2.5 |
Report Date
|
Information in the Report is current as at December 31, 2025.
| 2.6 |
Information Sources and References
|
The reports and documents listed in Chapter 24 and Chapter 25 of this Report were used to support Report preparation.
| 2.7 |
Previous Technical Report Summaries
|
Coeur has not previously filed a technical report summary on the Project.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 3.0 |
PROPERTY DESCRIPTION
|
| 3.1 |
Property Location
|
The New Afton Mine is located approximately 350 km northeast of Vancouver in the south-central interior of British Columbia. The property is 10 km from the regional hub of Kamloops and is readily
accessible by the TransCanada Highway 1, a year-round paved road. The mine location and M-229 Mine Permit boundary was noted in Figure 2‑1.
The approximate center of the property is located at 50° 39' 39'' north, 120° 30' 54'' west. The nominal elevation of the property is approximately 700 meters above mean sea level (masl).
| 3.2 |
Ownership
|
Coeur wholly owns the New Afton Operations. Coeur acquired the operations as the result of an acquisition in March 2026, whereby a wholly-owned Coeur subsidiary acquired all of the issued and
outstanding New Gold shares.
| 3.3 |
Mineral Title
|
| 3.3.1 |
Tenure Holdings
|
Mineral title in British Columbia is acquired and maintained under the Mineral Tenure Act and its predecessor Acts (the Mineral Act and the Placer Mining Act). The Mineral Titles Branch administers
the legislation related to the acquisition, exploration, and development of mineral, placer mineral, and coal rights in British Columbia. In January of 2005, an internet-based Mineral Title administration system (Mineral Titles Online or MTO)
became active and online staking became the only way to acquire new mineral tenure in British Columbia. There are three types of mineral tenure in British Columbia:
| • |
Legacy claims (staked in the field prior to January 2005);
|
| • |
Cell claims (staked online post January 2025);
|
| • |
Mining lease (application to the Ministry, payment of fee, legal boundary survey, annual maintenance payment).
|
Coeur’s mineral tenures in the mine area comprise cell claims, legacy claims, and a mining lease (Table 3‑1). Mineral claims cover a total area of approximately 21,714 ha, and the mining lease covers
approximately 902 ha. A location plan showing the locations of the mineral tenures is provided in Figure 3‑1.
The Project area is defined by Coeur’s M-229 Mines Act Permit boundary; within this permit boundary, Coeur is authorized to complete approved surface works and mining operations as written in the
M-229 Permit document.
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Table 3‑1:
|
Mineral Tenure Summary Table
|
|
Title
Number
|
Claim Name
|
Owner
|
Title
Type
|
Title
Subtype
|
Map
Number
|
Expiry Date
|
Area
(ha)
|
||||||||
|
546063
|
282146 (100%)
|
Mineral
|
Lease
|
092I
|
2026/Nov/29
|
902.3
|
|||||||||
|
220090
|
Python No.16 FR.
|
282146 (100%)
|
Mineral
|
Claim
|
092I068
|
2025/Jul/15(P)
|
25
|
||||||||
|
220275
|
Line No.3
|
282146 (100%)
|
Mineral
|
Claim
|
092I068
|
2025/Jul/15(P)
|
25
|
||||||||
|
221488
|
Fay 1 FR
|
282146 (100%)
|
Mineral
|
Claim
|
092I068
|
2025/Jul/15(P)
|
25
|
||||||||
|
372644
|
Afton 8
|
282146 (100%)
|
Mineral
|
Claim
|
092I068
|
2029/Mar/08
|
25
|
||||||||
|
372645
|
Afton 9
|
282146 (100%)
|
Mineral
|
Claim
|
092I068
|
2029/Mar/08
|
25
|
||||||||
|
372646
|
Afton 10
|
282146 (100%)
|
Mineral
|
Claim
|
092I068
|
2029/Mar/08
|
25
|
||||||||
|
372647
|
Afton 11
|
282146 (100%)
|
Mineral
|
Claim
|
092I068
|
2029/Mar/08
|
25
|
||||||||
|
378688
|
Afton 8
|
282146 (100%)
|
Mineral
|
Claim
|
092I068
|
2032/Mar/08
|
500
|
||||||||
|
378918
|
Hugh 1
|
282146 (100%)
|
Mineral
|
Claim
|
092I068
|
2032/Jun/08
|
25
|
||||||||
|
378919
|
Hugh 2
|
282146 (100%)
|
Mineral
|
Claim
|
092I068
|
2032/Jun/08
|
25
|
||||||||
|
378920
|
Hugh 3
|
282146 (100%)
|
Mineral
|
Claim
|
092I068
|
2032/Jun/08
|
25
|
||||||||
|
378921
|
Hugh 4
|
282146 (100%)
|
Mineral
|
Claim
|
092I068
|
2032/Jun/08
|
25
|
||||||||
|
378922
|
Hugh 5
|
282146 (100%)
|
Mineral
|
Claim
|
092I068
|
2032/Jun/08
|
25
|
||||||||
|
379304
|
Afton 19
|
282146 (100%)
|
Mineral
|
Claim
|
092I068
|
2032/Mar/08
|
25
|
||||||||
|
406650
|
GM 69
|
282146 (100%)
|
Mineral
|
Claim
|
092I068
|
2029/Feb/01
|
500
|
||||||||
|
513980
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2025/Jul/15(P)
|
553.2
|
|||||||||
|
514167
|
Afton
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/08
|
225.1
|
||||||||
|
514194
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/08
|
1,637.8
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Title
Number
|
Claim Name | Owner |
Title
Type
|
Title
Subtype
|
Map
Number
|
Expiry Date
|
Area
(ha)
|
||||||||
|
517047
|
Afton
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2027/Mar/08
|
41.0
|
||||||||
|
517157
|
Afton
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/08
|
204.8
|
||||||||
|
517259
|
Ajax
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2025/Jul/15(P)
|
82.0
|
||||||||
|
517263
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2025/Jul/15(P)
|
20.5
|
|||||||||
|
517360
|
New Afton
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/08
|
20.5
|
||||||||
|
521727
|
Ajax
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2025/Apr/30(P)
|
451.7
|
||||||||
|
521728
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2025/Apr/30(P)
|
513.3
|
|||||||||
|
521729
|
Ajax
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2025/Apr/30(P)
|
390.0
|
||||||||
|
524303
|
Afton Dam
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/08
|
20.5
|
||||||||
|
524304
|
Afton Dam 1
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/08
|
20.5
|
||||||||
|
524305
|
Afton Dam 2
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/08
|
20.5
|
||||||||
|
525508
|
Afton Dam 3
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/08
|
20.5
|
||||||||
|
528243
|
Smelter
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2027/Mar/08
|
20.5
|
||||||||
|
529020
|
Copper Load
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Jan/31
|
20.5
|
||||||||
|
534787
|
AF Ext 11
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/08
|
20.5
|
||||||||
|
534788
|
AF Ext 12
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/08
|
20.5
|
||||||||
|
537230
|
Afton Dam 3
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/08
|
41.0
|
||||||||
|
537231
|
Afton Dam 2
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/08
|
41.0
|
||||||||
|
549226
|
Afton NW 5
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/08
|
491.3
|
||||||||
|
549268
|
Afton NW 6
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/08
|
20.5
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Title
Number
|
Claim Name | Owner |
Title
Type
|
Title
Subtype
|
Map
Number
|
Expiry Date |
Area
(ha)
|
||||||||
|
549270
|
Afton NW 7
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/08
|
81.9
|
||||||||
|
552399
|
ML Ext 1
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2026/Feb/20
|
20.5
|
||||||||
|
552400
|
ML Ext 2
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2026/Feb/20
|
20.5
|
||||||||
|
594462
|
Afton EEA
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/08
|
184.4
|
||||||||
|
595819
|
AJ-W
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2025/Apr/30(P)
|
123.2
|
||||||||
|
606247
|
Afton NW 8
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/08
|
81.9
|
||||||||
|
642268
|
Afton NW 9
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/08
|
20.5
|
||||||||
|
650330
|
Python NW Cell
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2025/Jul/15(P)
|
20.5
|
||||||||
|
654890
|
Iron Mask 1
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2025/Jul/15(P)
|
20.5
|
||||||||
|
654891
|
Iron Mask 2
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2025/Jul/15(P)
|
20.5
|
||||||||
|
765242
|
Hugh 6 Repl
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/08
|
20.5
|
||||||||
|
830915
|
Afton NW 11
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/08
|
20.5
|
||||||||
|
830920
|
Afton NW 12
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/08
|
40.9
|
||||||||
|
830925
|
Afton NW 13
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/08
|
429.2
|
||||||||
|
832096
|
Afton NW 15
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/08
|
20.5
|
||||||||
|
835552
|
AJ Magnum W
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2025/Jul/15(P)
|
41.0
|
||||||||
|
837062
|
Afton West
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/08
|
430.3
|
|
855837
|
Afton NW 16
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/08
|
20.5
|
||||||||
|
862155
|
Aftin NW 17
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/08
|
40.9
|
||||||||
|
1011918
|
Afton NW 10
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/08
|
122.8
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Title
Number
|
Claim Name | Owner |
Title
Type
|
Title
Subtype
|
Map
Number
|
Expiry Date |
Area
(ha)
|
||||||||
|
1016942
|
Afton NW 18
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Feb/08
|
20.4
|
||||||||
|
1023220
|
Bill1
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/08
|
655.9
|
||||||||
|
1025173
|
Afton NW 19
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2031/Jan/07
|
20.4
|
||||||||
|
1026061
|
Dorado
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/08
|
102.5
|
||||||||
|
1036944
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2025/Jul/15(P)
|
20.5
|
|||||||||
|
1038487
|
Wood Property
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2030/Mar/27
|
1,415.4
|
||||||||
|
1038488
|
Wood Property
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Jan/08
|
451.0
|
||||||||
|
1038489
|
Wood Property
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Jan/08
|
389.5
|
||||||||
|
1042485
|
Ajax 2
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2025/Apr/30(P)
|
389.8
|
||||||||
|
1043220
|
Nedroberts
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/08
|
61.5
|
||||||||
|
1043271
|
Cherry1
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2031/Mar/27
|
102.4
|
||||||||
|
1043793
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/08
|
41.0
|
|||||||||
|
1049040
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Jan/07
|
491.4
|
|||||||||
|
1049047
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Jan/07
|
102.4
|
|||||||||
|
1050395
|
Maxine 1
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/07
|
122.7
|
||||||||
|
1050396
|
Maxine 2
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/07
|
327.1
|
||||||||
|
1050397
|
Copper Jack
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/07
|
163.7
|
||||||||
|
1050398
|
Afton NW 1
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/07
|
61.5
|
||||||||
|
1050400
|
Afton NW 2
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2031/Mar/07
|
1125.7
|
||||||||
|
1050401
|
Afton NW 3
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/07
|
1,206.8
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Title
Number
|
Claim Name | Owner |
Title
Type
|
Title
Subtype
|
Map
Number
|
Expiry Date |
Area
(ha)
|
||||||||
|
1050403
|
Afton NW 4
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2031/Mar/07
|
633.9
|
||||||||
|
1050405
|
Afton NW 5
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Mar/07
|
204.6
|
||||||||
|
1055302
|
Aftom 1
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2032/Oct/01
|
266.3
|
||||||||
|
1056644
|
Akila
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2026/May/25
|
41.0
|
||||||||
|
1057595
|
Afton SW 1
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2031/Jan/07
|
20.5
|
||||||||
|
1059782
|
Cherry2
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2031/Mar/08
|
41.0
|
||||||||
|
1061368
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2031/Jun/08
|
368.7
|
|||||||||
|
1066112
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2027/Jan/10
|
328.2
|
|||||||||
|
1069836
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2027/Jan/10
|
2,052.4
|
|||||||||
|
1069837
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2027/Jan/10
|
842.0
|
|||||||||
|
1069850
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2027/Jan/10
|
410.2
|
|||||||||
|
1071538
|
Kamloops-Beaton
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2030/Sep/08
|
41.0
|
||||||||
|
1091113
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2027/Jan/26
|
41.0
|
|||||||||
|
1101275
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2027/Jan/27
|
41.0
|
|||||||||
|
1101308
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2025/Jan/27(P)
|
61.5
|
|||||||||
|
1107397
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2026/Sep/14
|
82.0
|
|||||||||
|
1112659
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2026/Apr/26
|
41.0
|
|||||||||
|
1114780
|
Ajax 3
|
282146 (100%)
|
Mineral
|
Claim
|
092I
|
2025/Aug/01(P)
|
20.5
|
||||||||
|
Total area
|
21,714.2 ha
|
||||||||||||||
*(P) = Protected from expiry until March 31, 2026
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Figure 3‑1:
|
Mineral Tenure Location Plan
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
The New Afton deposit is within the M-229 permit boundary. The permit area encompasses most of the mining lease area, as well as a portion of several mineral claims.
| 3.3.2 |
Tenure Maintenance Requirements
|
The New Afton Mining Lease is valid until November 2036 and is renewed annually with a cash payment due on or before the November 29 anniversary date. Work completed within the mining lease
boundary cannot be used for the annual lease renewal or on mineral claims that overlap the mining lease.
The remainder of the mineral tenure is renewed with either exploration work done on a mineral claim (including contiguous mineral claims) and submitted online in the form of a work report, or
with a ‘cash in lieu of work’ payment on the BC Mineral Titles Online website.
| 3.4 |
Surface Rights
|
Coeur holds the surface rights plus a section of Crown property (Crown land in British Columbia is land owned by the provincial government) within and adjacent to the area covered by the M-229
Permit boundary (refer to Figure 3‑1). The area held under surface rights totals 5,620.5 acres (Table 3‑2).
Most of the surface holdings were obtained from Teck Resources Limited (Teck) and its subsidiary (Afton Operating Corp.) in September 2007. Other parcels have since been added via option and
purchase agreements with several parties. The section of Crown property will revert to the Crown once Coeur’s reclamation responsibilities have been completed.
No additional rights are needed to support the life-of-mine (LOM) plan presented in this Report.
| 3.5 |
Water Rights
|
A water pipeline approximately 2.5 miles in length can deliver fresh water from Kamloops Lake to the mine site. The water pipeline and pump house facilities were purchased from Teck as part of
the purchase agreement in 2007.
Coeur has four active water licenses to withdraw water from Kamloops Lake for mining and milling operations. Section 17.4 provides additional information on permitted water use.
| 3.6 |
Royalties
|
Coeur has engaged in several royalty agreements with various third parties on relatively small parcels within the broader overall property, with one proximal to the New Afton mine.
In 2007, a Land Purchase Agreement was signed between Teck, Afton Operating Corporation, and New Gold Inc. (Coeur). Part of this agreement was a 2% net smelter royalty (NSR) on ‘the lands subject
to the agreement’ (see Figure 3‑2), which was payable to Teck or a C$12 M buyout at any time on the mineral rights. This royalty remains active, has changed hands twice, and would now be payable to Royal Gold Inc.
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Table 3‑2:
|
Surface Rights Summary Table
|
|
Property Location
|
Class
|
Parcel
Identifier
|
Account
Number/ Roll
Number
|
Name
|
Area
(ha)
|
||||||
|
Kamloops rural
|
012-988-731
|
724 000740.000
|
DL 551
|
48.6
|
|||||||
|
Kamloops rural
|
Major industry
|
013-012-541
|
724 01005.000
|
DL 893/Pot Luck Mineral Claim (surface)
|
20.9
|
||||||
|
Kamloops rural
|
Major industry
|
013-012-550
|
724 01010.000
|
DL 894/Gold Mask MC (surface)
|
20.9
|
||||||
|
Kamloops rural
|
Major industry
|
013-012-568
|
724 01015.000
|
DL 895/Midnight MC (surface)
|
9.3
|
||||||
|
Kamloops rural
|
Major industry
|
013-012-576
|
724 01020.000
|
DL 896/Bonanza MC (surface)
|
20.3
|
||||||
|
Kamloops rural
|
Major industry
|
013-012-584
|
724 01025.000
|
DL 897/Boss MC (surface)
|
20.9
|
||||||
|
Kamloops rural
|
Major industry
|
013-012-592
|
724 01030.000
|
DL 898/Nighthawk MC (surface)
|
20.0
|
||||||
|
Kamloops rural
|
Major industry
|
013-012-614
|
724 01035.000
|
DL 899/Cliff MC (surface)
|
15.4
|
||||||
|
Kamloops rural
|
Major industry
|
013-012-622
|
724 01040.000
|
DL 900/Piper MC (surface)
|
10.4
|
||||||
|
Kamloops rural
|
014-388-421
|
724 012573.005
|
50.0
|
||||||||
|
Kamloops rural
|
014-389-517
|
724 012573.010
|
14.7
|
||||||||
|
Kamloops rural
|
014-388-391
|
724 012573.020
|
64.8
|
||||||||
|
Kamloops rural
|
014-389-304
|
724 012582.055
|
15.4
|
||||||||
|
Kamloops rural
|
014-389-347
|
724 012582.060
|
12.5
|
||||||||
|
Kamloops rural
|
014-389-380
|
724 012582.065
|
9.3
|
||||||||
|
Kamloops rural
|
Business/other
|
016-315-863
|
724 02075.000
|
DL 2017
|
50.2
|
||||||
|
Kamloops rural
|
No PID
|
724 02245.000
|
DL 2172
|
1.6
|
|||||||
|
Kamloops rural
|
Major industry
|
014-421-666
|
724 12582.000
|
18.3
|
|||||||
|
Kamloops rural
|
Farm
|
014-295-857
|
724 12585.000
|
129.5
|
|||||||
|
Kamloops rural
|
Farm
|
014-295-903
|
724 12585.010
|
52.2
|
|||||||
|
Kamloops rural
|
Major industry
|
004-603-222
|
724 12585.050
|
54.1
|
|||||||
|
Kamloops rural
|
Farm
|
014-296-331
|
724 12586.000
|
129.5
|
|||||||
|
Kamloops rural
|
Farm
|
014-296-543
|
724 12586.010
|
43.4
|
|||||||
|
Kamloops rural
|
Farm
|
014-296-349
|
724 12586.020
|
64.8
|
|||||||
|
Kamloops rural
|
Farm
|
014-297-230
|
724 12587.000
|
64.8
|
|||||||
|
Kamloops rural
|
Farm
|
014-301-750
|
724 12593.000
|
129.5
|
|||||||
|
Kamloops rural
|
Farm
|
014-301-806
|
724 12594.000
|
259.0
|
|||||||
|
Kamloops rural
|
Farm
|
014-303-191
|
724 12595.000
|
64.8
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Property Location
|
Class |
Parcel
Identifier
|
Account
Number/ Roll
Number
|
Name |
Area
(ha)
|
||||||
|
Kamloops rural
|
Farm
|
014-308-711
|
724 12597.010
|
64.8
|
|||||||
|
Kamloops rural
|
Farm
|
014-306-221
|
724 12597.030
|
58.1
|
|||||||
|
Kamloops rural
|
Farm
|
014-314-371
|
724 12598.000
|
79.7
|
|||||||
|
Kamloops rural
|
Farm
|
014-309-149
|
724 12598.020
|
64.8
|
|||||||
|
Kamloops rural
|
Major industry
|
No PID,
new in 2009
|
724 18517.000
|
Mine Permit Area
|
2.0
|
||||||
|
Kamloops rural
|
Farm
|
014-388-251
|
724 012570.000
|
66.4
|
|||||||
|
Kamloops rural
|
Farm
|
014-388-260
|
724 012570.005
|
66.4
|
|||||||
|
Kamloops rural
|
Farm
|
014-388-278
|
724 012570.015
|
132.7
|
|||||||
|
Kamloops rural
|
Farm
|
014-388-294
|
724 012573.000
|
129.5
|
|||||||
|
Kamloops rural
|
Farm
|
014-388-316
|
724 12572.030
|
66.0
|
|||||||
|
Kamloops rural
|
Farm
|
014-388-308
|
724 12571.010
|
64.8
|
|||||||
|
Kamloops rural
|
Farm
|
014-388-324
|
724 12571.000
|
64.8
|
|||||||
|
Total area
|
2,274.54
|
Note: PID = parcel identification number
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Figure 3‑2:
|
Lands Purchase Agreement Royalty
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 3.7 |
Agreements
|
Coeur is party to a Cooperation Agreement with the Stk'emlupsemc Te Secwepemc Nation (the SSN). The SSN consists of two First Nations communities, the Tk̓emlúps te Secwépemc and the
Skeetchestn Indian Band. The Cooperation Agreement provides that a fixed royalty amount is paid annually until the full amount is reached on January 31, 2030.
| 3.8 |
Encumbrances
|
| 3.8.1 |
Permitting Requirements
|
The New Afton Operations submitted a Mines Act Permit Amendment (MAPA) on January 12, 2026, seeking an amendment to the M-229 Mines Act Permit. This
authorization is to allow the stope mining of the East Extension area, and includes the K-Zone access development.
All other operations included in the LOM plan are fully permitted (see also discussion in Chapter 17.4).
| 3.8.2 |
Permitting Timelines
|
New Afton expects to receive authorization for mining of the East Extension and K-Zone access development in late Q3 2026.
| 3.8.3 |
Violations and Fines
|
There are no major violations or fines as understood in the mining regulatory context that have been
reported for the New Afton Operations.
| 3.9 |
Significant Factors and Risks That May Affect Access, Title or Work Programs
|
To the extent known to the QP, there are no other known significant factors and risks that may affect access, title, or the right or ability to perform work on the properties that comprise
the New Afton Operations that are not discussed in this Report.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 4.0 |
ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY
|
| 4.1 |
Physiography
|
The landscape is characterized by hilly, till-covered terrain and dispersed small alkaline water bodies. The mine site is located at about 750 m above sea level, relief adjacent to Kamloops
Lake located at 335 m above sea level. The most significant topographic features within the mining lease are the historical Afton and Pothook open pits and the reclaimed waste rock facilities (WRSFs) of the Afton Operating Corporation.
Kamloops Lake, a widening of the Thompson River, is located north of the mining lease and bisects the Afton mineral tenure.
Due to the continental semi-arid climate, vegetation consists of open grasslands and sparse pine forests. Higher elevations are more densely forested.
| 4.2 |
Accessibility
|
The New Afton Operations are located just west of the junction of the Trans-Canada Highway No. 1 with Coquihalla Highway No. 5, which both provide year-round road access. Access to the site
is by a mine road located off the Trans-Canada Highway.
The Kamloops airport is served by regular scheduled flights to Vancouver and Victoria (British Columbia), and Calgary (Alberta).
The Canadian National Railway and Canadian Pacific Railway both pass through Kamloops.
| 4.3 |
Climate
|
The Kamloops area is located in the rain shadow of the British Columbia Coast Mountains and is characterized by a semi-arid climate. Precipitation is relatively modest, averaging
approximately 257 mm annually (of which 175 mm is rainfall), with light winter snow and infrequent rain in the spring and fall. The area has warm summers, where temperatures can reach 38°C, and cool winters, during which temperatures tend
to hover around the freezing mark. During the winter, short periods of cold weather can occur where temperatures drop to as low as -29°C.
Mining operations are conducted year-round.
| 4.4 |
Infrastructure
|
The New Afton Operations are located on the south side of the Thompson River Valley, on the site of the past-producing Afton Mine.
Kamloops is a major transportation hub for highway, air, and railroad. The local economy includes healthcare, tourism, education, forestry, and mining industries. The City of Kamloops has a
population of approximately 100,000 people. The area has a ready supply of trained workers and professionals with suppliers and contractors to support heavy industry.
|
New Afton Operations
British Columbia
Technical Report Summary
|
British Columbia Hydro and Power Authority (BC Hydro) transmission lines, a FortisBC Inc. (FortisBC) natural gas pipeline, and a Pembina Pipeline Corporation (Pembina) oil pipeline
traverse the mining lease north of the historical Afton pit.
A water pipeline approximately 2.5 miles in length can deliver fresh water from Kamloops Lake to the mine site. Coeur purchased the water pipeline and pump house facilities from Teck as
part of the purchase agreement in 2007. Coeur has four active water licenses to withdraw water from Kamloops Lake for mining and milling operations.
The mine operates with a primarily employee-based workforce, supplemented by contractor support as required for project-related activities. Key socioeconomic
benefits include sustained capital and operating expenditures, positive economic impacts to external contractors and suppliers, workforce continuity supported by the extension of mine life, and ongoing benefits generated through taxes
and agreements. The New Afton Operations employ most of its staff from the nearby communities. As at December 31, 2025, the workforce totaled 652 employees, 81% of which (527 employees) were from the Kamloops region. A total of 169 of
New Afton employees identify as Indigenous (26% of the workforce) and 38 are SSN members (6% of the workforce).
The New Afton Operations have all infrastructure in place to support mining and processing activities over the planned LOM. Supporting details, including water supply, electrical power,
workforce, and consumables, are described in Chapters 13, 14, and 15 of this Report.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 5.0 |
HISTORY
|
Prior to Coeur’s Project interest, a number of companies had completed exploration and development activities.
Exploration in the area of the New Afton Mine began in the mid-1800s, as prospectors pushed into the interior of British Columbia following the Fraser and Caribou gold rushes. The Iron
Mask property, staked in 1896, was the first in the Kamloops district. A 100 ft shaft was sunk on the Pothook deposit in 1898. Mining was carried out from the turn of the 20th century through until 1927 at several gold,
copper, and silver mines including the Pothook, Iron King, Copper King, and Iron Mask. The Afton property claims were staked over the Pothook workings in 1949 by Mr. Axel Bergland. This was followed by sporadic, and largely
unsuccessful, exploration work by a number of parties through the 1950s and 1960s. Mr. Chester Millar acquired the property in the mid-1960s and formed a private company called Afton Mines Ltd. (Afton Mines) to carry out exploration
work.
The first significant mining-related activity in the Afton area commenced in 1970, when drilling by Afton Mines anomalous copper values in what ultimately became the Afton deposit. Over
45,700 m of drilling was carried out by a number of operators over the following three years.
Teck and Iso Mines Ltd. (Iso) acquired the Afton property in 1973 and initiated engineering and metallurgical studies. Commercial production commenced at the Afton open pit mine in late
1977. Mining took place at the Afton, Crescent, Pothook, and Ajax open pits. The operations closed in 1991, re-opened in 1994, closing finally in 1997.
In 1999, the Afton mining leases expired, and the ground was staked by Westridge Ltd. and Indogold Development Ltd. DRC Resources Corporation (DRC) acquired an option on the property,
staked additional claims, and in 2000 began a concerted exploration program to test the potential for additional mineralization extending beyond the Afton open pit.
From late 2004 to September 2005, following several positive technical studies and further exploration drilling conducted by DRC, an exploration decline was developed from the south
wall of the Afton pit to provide access for infill drilling, exploration drilling, and bulk sampling of the deposit. In May 2005, DRC changed its company name to New Gold Inc.
From 2005 to 2007, Hatch Ltd. (Hatch) completed a feasibility study (as defined in Canada) for a block cave mine (including East Cave, West Cave, and B3 Cave) and conventional
grinding–flotation mill operation (Hatch, 2007), New Gold approved the project and commenced underground development in 2007.
During construction, exploration drilling extended the mineralization at depth to identify what is now referred to the C-Zone. Additional drilling conducted from 2012–2016 confirmed and
delineated the zone, and the C-Zone feasibility study (as defined in Canada) was completed by New Gold in January 2015.
Since most of the significant and relevant exploration was conducted by New Gold or its predecessor, DRC, this work is described in Section 9. Table 5‑1 provides an exploration and
development history summary.
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Table 5‑1:
|
Exploration and Development History Summary Table
|
|
Year
|
Operator
|
Comment
|
||||
|
1896–1927
|
Staking of the Iron Mask property in the Kamloops area in 1896. A 30 m shaft was sunk on the Pothook deposit in 1898. Mining was carried out from the turn of the 20th century through
until 1927 at several gold, copper, and silver mines including the Pothook, Iron King, Copper King, and Iron Mask
|
|||||
|
1949–mid-1960s
|
The Afton property claims were staked over the Pothook workings in 1949 by Mr. Axel Bergland. This was followed by sporadic, and largely unsuccessful, exploration work by a number of parties
through the 1950s and 1960s.
|
|||||
|
Mid-1960s–1973
|
Mr. Chester Millar acquired the property in the mid-1960s and formed a private company called Afton Mines Ltd. (Afton Mines) to carry out exploration work. The first significant mining-related
activity in the Afton area commenced in 1970
|
|||||
|
1973–1997
|
Teck Corporation (Teck); Iso Mines Ltd. (Iso)
|
Teck and Iso acquired the Afton property in 1973 and initiated engineering and metallurgical studies. Commercial production commenced at the Afton open pit mine in late 1977. Mining took place at
the Afton, Crescent, Pothook, and Ajax pits. The mine closed in 1991, re-opened in 1994, closing finally in 1997. The Afton open pit mine processed approximately 23.0 Mt from 1977–1997 at average grades of 0.85% Cu and 0.52
g/t Au.
|
||||
|
1999–2000
|
Westridge Ltd. (Westridge), Indogold Development Ltd. (Indogold), DRC Resources Corporation (DRC)
|
In 1999, the Afton mining leases expired and the ground was staked by Westridge and Indogold. DRC acquired an option on the property, staked additional claims, and in 2000 began a concerted
exploration program to test the potential for additional mineralization extending beyond the Afton open pit.
|
||||
|
2004–2005
|
DRC
|
An exploration decline was developed from the south wall of the Afton pit to provide access for infill drilling, exploration drilling, and bulk sampling of the deposit. In May 2005, DRC changed its
company name to New Gold Inc. (New Gold).
|
||||
|
2005–2007
|
New Gold
|
Feasibility study into block caving operation including East Cave, West Cave, and B3 Cave) to feed a conventional grinding–flotation mill operation.
|
||||
|
2012
|
New Gold
|
Achieves commercial production in July 2012
|
||||
|
2012–2016
|
New Gold
|
Addition drilling identifies the C-Zone, subject to a feasibility study in 2015. A mill expansion was completed in 2015.
|
||||
|
2012–2022
|
New Gold
|
The East and West block caves, referred to as Lift 1, were mined from 2012 to 2022 and are depleted. The B3 block cave commenced in 2021 and is currently in full production.
|
||||
|
2024–2025
|
New Gold
|
The C-Zone achieved commercial production in October 2024.
K-Zone definition drilling started.
|
||||
|
2026
|
Coeur
|
Coeur acquired the operations as the result of a takeover in March 2026, whereby a wholly-owned Coeur subsidiary acquired all of the issued and outstanding New Gold shares.
|
The bulk of exploration work undertaken at New Afton by New Gold consisted of diamond drilling of the New Afton underground deposit and, to a lesser extent, other targets on the New
Afton land package.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 6.0 |
GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT
|
| 6.1 |
Deposit Type
|
The New Afton deposit is considered to be an example of an alkalic copper–gold porphyry deposit.
Porphyry deposits are subdivided into alkalic and calc-alkalic types based on the geochemical nature of the magma and the differences in rock chemistry and styles of alteration and
mineralization. Geochemical characteristics of alkalic porphyry deposits may include the following features:
| • |
High contents of alkali metal oxides, such as sodium and potassium, relative to silica content;
|
| • |
Complex alteration paragenesis including sodic, potassic, and calc-potassic alteration;
|
| • |
Association with highly oxidized hydrothermal fluids, a magnetite-rich core, and distal hematite;
|
| • |
Locally enriched in gold and platinum-group elements.
|
| 6.2 |
Regional Geology
|
The geological history of the Canadian Cordillera has largely been shaped by collisional plate tectonics which resulted in the accretion of allochthonous terranes onto the North
American plate. The New Afton Operations are hosted within Mesozoic rocks of the Quesnel Terrane, an island-arc assemblage that was accreted onto the continental margin of North America during the Late Triassic to Early Jurassic
periods. The Quesnel Terrane forms part of the Intermontane Belt which extends from the United States border into the Yukon Territory (Figure 6‑1).
Bounded on both sides by Paleozoic to Mesozoic rocks—the Cache Creek Complex to the west and of the Kootenay Terrane to the east—the Quesnel Terrane records Late Triassic
arc-related volcanism and magmatism followed by Early to Middle Jurassic thrusting and folding associated with docking of the island-arc complex onto the North American plate. Porphyry-related mineralization occurred mainly at the
culmination stage of the island arc. Rocks of the Quesnel terrane were subsequently affected by episodic compressional events until the Cretaceous, and later by extensional deformation in the Eocene that resulted in the deposition
of Tertiary sedimentary and volcanic rocks that unconformably overlie rocks of the Quesnel Terrane.
The Quesnel Terrane hosts several other porphyry-related producing mines, such as Copper Mountain, Highland Valley Copper, Mount Polley, and Mount Milligan.
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Figure 6‑1:
|
Regional Geology Map
|
Note: Figure modified by Coeur from British Columbia Geological Survey MapPlace, 2024
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 6.3 |
Local Geology
|
| 6.3.1 |
Lithological Units
|
The New Afton deposit occurs within the Quesnel Terrane at the contact between volcanic rocks of the Nicola Group and alkaline intrusions of the Iron Mask Batholith seen in
Figure 6‑2. A stratigraphic column is provided in Figure 6‑3 and the stratigraphic sequence is summarized in Table 6‑1.
| 6.3.2 |
Structure
|
Typically, no penetrative tectonic foliation is observed within the Nicola Group and Iron Mask Batholith, although rocks are generally folded and faulted. They were affected by
several generations of deformation, including faulting during compression along northwest-trending shear zones related to the island arc subduction and subsequent accretion, and extensional and strike-slip faults associated
with later crustal relaxation during the Eocene.
| 6.3.3 |
Metamorphism
|
Throughout the district, Nicola Group rocks are regionally metamorphosed to greenschist facies and locally metamorphosed to hornfels where in proximity to batholith-related
intrusions.
| 6.3.4 |
Mineralization
|
Three styles of mineralization have been identified on the New Afton deposit:
| • |
Primary hypogene mineralization characterized by chalcopyrite ± bornite as disseminations, stringers, and matrix-fill to breccias along the edge of the monzonite intrusion;
|
| • |
Late hypogene mineralization overprinting the primary hypogene in narrow and discontinuous lenses along faults, characterized by tennantite-enargite ± tetrahedrite and traces of bornite and
chalcocite;
|
| • |
Supergene native copper and lesser chalcocite formed by oxidation of the primary sulfides within upper portion of the deposit and along fault zones to about 500 m below the historic Afton
open pit.
|
Copper–gold mineralization typically occurs as east–west subvertical tabular zones of disseminations, stringers, and fracture-filling sulfides within volcanic rocks of the
Nicola Group and Pothook diorite. Host rocks have been altered and mineralized by multiple phases of monzodiorite and monzonite intrusions believed to be of Cherry Creek affinity. The monzonite intrusions are spatially
associated with mineralization, although are not generally mineralized themselves whereas the monzodiorite dykes are often well mineralized.
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Figure 6‑2:
|
Local Geology Map
|
Note: Figure modified by Coeur, 2026.
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Figure 6‑3:
|
Stratigraphic Column, New Afton Deposit Area
|
Note: Figure modified by Coeur, 2026.
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Table 6‑1:
|
Stratigraphic Table
|
|
Unit
|
Subunit
|
Description
|
||||
|
Chilcotin
Group
|
Miocene alkaline flood basalts and Miocene-Pleistocene basalt.
|
|||||
|
Kamloops
Group
|
Tranquille
Formation;
Dewdrop Flats
Formation
|
Pale to medium grey–brown. Vary in composition from mudstone to conglomerate. Pebble conglomerates are moderately sorted, clast- or matrix-supported, with rounded to subangular clasts. Pebbles
consist of chert, mudstone, and interbedded volcanic and sedimentary rocks. Bedded siltstone, mudstone, and sandstone are locally interbedded with juvenile coal seams. The sedimentary rocks are likely derived from a
proximal volcanic protolith of Eocene age. Unconformably overlie the Nicola Group and the Iron Mask Batholith.
|
||||
|
Ashcroft
Formation
|
Post-mineral Jurassic sedimentary units, interpreted to have been deposited in deep basins of the island-arc. Unconformably overlie the Nicola Group and the Iron Mask Batholith.
|
|||||
|
Latite
|
A late intrusive unit which crosscuts all mineralized intrusive and volcanic units. When fresh, the latite is a pale pinkish-beige though it is often altered to a pale grey or greenish-grey,
and sometimes colored with the distinct bright blue-green of fuchsite. The Latite unit is fine grained distinguished by the abundance of very fine needles <1mm of plagioclase, though alteration will often obscure
these; the unit also contains 5–10% anhedral mafic minerals up to 1 mm, which stand out against the often pale grey-green alteration. Geochemistry indicates the latite is fairly primitive and evolved in an anhydrous
environment which was unrelated to mineralization and earlier intrusive and volcanic units. Xenoliths of high-grade metamorphic rocks are occasionally observed which are otherwise unknown within the region.
|
|||||
|
Iron Mask
Batholith
|
Sugarloaf Diorite
|
Dykes and sills of the Sugarloaf Diorite are common towards and within the Pothook pit. This brown-grey diorite is fine- to medium-grained with 1–1.5 mm hornblende and plagioclase phenocrysts
in a fine-grained groundmass of feldspar and magnetite. Regionally, this unit has considerable textural variation and is associated with albite alteration. Primarily found south of the New Afton deposit.
|
||||
|
Lamprophyre
|
A dark, mafic intrusive unit which is late-to-post mineralization. This unit is frequently associated with strong carbonate veining and is often altered to chlorite and seen in and around major
lithological contacts and faults. Petrographic analysis indicates this unit is predominantly fibrous amphibole, often altered to chlorite, with accessory magnetite and pyrite.
|
|||||
|
Cherry Creek
Monzonite
|
in contact to the west and southwest with Nicola Group volcanic rocks and to the east and southeast with the Pothook diorite. The intrusion appears to narrow down plunge to the southwest and
splits into several thinner dikes near surface. It is partially fault-bounded and trending east- northeast through the deposit area, bending on the east side of the property to a more southeasterly trend. The principal
phase of the Cherry Creek monzonite is composed of subhedral to euhedral orthoclase, plagioclase, and biotite with accessory magnetite, hornblende, apatite, titanite, and rare zircon. Textures vary from porphyritic to
fine-grained equigranular to trachytic. It is variably altered by K-feldspar, epidote, and magnetite ± actinolite alteration.
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Unit
|
Subunit | Description | ||||
|
Monzodiorite
|
Light to dark orange–pink and mottled brown, porphyritic to sub-trachytic, and is primarily composed of subhedral to euhedral K-feldspar, white plagioclase laths, biotite, and hornblende, often
with accessory leucoxene. It is strongly altered to pervasive or patchy K-feldspar and biotite, and patchy to fracture-controlled black biotite-chlorite-specularite. Interpreted to be the causative intrusive phase of
high-grade bornite mineralization.
|
|||||
|
Pothook diorite
|
Grey–green, fine- to medium-grained, with crystal texture ranging from equigranular “salt and pepper” to seriate. It is primarily composed of subhedral to euhedral plagioclase, biotite, and
pyroxene. Poikilitic biotite is diagnostic, although challenging to recognize when the diorite is moderately to strongly altered.
|
|||||
|
Nicola Group
|
Picrite unit
|
the picrite unit dips steeply to the north and is typically well foliated and with sheared contacts. It is dark blue-green to black, strongly magnetic and is composed of fine- to
coarse-grained, subhedral to euhedral altered olivine crystals within moderate to strong chlorite-talc- tremolite-magnetite hornfels, with local porphyroblastic olivine ± scapolite and local zeolite-filled vesicles.
Orthocumulate, autoclastic breccia, and peperite-like textures are common.
|
||||
|
Non-fragmental
rocks
|
Non-fragmental and mostly coherent crystal tuffs and andesite flows are dominated by very fine- and fine- to medium-grained subhedral to anhedral, broken and/or embayed phenocrysts of
plagioclase ± pyroxene ± hornblende. They typically contain less than five percent by volume of coarse ash to lapilli lithic fragments within a variably altered fine-grained matrix.
|
|||||
|
Fragmental
volcanic breccias
|
Fragmental volcanic breccias comprise poorly sorted, variably colored, massive to phyric, angular to sub-rounded, lapilli- to block-sized clasts hosted in a dark chloritic volcanic matrix.
Breccias are monomictic to polymictic and contain clasts of porphyritic diorite, andesite, basalt, picrite, and aphyric volcanic rock, all enclosed within a coarse-grained crystal-rich matrix.
|
|||||
|
Nicola Group volcanic rocks dip moderately to steeply to the north; facies comprise polylithic and monolithic breccias, crystalline tuffs, and andesitic to basaltic flows. The unit can be
subdivided into a fragmental and a non-fragmental subtype.
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 6.4 |
Property Geology
|
| 6.4.1 |
Deposit Dimensions
|
The Main Zone of the New Afton deposit occurs as a tabular, nearly vertical, southwest-plunging body measuring at least 1.4 km along strike by approximately 100 m wide, with a
down-plunge extent of over 1.5 km. The deposit remains open to the west, to the east, and at depth.
| 6.4.2 |
Lithological Units
|
The New Afton deposit is located at the northwest end of the southern pluton of the Iron Mask batholith; it straddles the contact between the Pothook diorite and volcanic rocks of
the Nicola Group (Figure 6‑4 and Figure 6‑5) The deposit is bounded to the south by a picrite unit, which is itself intruded by dikes of the Sugarloaf diorite.
Host rocks have been altered and mineralized by multiple phases of monzodiorite and monzonite intrusions believed to be of Cherry Creek affinity. The monzodiorite and monzonite
intrusions are spatially associated with mineralization, although the monzonite is not generally mineralized themselves. The monzodiorite dykes are often well mineralized.
| 6.4.3 |
Structure
|
The New Afton mine area is crosscut by a series of arc-related regional-scale brittle–ductile shear zones of various orientations including northwest-, east-, and
northeast-trending. The shear zones are commonly developed along the margins of intrusive bodies, and are interpreted to control the emplacement of the Iron Mask Batholith and related hydrothermal alteration and mineralization.
They host copper sulfide disseminations, fracture filling, and stringer veinlets along volcanic and intrusive contacts.
Later episodes of post-mineral extension reactivated these structures, leading to dextral brittle faulting along pre-existing northeast-trending shear zones and to normal movement
along pre-existing northwest-trending shear zones.
Narrow secondary structures were mineralized by an overprint of hypogene tennantite-tetrahedrite mineralization. The faulting and associated fracturing also provided conduits for
meteoric waters, which gave rise to weathering and produced the supergene alteration of the primary sulfide mineralization.
| 6.4.4 |
Alteration
|
The alteration paragenesis consists of a complex sequence of potassic to calc-potassic and propylitic alteration, in turn overprinted by fault-controlled phyllic assemblages,
followed by localized argillic alteration.
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Figure 6‑4:
|
Geology Map, New Afton Deposit
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Figure 6‑5:
|
Mineralized Zones Relative to Lithological Units
|
Note: Top: Horizontal section at 4390 m elevation mine grid. Left: longitudinal section looking north. Right: cross-section looking west, at 3350 mE, mine grid.
|
New Afton Operations
British Columbia
Technical Report Summary
|
Copper–gold mineralization is directly related to biotite-dominant potassic/calc–potassic alteration in the central core of the system. Alteration assemblages are categorized and
modelled into six principal alteration domains, as summarized in Table 6‑2
| 6.4.5 |
Mineralization
|
New Afton mineralized zones can be broadly categorized into three main areas: the Main Zone, Hanging wall (HW) zones, and Eastern zones (Table 6‑3 and refer to locations shown on
Figure 6‑5).
The Main Zone is a southwest-plunging tabular zone located on the western edge of the Pothook diorite; the zone extends for over 550 m along strike and over 1.5 km down-plunge. It
begins on surface as the Afton Pit and continues underground subdivided into Lift 1 East, Lift 1 West, B3, C-Zone, and D-Zone mining zones. The C-Zone mining zone of the Main Zone is the only zone currently being mined.
The HW zones are smaller satellite zones located along the southern margin of the Pothook diorite. They are roughly tabular and extend 325 m along strike and 800 m at depth.
The Eastern zones include East Extension, Upper K-Zone, and K-Zone Footwall, all located along the northern margin of the Pothook diorite. The East Extension is a tabular,
southwest-plunging zone, that extends approximately 300 m along strike and 300 m at depth. Upper K-Zone has a similar style of mineralization as East Extension and connects with the K-Zone Footwall at depth which is currently
being explored, and its absolute dimensions are not known. Its geometry follows a flower structure pattern where higher-grade lenses of hypogene mineralization are associated with focused sub-vertical fluid upflow pathways along
structures and contrasting rheological boundaries. Currently K-Zone extends for over 650 m along strike, is greater than 250 m wide and over 900 m at depth.
The mineralized zones are grouped into three broad mineralization styles: hypogene, secondary hypogene (or mesogene), and supergene (Figure 6‑6).
Hypogene refers to primary sulfide mineralization which is characterized by the presence of chalcopyrite and bornite. Hypogene mineralization is defined for core logging purposes
as containing >1% chalcopyrite or >0.5% bornite and is mainly associated with biotite alteration. Throughout the New Afton footprint, hypogene mineralization is subdivided in three distinctive styles:
| • |
Chalcopyrite-dominant mineralization hosted in Nicola Group volcanic rocks along the margins of the monzonite stocks (Main Zone and HW zones);
|
| • |
Bornite-dominant mineralization hosted in monzodiorite dikes, diorite, and volcanic rocks, located along the margins of the Pothook diorite. Monzodiorite is interpreted as causative intrusion
phase for this style of mineralization (East Extension and Upper K-Zone);
|
| • |
Chalcopyrite-dominant mineralization hosted in Nicola volcanic rocks without identification of a neighboring causative intrusion (K-Zone Footwall).
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Table 6‑2:
|
Alteration Types
|
|
Alteration
Type
|
Description
|
|||
|
Argillic
|
This alteration is characterized by narrow, discontinuous, buff-colored lenses of kaolinite, dolomite, and sericite that occur along faults that cut the ore body. Secondary hypogene
mineralization is associated with this post-mineral style of alteration.
|
|||
|
Phyllic
|
The phyllic alteration assemblage consists of dominantly patchy to pervasive sericite ± dolomite ± ankerite ± anhydrite ± albite, pyrite, tourmaline, and quartz. Phyllic alteration overprints
earlier potassic and propylitic alteration at the periphery of the mineralized zones and flares outward and upward. At K-Zone Footwall significant densities of quartz, anhydrite, and
carbonate veins infilling faults, breccias, and fractures constitute wide alteration envelopes surrounding major faults cross-cut earlier potassic alteration throughout the mineralized zone.
Sericite-albite-quartz-pyrite also locally overprint potassic alteration locally destroying mineralization throughout the K-Zone Footwall area.
|
|||
|
Propylitic
|
This alteration is characterized by pervasive and selective chlorite; patchy, selective to fracture- controlled epidote ± calcite replacing mafic crystals; and pyrite and magnetite throughout.
It is common in fragmental and crystalline Nicola Group volcanic rocks where epidote selectively replaces fragments and crystals. Propylitic alteration forms the outer periphery of the potassic domain. The outer limit of
this alteration is unknown.
|
|||
|
K-feldspar-
dominant
potassic
|
K-feldspar alteration occurs mainly in vein selvages as pervasive and texture- destructive alteration containing accessory biotite ± magnetite. It is hosted in all rock types except picrite and
late dykes. Commonly seen along selvages of specularite ± epidote veins, potassium feldspar alteration intensity increases with proximity to the monzonite contacts and is strongest within the monzonite. Weakly anomalous
copper grades are common but not always present within the K-feldspar alteration envelope. Bornite and elevated copper grades occur within patchy K-feldspar-altered Nicola Group volcanic rocks throughout the mineralized
zones.
|
|||
|
Biotite-
dominant
potassic
|
Biotite textures range from selective mafic mineral replacement to pervasive and texturally destructive. Biotite alteration contains accessory K-feldspar ± magnetite, and can be hosted in all
rock types except for post mineral dykes. It is most commonly hosted within Nicola volcanic rocks, diorite and monzodiorite units and is intimately associated with hypogene mineralization. Biotite alteration is present
in the monzonite but is strongest immediately adjacent to its contacts. Biotite is variably overprinted by chlorite or propylitic alteration.
|
|||
|
Calcic
|
The calcic alteration assemblage is characterized by early magnetite veins with epidote, and typically occurs within the Pothook diorite and Cherry Creek monzonite phases. Accessory minerals
include apatite, actinolite, and traces of pyrite and chalcopyrite.
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Table 6‑3:
|
Mineralized Zone Characteristics
|
|
Resource
Areas
|
Zone
|
Dominant Host
Lithology
|
Causative
Intrusion
|
Dominant
Alteration
|
Dominant
Mineralization
|
||||||
|
Main Zone
|
Lift 1 East
|
Diorite
|
Cherry Creek Monzonite
|
Oxidized, calc, potassic
|
Supergene
|
||||||
|
Lift 1 West
|
Nicola Group volcanic rocks
|
Cherry Creek Monzonite
|
Potassic
|
Chalcopyrite–hypogene
|
|||||||
|
B3
|
Nicola Group volcanic rocks
|
Cherry Creek Monzonite
|
Potassic
|
Chalcopyrite–hypogene
|
|||||||
|
C-Zone
|
Nicola Group volcanic rocks
|
Cherry Creek Monzonite
|
Potassic
|
Chalcopyrite–hypogene
|
|||||||
|
D-Zone
|
Nicola Group volcanic rocks
|
Cherry Creek Monzonite
|
Potassic
|
Chalcopyrite–hypogene
|
|||||||
|
Hanging wall
Zones
|
HW 1
|
Nicola Group volcanic rocks
|
Cherry Creek Monzonite
|
Calc–potassic
|
Chalcopyrite–hypogene
|
||||||
|
HW 2
|
Nicola Group volcanic rocks
|
Cherry Creek Monzonite
|
Calc–potassic
|
Chalcopyrite–hypogene
|
|||||||
|
Eastern Zones
|
East
Extension
|
Diorite
|
Monzodiorite
|
Potassic
|
Bornite–hypogene
|
||||||
|
Upper K-
Zone
|
Diorite and monzodiorite
|
Monzodiorite
|
Potassic
|
Bornite–hypogene
|
|||||||
|
K-Zone
Footwall
|
Nicola Group volcanic rocks
|
Unknown
|
Potassic and Calc-potassic
|
Chalcopyrite-hypogene
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Figure 6‑6:
|
Mineralization Domains within the New Afton Geological Model
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
Secondary hypogene mineralization is narrow, discontinuous, and commonly restricted to brittle faults. It is formed as a later overprint of tennantite–enargite + tetrahedrite,
with bornite and chalcocite rimming primary sulfide mineralization.
Supergene mineralization consists of native copper and chalcocite that formed through oxidation of primary sulfides within the uppermost portions of the deposit that were
exposed to weathering and erosion. It is defined for core logging purposes as containing 0.5% or more native copper, or, in the absence of native copper, intervals of strong oxidation (hematite and clay) with a threshold assay
of 0.2% Cu. The supergene domain is roughly conical in shape and centered below the historical Afton pit.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 7.0 |
EXPLORATION
|
| 7.1 |
Exploration
|
| 7.1.1 |
Grids and Surveys
|
Mine coordinates use a local mine grid coordinate system, in which mine grid north is rotated 50º west of UTM north (NAD83 Zone 10) and mine grid elevation (denoted by the
abbreviation “MG”) adds 5000 m to the surface elevation in UTM.
| 7.1.2 |
Geological Mapping
|
Mapping of the open pit and available outcrops surrounding the pit was conducted from 2000 onwards at various scales on the order of 1:1,000 in areas of interest to broad
regional mapping at a 1:10,000 scale. Mapping data was used to update the geological model and the district geology maps shown in Figure 7‑1 and Figure 7‑2.
Surface mapping and re-logging of core were conducted from 2012–2013 in support of the new geological model developed for the mineral resource estimate.
Detailed surface mapping in 2016 was also conducted to help inform updates to the geological model.
| 7.1.3 |
Geochemistry
|
Early-stage geochemical sampling data were superseded by drill data.
Current geochemical programs primarily relate to age dating:
In 2014 geochronology samples were submitted to Dr. Yakov Kaputsta of Actlabs in Ancaster, ON, for potassium–argon (K–Ar) dating of sericite from various lithological units
affected by post-mineral faulting. Results returned values suggesting that hydrothermal fluid flow along post- mineral faults was much younger than the precipitation of porphyry-related mineralization.
In 2023, four samples were chosen for uranium–lead (U–Pb) geochronology analysis to discern absolute ages of pre-, syn-, and post-mineral intrusive rocks in East Extension and
K-Zone. The samples were taken by the British Columbia Geological Survey whereby insufficient zircons were recovered making age dating not possible.
| 7.1.4 |
Geophysics
|
Airborne and ground-based geophysical surveys commenced in 2000. The details of these surveys are listed in Table 7‑1, and survey boundary locations are shown in Figure 7‑1.
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Table 7‑1:
|
Geophysical Surveys
|
|
Year
|
Company
|
Type
|
Line- km
|
Comments
|
|||||
|
2003
|
Peter Walcott & Associates Ltd.
|
Induced polarization
|
18 (ground)
|
Measurements made along one long southeasterly traverse over New Afton and two northwesterly traverses over Pothook
|
|||||
|
2005
|
Fugro Airborne Surveys Corp.
|
DIGHEM
|
1,323 (airborne)
|
Northwest–southeast direction extending from Copper King through New Afton and towards Ajax
|
|||||
|
2008
|
Quantec Geoscience Ltd.
|
Magnetotelluric
direct current resistivity and induced polarization
|
34.5 (airborne)
|
Oriented northwest over New Afton and extending into northlands (9 lines)
|
|||||
|
2011
|
Fugro Airborne Surveys Corp.
|
DIGHEM, magnetometer, and radiometric surveys
|
1,905 (airborne)
|
Flown over large northwest–southeast-oriented area including across Kamloops Lake, Copper King, Afton. Overlaps somewhat with 2005 survey
|
|||||
|
2016
|
Peter Walcott & Associates Ltd.
|
Magnetic and gravity
|
50.5 (ground)
22.5 (airborne)
|
Ground magnetics and gravity over Pothook and Williams Creek area
|
|||||
|
SJ Geophysics
|
Volterra 3d induced polarization and borehole IP
|
22.5 (ground)
|
Three grids south and east of New Afton pit. Borehole induced polarization survey at 124 m depth in Pothook drill hole
|
||||||
|
2019
|
Dias Geophysics
|
Induced polarization
|
108.1 (ground)
|
Completed on west of New Afton mine at Cherry Creek
|
|||||
|
SJ Geophysics
|
Induced polarization and electromagnetics
|
N/A
|
Completed on 977 m of a single borehole located underground with a surface electromagnetic loop located on the historical Afton TSF
|
||||||
| 2021 |
Simcoe Geoscience
|
Induced polarization
|
6.7 (ground)
|
Three lines across Cherry Creek, Northlands, and New Afton
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| Year | Company | Type |
Line- km
|
Comments | |||||
|
SJ Geophysics
|
Induced polarization
|
36.7 (ground)
|
Completed at Golden Corral. About 12 km southwest of New Afton mine
|
||||||
|
2023
|
SJ Geophysics
|
Induced polarization and electromagnetics
|
N/A
|
Downhole Volterra borehole electromagnetic and induced polarization survey was completed on a 1,250 m drill hole
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Figure 7‑1:
|
Map of Geophysical Surveys
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 7.1.5 |
Exploration Drifts
|
Starting in November 2004, an exploration decline was developed from the south wall of the Afton open pit to provide access for underground bulk sampling and infill
drilling, and for further exploration drilling needed determine the full extent of the mineralization. Since that time, several other exploration drifts have been developed to provide access for core drilling.
In 2022, an 85 m exploration drift was developed from the B3 level infrastructure (at mine grid elevation 4,800 m) and was used for Eastern Extension diamond drilling.
Early in 2024, a 407 m exploration drift was developed from the 5,000 m mine grid elevation to facilitate exploration drilling of the K-Zone and HW Zone. An additional 579
m exploration drift extending east from C-Zone development (4500m elevation; mine grid) began in November of 2024 and finished in May 2025, which was developed to facilitate diamond drilling east and at depth for K-Zone.
| 7.1.6 |
Other Studies
|
A number of petrographic and other studies were completed, as summarized in Table 7‑2.
| 7.1.7 |
Qualified Person’s Interpretation of the Exploration Information
|
The New Afton Operations area has been the subject of exploration and development activities since the mid-1970s, and a considerable
information database developed as a result of both exploration and mining activities. Procedures are consistent with industry-standard practices at the time the work was performed.
| 7.1.8 |
Exploration Potential
|
There is strong exploration potential down dip and down plunge of the known mineralization as well as along lithological contacts between the Nicola Group volcanic rocks
and intrusive phases of the Iron Mask Batholith (Pothook diorite and Cherry Creek monzonite).
Several of the targets proximal and laterally adjacent to the Main Zone mineralization (East Extension, K-Zone, etc.) are strongly structurally controlled by syn-mineral
faults that are likely long-lived and have been reactivated with post-mineral fault displacement.
More work is needed to unravel the structural architecture of the near-mine geological environment and post-mineral structural framework, to quantify the amount of
vertical and horizontal displacement, and to follow up on mineralization offset and displacement by post-mineral faults.
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Table 7‑2:
|
Petrographic and Other Studies Completed
|
|
Year
|
Consultant
|
Note
|
||||
|
2006
|
Vancouver
Petrographics
Limited
|
70 sample petrographic study on samples representing various mineralization and alteration styles from the 2005 core drilling program.
|
||||
|
2013
|
Vancouver
Petrographics
Limited
|
34 sample petrographic study in May; 22 sample petrographic study in December. Samples were collected from the 2012 drilling program; the majority showed strong K-feldspar alteration.
|
||||
|
Unknown
|
A 51 sample feldspar staining study was carried out during the 2013 drilling campaign. Samples selected for the study were stained by sodium cobalt nitrate and amaranth to determine if
the samples had been altered by secondary potassium feldspar. Some samples were also submitted during the 2014 drilling program. The majority showed strong K-feldspar alteration.
|
|||||
|
2016–
2019
|
Actlabs
|
Sulphur-isotope analysis on 112 hand-picked samples with sulfide-bearing minerals. Values for δ34S ranged from -26.3–33.3 per mil (isotopic unit of measurement) and
demonstrated a general zonation from depleted values proximal to mineralization to higher values with increasing distance from known mineralization
|
||||
|
2020
|
Minerva Driver
|
Artificial intelligence study completed to gain a better understanding of the New Afton deposit and to provide vectors for further underground exploration. This model, in combination
with a geochemical principal component analysis, was used to identify three broad target zones for additional investigation: the West Zone, the SE Zone, and the North Zone.
|
||||
|
2023
|
Vancouver
Petrographics
Limited
|
22 sample petrographic study on samples collected from 2022–2023 core drilling at East Extension representing various lithological units, mineralization, and alteration styles
|
||||
|
2024
|
Actlabs
|
24 samples of disseminated pyrite and anhydrite from underground drill core were collected within the haloes of phyllic-altered domains around porphyry copper–gold mineralization and
processed and analyzed for sulphur isotopes. Twenty-four handpicked sulfide and sulphate samples returned δ34S values consistent with other studies, showing a depletion towards mineralization. This
feature is being used as an exploration vector
|
||||
|
2025
|
Vancouver
Petrographics
Limited
|
15 sample petrography study on samples derived from mainly higher levels of the deposit, where the study was conducted to differentiate moderately-strongly altered intrusive phases of
monzonite-diorite.
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 7.2 |
Drilling
|
| 7.2.1 |
Overview
|
A total of 1,712 core, reverse circulation, piezo cone penetration, vertical seismic profiling, Odex, and sonic
drill holes (601,145.21 m) have been completed in the Project area from 2000–2025. No drilling was conducted in 2004. Drilling includes drill holes completed for geotechnical, hydrogeological, metallurgical and
exploration purposes. Drill holes are both surface and underground. A summary of this drilling is included in Table 7‑3 and includes all drilling completed on the Project with exception of service holes drilled for
infrastructure. A drill collar location map for the Project area is included in Figure 7‑2.
Core drilling that supports mineral resource estimation is summarized in Table 7‑4. A collar location map and a cross section of drilling used for resource estimation can
be found in Figure 7‑3 and Figure 7‑4, respectively.
Drilling has occurred on the Project prior to 2000 but is considered historic where records are incomplete and are not reported on, and are not used in the resource
estimate. Only diamond drill holes are used for the purposes of mineral resource estimation. Distal exploration drill holes and geotechnical drill holes are also not used in estimation.
| 7.2.2 |
Drill Methods
|
Where known, drill contractors included Atlas Drilling Company (Atlas) based in Kamloops, Boisvenu Drilling Ltd. (Boisvenu) in Vancouver; Western Exploration Drilling Ltd.
(Western) in Kamloops; FORACO Drilling Ltd. (FORACO) in Kamloops; and Connors Drilling Ltd. (Connors) in Kamloops.
Core sizes included PQ (85.0 mm), HQ (63.5 mm core diameter) NQ2 (50.6 mm), NA (47.63 mm), and BQ (36.4 mm).
Geotechnical and hydrogeological core, RC, piezo cone penetration, vertical seismic profiling, Odex, and sonic drilling were completed by Geotech Drilling Services Ltd.
(Geotech) and Foraco Drilling Ltd.
| 7.2.3 |
Logging
|
Core boxes are transported to the logging building, laid out on racks, and washed with water to remove drilling mud. The core is pieced together to consolidate it, and
footage markers are converted to meters. Core lengths are measured forward and backward from each block to check for missing intervals. Boxes are then marked with hole ID, box number, and “from” and “to” depths. The
wet core is photographed while on the logging benches, with the boxes arranged in groups of four per image. Sample intervals are marked on the core using colored pencils, with sample tags stapled in the box alongside.
Core was logged into laptop computers using Maxwell Geoservices LogChief software until 2023. Subsequently, core logging information was recorded into Seequents’ MX
Deposit software.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| Table 7‑3: |
Property Drill Summary Table
|
|
Year/Program
|
Collar Location
|
Drill Type
|
No. Holes
|
Meters
|
|||||
|
2000–2003
|
Surface
|
DDH
|
107
|
53,813.57
|
|||||
|
2005–2006
|
Surface
|
DDH
|
49
|
25,778.39
|
|||||
|
ODEX
|
24
|
680.55
|
|||||||
|
Underground
|
DDH
|
105
|
43,969.76
|
||||||
|
2007–2008
|
Surface
|
DDH
|
46
|
24,655.76
|
|||||
|
Underground
|
DDH
|
23
|
4,981.65
|
||||||
|
2009–2011
|
Surface
|
DDH
|
28
|
10,394.17
|
|||||
|
Underground
|
DDH
|
58
|
8,677.24
|
||||||
|
2012–2014
|
Surface
|
DDH
|
41
|
11,081.56
|
|||||
|
RC
|
50
|
3,134.93
|
|||||||
|
SONIC
|
23
|
840.45
|
|||||||
|
PCPT
|
18
|
694.10
|
|||||||
|
Underground
|
DDH
|
187
|
98,630.80
|
||||||
|
2015–2018
|
Surface
|
DDH
|
51
|
17,523.65
|
|||||
|
RC
|
50
|
4,607.22
|
|||||||
|
SONIC
|
10
|
302.74
|
|||||||
|
PCPT
|
1
|
59.85
|
|||||||
|
VSP
|
50
|
1,000.00
|
|||||||
|
Underground
|
DDH
|
56
|
26,368.87
|
||||||
|
2019–2022
|
Surface
|
DDH
|
91
|
40,242.89
|
|||||
|
RC
|
47
|
2,875.19
|
|||||||
|
SONIC
|
36
|
1,766.25
|
|||||||
|
ODEX
|
3
|
60.96
|
|||||||
|
PCPT
|
3
|
116.26
|
|||||||
|
Underground
|
DDH
|
270
|
86,934.00
|
||||||
|
2023–2025
|
Surface
|
DDH
|
49
|
22,162.65
|
|||||
|
Underground
|
DDH
|
236
|
109,791.75
|
||||||
|
Totals
|
1,712
|
601,145.21
|
|||||||
Note: DDH = diamond drill hole; RC = reverse circulation ; SONIC = sonic drilling , PCPT = piezo cone penetration testing ; VSP = vertical seismic profiling; ODEX = Odex
drilling method
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Figure 7‑2:
|
Drill Collar Location Plan, Project Area
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Table 7‑4:
|
Drilling Used for Mineral Resource Estimation
|
|
Year/Program
|
Collar Location
|
Drill Type
|
No. Holes
|
Meters
|
|||||
|
2000–2003
|
Surface
|
DDH
|
93
|
47,066.38
|
|||||
|
2005–2006
|
Surface
|
DDH
|
14
|
11,160.51
|
|||||
|
Underground
|
DDH
|
105
|
44,017.00
|
||||||
|
2007–2008
|
Surface
|
DDH
|
43
|
23,081.46
|
|||||
|
Underground
|
DDH
|
23
|
4,981.65
|
||||||
|
2009–2011
|
Surface
|
DDH
|
23
|
7,746.13
|
|||||
|
Underground
|
DDH
|
52
|
8,424.18
|
||||||
|
2012–2014
|
Surface
|
DDH
|
41
|
11,081.56
|
|||||
|
Underground
|
DDH
|
183
|
98,469.20
|
||||||
|
2015–2018
|
Surface
|
DDH
|
8
|
3,491.34
|
|||||
|
Underground
|
DDH
|
51
|
24,818.85
|
||||||
|
2019–2022
|
Surface
|
DDH
|
8
|
3,043.43
|
|||||
|
Underground
|
DDH
|
272
|
86,803.85
|
||||||
|
2023–2025
|
Surface
|
DDH
|
19
|
11,062.05
|
|||||
|
Underground
|
DDH
|
230
|
106,284.20
|
||||||
|
Totals
|
1,165
|
491,531.79
|
|||||||
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Figure 7‑3:
|
Collar Locations of Drilling used for Mineral Resource Estimation
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Figure 7‑4:
|
Example Drill Section, Drilling Used In Mineral Resource Estimates
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
Core is geologically logged for lithology, texture, alteration, and mineralogy along with structural parameters using pre-set logging templates. Geotechnical logging
includes magnetic susceptibility, specific gravity, rock quality designation (RQD), recovery, total number of joints, rock strength, joint filling, joint set angle, joint alteration, number of joint sets, joint
aperture (gap separation), and joint roughness. For oriented core, a Boart Longyear TruCore and Axis orientation system have been used, and the core is assembled in a tray and aligned with the orientation marks.
Structural orientation measurements are collected.
Magnetic susceptibility is read directly into MX Deposit via a hand-held sensor. Five measurements are taken every 30–50 cm along the core between the wooden depth
markers. These values are then averaged for the block-to-block interval.
Once in every 50 m of core, a representative core specimen is taken for point load testing. The tests are conducted using a hand-operated PIL-7 point load tester.
Pieces of broken core are collected after the test and returned to the core box.
Hyperspectral analysis of drill core began in 2019, using a Spectral Evolution OreXpress portable spectrometer that operates in the wavelength ranges of 350–2,500
nm. A white reflectance plate designed to be used as reference material is scanned every 10 samples, and at the beginning of the sample run. A hyperspectral sample is generally collected for every sample sent for
assay (every 2 m); a total of 64,498 samples have been collected to date.
| 7.2.4 |
Recovery
|
Drill holes used in the resource contained a total of 15,730 runs of core with a recovery of 98.5%.
| 7.2.5 |
Collar Surveys
|
Before 2019, drill hole collar locations were surveyed by the mine survey team prior to drilling and re-surveyed by collecting the easting, northing, elevation,
azimuth, and dip after drill hole completion. Since 2019, the orientation of the drill head is measured using a north-seeking rig alignment system such as an Imdex DeviAligner or a Reflex TN14 gyrocompass operated
by the drill operator. After the rig is aligned the mine surveyor will survey for the easting, northing, and elevation, and azimuth and dip to confirm the rig alignment tool.
| 7.2.6 |
Down Hole Surveys
|
Downhole dip and azimuth data were also measured for core drill holes by the drill contractor using a DeviGyro Overshot Xpress (OX) downhole tool.
| 7.2.7 |
Drilling Since Database Close-out Date
|
Drilling was ongoing at the Report date, with five underground diamond drill holes totaling 1,1578 m completed since the database closeout date of January 8, 2026.
The closing of the database was after the calendar year cut-off to allow all assay results from specific K-Zone exploration holes to be finalized. The post-close-out drilling was completed outside of the 2025
mineral resource constraining shapes and will have no impact on the grade or volume of the reported mineral resources.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 7.2.8 |
Comment on Material Results and Interpretation
|
Drill holes are designed to intersect mineralization as perpendicular as possible. Since drilling is limited to underground drill bays a wide range of intercept
angles are required to test the mineralization domains (intercept angles with mineralization range from 15–90º). Drill holes at low angles (below than 30º intersection with mineralization) were included in the
mineral resource estimation process but had to be supported by additional drilling closer to perpendicular angle (or at least supported by crossing holes) to support the 3D interpretation, block modelling and
final resource classification. Otherwise, classification was locally adjusted to reflect lower confidence.
Mineralized zones in the New Afton Operations are generally sub-vertical and can be adequately drilled with angled drill holes. A sufficient number of steep,
shallow, and angled drill holes have been completed to test for vertical and horizontal controls on the mineralization.
Drilling and surveying were conducted in accordance with industry standard practices at the time, and provide suitable coverage of
the mineralization. The collar and downhole survey methods used provide reliable sample locations. Logging procedures provide consistency in descriptions.
These data are considered to be suitable for mineral resource and mineral reserve estimation. There are no drilling factors known to
the QP that could materially impact the accuracy and reliability of the results.
| 7.3 |
Hydrogeology
|
| 7.3.1 |
Sampling Methods and Laboratory Determinations
|
Prior to the start of mining operations, baseline groundwater quality measurements were derived from 11 groundwater samples collected in April 2006 and June
2006. Results indicated naturally elevated concentrations of sulphate, sodium, iron, arsenic, selenium, lead, molybdenum, and zinc which exceeded thresholds in the BC Approved Water Quality Guidelines for the
Protection of Freshwater Aquatic Life. For most of the groundwater samples, pH values were consistently alkaline, indicating neutrality of groundwater near the mine site. This can be attributed to interactions
between groundwater and the sedimentary rocks/overburden, or to high carbonate content of volcanic rocks, which has the effect of developing alkaline groundwater.
| 7.3.2 |
Comment on Results
|
The requirements for groundwater and surface water are well understood, and the monitoring program is sufficient to support the LOM plan.
 |
New Afton Operations
British Columbia
Technical Report Summary
|
| 7.3.3 |
Surface Water
|
The operations do not discharge operational contact water (effluent) from the active operations. Surface water runoff and groundwater seepage from the New Afton
TSF, the Pothook TSF, and the concentrator building are captured in water management ponds, containment ponds, or the Afton Pit TSF capture zone via natural flow paths or engineered works designed to capture
and transport water to these facilities.
Some off-site flow from the historical Afton operation areas includes seasonal surface water flow from East Slough to the northeast, seepage water from the
northwestern portion of the historical Afton TSF to the Northwest Water Management Pond, and seasonal runoff from the historical northwest waste rock pile.
Surface water quality monitoring is conducted within and proximal to the mining operations as required by Permit 100224 and Permit M-229; it is summarized in
Coeur’s annual reports to The BC Ministry of Environment and Parks and in the Annual Reclamation Report to the BC Ministry of Mining and Critical Minerals.
In accordance with surface water monitoring procedures, water samples are analyzed for general chemical parameters, anions, nutrients, and total and dissolved
metals. ALS Environmental Services, a laboratory accredited by the Canadian Association for Laboratory Accreditation Inc., are contracted for all analytical work. Field blanks and duplicate samples are
collected as part of the QA/QC program.
As there are no permit limits identified for water quality, surface water quality results are compared against the BC Approved Water Quality Guidelines for the
Protection of Freshwater Aquatic Life as a point of reference. If an approved guideline is not available, the BC Working Water Quality Guidelines or Contaminated Sites Schedule 3.2 Generic Numerical Standards
are used as a reference, where applicable.
Regional surface water quality is classified as basic circumneutral, beyond very hard, and high in sulphate. Generally, water quality on site and in the
receiving environment reflects the regional water quality conditions. Some samples have yielded sulphate and selenium values exceeding thresholds set in the BC Approved Water Quality Guidelines for the
Protection of Freshwater Aquatic Life.
| 7.3.4 |
Groundwater
|
The Afton open pit is identified as a groundwater sink, with groundwater flow vectors converging on the pit. The entire mine infrastructure is within this
capture zone, with the exception of the western half of the inactive historical Afton TSF and the northwest waste rock storage location. The natural direction of groundwater flow at site is to the northwest.
Groundwater monitoring wells have been installed in overburden and bedrock horizons within the mine site at various periods prior to and during Coeur’s
operations. Currently, groundwater quality monitoring is conducted as required by Permit 100224 and is summarized in annual reports to the BC Ministry of Environment and Parks.
|
New Afton Operations
British Columbia
Technical Report Summary
|
Groundwater samples are collected as grab samples and then submitted to ALS Environmental Services for analysis. The Groundwater Management Plan includes 40
stations which are sampled quarterly or annually.
Regionally, groundwater is characterized as basic to circumneutral, beyond very hard, and high in sulphate. Groundwater water levels are generally stable with
some decreasing water table elevations. There is no indication of mine-related influence on residential wells as measured at the Cherry Creek Estates treatment plant. Groundwater concentrations are compared to
values presented in the Contaminated Sites Regulation; during sampling in 2023 values greater than regulated thresholds were identified in 34 wells as follows: sulphate (20 samples), molybdenum (18), fluoride
(13), manganese (10), chloride (7), uranium (7), selenium (2), arsenic (1), chromium (1), and zinc (1). No remedial or mitigation actions were needed based on these results.
The local hydrostratigraphy includes natural unconsolidated (i.e. overburden) and bedrock formations and structures, and anthropogenic units such as waste rock,
fills, and mine facility engineered structures. The interpreted groundwater seepage pattern is generally radial from the north, east, and south and converges toward the Afton Pit TSF, which is a groundwater
sink. Most of the groundwater flow occurs within the unconsolidated materials, with the most significant flows occurring above the bedrock contact in paleochannels which have been infilled with coarse
sediments. The primary source of groundwater to deeper bedrock which hosts the underground mine is regional groundwater flow. Due to the low porosity and permeability, significant water sources have not been
identified in the bedrock unit.
| 7.4 |
Geotechnical
|
Geotechnical properties used for underground design are collected using laboratory testing, geotechnical core logging, and face mapping of the development
rounds. The rock mass quality is classified using the following scales:
| • |
Rock quality designation (RQD);
|
| • |
Q’, after Barton et al. (1974);
|
| • |
Rock mass rating (RMR89), after Bieniawski (1989);
|
| • |
R Grade, after the International Society of Rock Mechanics (ISRM), using a dataset of unconfined compression strengths and point load testing.
|
Typical rock mass properties are shown with Q1 (25th percentile), Q3 (75th percentile) and median values per mining zone in Table 7‑5 and per lithology in Table 7‑6.
Median RMR89 values within the mineralized zones range from 61–63, indicating “good” rock quality. Q’ and RMR89 values are relatively consistent across the three
mining zones included in the Mineral Reserve estimate. R Grade values of 3–4 indicate intact rock strengths of 25–100 MPa.
The Ashcroft Formation sedimentary and picrite units are classified as “Poor” and “Fair” quality,
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Table 7‑5:
|
Geotechnical Properties By Mining Zone |
| Mining Zone |
RQD
(%)
|
Q’ |
RMR89 |
R Grade
(intact strength
estimates)
|
|||||||||||||||||||||
| Q1 | Q3 | Median | Q1 | Q3 | Median | Q1 | Q3 | Median |
Q1
|
Q3 | Median | ||||||||||||||
|
B3 Cave
|
54
|
85
|
72
|
3.9
|
40.7
|
13.7
|
54
|
65
|
63
|
R3
|
R4
|
R3
|
|||||||||||||
|
C-Zone Cave
|
68
|
94
|
85
|
6.2
|
27.0
|
14.0
|
58
|
69
|
63
|
R3
|
R4
|
R3
|
|||||||||||||
|
East Extension
|
65
|
89
|
79
|
7.7
|
33.4
|
16.4
|
56
|
66
|
61
|
R3
|
R4
|
R3
|
|||||||||||||
|
Table 7‑6:
|
Geotechnical Properties By Lithology
|
| Lithology |
RQD
(%)
|
Q’ | RMR89 |
R Grade
(intact strength
estimates)
|
|||||||||||||||||||||
| Q1 | Q3 | Median | Q1 | Q3 | Median | Q1 | Q3 | Median | Q1 | Q3 | Median | ||||||||||||||
|
Nicola Group
volcanic rocks
|
61.8
|
90.8
|
83.2
|
6.3
|
24.9
|
12.6
|
57
|
71
|
65
|
R3
|
R4
|
R3
|
|||||||||||||
|
Diorite
|
57.9
|
87.5
|
75.4
|
6.2
|
32.6
|
14.0
|
55
|
69
|
63
|
R3
|
R4
|
R3
|
|||||||||||||
|
Fault
|
30.5
|
78.3
|
58.9
|
2.3
|
11.7
|
5.45
|
38
|
59
|
50
|
R1
|
R3
|
R2
|
|||||||||||||
|
Monzonite
|
53.8
|
84.9
|
71.1
|
4.6
|
16.6
|
8.2
|
55
|
68
|
62
|
R3
|
R4
|
R3
|
|||||||||||||
|
Picrite
|
55.6
|
89.2
|
76.7
|
4.8
|
23.3
|
11.25
|
48
|
68
|
59
|
R2
|
R3
|
R3
|
|||||||||||||
|
Ashcroft
Formation
sedimentary rocks
|
15.2
|
65.1
|
45.4
|
0.05
|
5.0
|
2.0
|
21
|
51
|
40
|
R1
|
R3
|
R2
|
|||||||||||||
respectively. They are located on the southern boundaries of the orebody, with rare occurrences of minor picrite rafts within the Nicola Group volcanic rock
unit. The lithology of these units is of importance for cave growth and subsidence modelling due to their weaker rock mass properties and risk for ore dilution and changes to subsidence trends.
| 7.4.1 |
Sampling Methods and Laboratory Determinations
|
Laboratory rock testing including 228 unconfined compressive strength (UCS) tests were conducted on selected drill core samples to characterize the rock type
intact strength properties.
In addition, point load tests provide an index for strength classification of rock material and thus provide a relative indication of intact rock strength.
Point load testing is regularly conducted on drill core by the Exploration group totaling 14,035 tests. Is50 (point load index) calculated from the tests can be used to understand the spatial variability in
the intact strength properties. The Is50 index may also be used to estimate the uniaxial compressive strength.
|
New Afton Operations
British Columbia
Technical Report Summary
|
To support K-Zone characterization an WSP Canada was requested to perform 250 uniaxial compressive strength (with strain), 35 triaxial compression and 75
Brazilian tests with results expected Q22026.
| 7.4.2 |
In Situ Rock Mass Stress
|
The in-situ rock mass stresses were determined using two methods: the Hollow Inclusions Cells (HI-Cells) from the Commonwealth Scientific and Industrial
Research Organization (CSIRO) and in-situ stress testing rock stress borehole testing from Sigra Pty. Ltd. The stress data are used for underground and surface numerical modelling work. Stress values,
horizontal stress on the northeast–southwest axis (SH), horizontal stress on the northwest–southeast axis (Sh), and vertical stress (Sv), are modelled using the following formulas, using the mine grid and
depth as the depth below surface in meters:
| • |
SH = 12.8 + 0.029 × depth;
|
| • |
Sh = 7.5 + 0.017 × depth;
|
| • |
Sv = 0.0265 × depth.
|
To support K-Zone characterization a downhole 3D stress measurement program is scheduled to be completed during 2026.
| 7.4.3 |
Comment on Results
|
A combination of historical and current geotechnical data, together with mining experience, is used in the operations. Face mapping and subsidence monitoring
reviews also provide additional input to the rockmass and surface behavior.
This data along with the structural model has generated as a three-dimensional (3D) wireframe model containing the major structures that impact the mine. The
model is updated regularly for exploration and geotechnical purposes by reviewing the structural data obtained from core logging, underground mapping, and light detection and ranging (LiDAR) scans. The
structural model, along with the lithological model, is used in numerical models to refine the status of underground and surface geotechnical stability, cave growth, and subsidence.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 8.0 |
SAMPLE PREPARATION, ANALYSES, AND SECURITY
|
| 8.1 |
Sampling Methods
|
Core samples were collected at intervals of 2–6 m, with additional samples taken at lithology breaks, from 2000 to 2003. From 2005
to 2011, samples were collected at intervals of 2 m. Trained staff cut all core samples in half with a manual saw from 2000 to 2011.
From 2012 onwards, core samples were selected at 2 m intervals and, starting in spring 2024, at lithology breaks as well. Core cutters used an Almonte
automatic core saw to split samples in half.
| 8.2 |
Sample Security Methods
|
Sample collection from drill point to laboratory relied upon the fact that samples were either always attended to, or stored in the locked on-site preparation
facility, or stored in a secure area prior to laboratory shipment. From 2012 onwards, transport of the samples from the site to the laboratory was done on a frequent basis and in a secure manner, either
delivered to the laboratory by operations staff or picked up by Activation Laboratories Limited (Actlabs) staff.
Chain-of-custody procedures consist of sample submittal forms to be sent to the laboratory with sample shipments to ensure that all samples are received by the
laboratory. In 2024, a chain of custody document was implemented to track sample transfers from the New Afton site to Actlabs staff.
Drill core is stored in core racks at New Afton Exploration site. Prior to 2012, rejects were kept at the Eco Tech Laboratories Limited (Eco Tech) office in
Kamloops, British Columbia, and pulps were securely stored at the field office. Since 2012 pulps and coarse rejects are returned to the New Afton mine site periodically and stored in secure storage containers
and crates, respectively.
| 8.3 |
Density Determinations
|
Selected samples from 2005–2011 were sent to Eco Tech for bulk density measurements using the water displacement method.
Selected samples from 2012–2014 and 2019–2022 drill campaigns were sent to Actlabs in Kamloops, British Columbia for specific gravity using wet immersion
followed by wax immersion. No bulk density measurements were performed between 2015–2018. Laboratory measurements were conducted on a total of 1,829 drill core samples.
Beginning in 2023, specific gravity determinations were completed in-house every 50 m using a water bath and calculated according to Archimedes’ Principle, by
weighing the sample when dry and then weighing it in water.
Specimens for bulk density measurements are collected every 10 m through the mineralized zones, starting at 50 m above the start of the zone. The samples
consist of intact pieces of core measuring 10–15 cm in length. Bulk density measurements were conducted on a total of 2,642 drill core samples.
|
New Afton Operations
British Columbia
Technical Report Summary
|
In 2025, a randomized 2% (50 samples) of in-house measured bulk density samples collected since 2023 were selected to verify in-house measurement accuracy. The
remaining half core was sent to Actlabs to measure using the RX16-W specific gravity (wax) on friable samples method.
| 8.4 |
Analytical and Test Laboratories
|
Eco Tech was used as the primary laboratory for the 2000–2011 drill programs. Accreditations at the time are not recorded in the database. The laboratory was
and is independent of New Afton and Coeur. Umpire laboratories used from 2000–2003 included Cominco Assay Laboratories (Cominco) and Acme Analytical Laboratories (Acme), both in Vancouver. Both laboratories
were and are independent of New Gold and Coeur. Accreditation(s) at the time of the 2000–2003 programs are not known.
From 2012–2025, Actlabs in Kamloops, British Columbia (Actlabs Kamloops) is the primary laboratory used for sample preparation and analysis. The Actlabs
Kamloops facility has ISO/IEC 17025:2017 accreditation and is independent of New Gold and Coeur. During 2024, while a new Kamloops facility was constructed, Actlabs Kamloops was responsible for sample
preparation, and analysis was performed at the Actlabs laboratory in Ancaster, Ontario (Actlabs Ancaster). The Actlabs Ancaster facility has ISO/IEC 17025:2017 accreditation and is independent of New Gold and
Coeur. The umpire laboratory is SGS Canada Incorporated, in Burnaby, British Columbia (SGS Burnaby). This laboratory is independent of Coeur, and holds ISO/IEC 17025 accreditations.
| 8.5 |
Sample Preparation
|
The 2000–2011 drill program samples sorted, documented, dried (if necessary), roll crushed to ‑10 mesh, split into 250 g sub-samples, and pulverized to 95%
-140 mesh.
From 2012 onward, samples are dried, crushed to 80% passing 2 mm, riffle split to ~1 kg and pulverized to 95% passing 105 µm.
| 8.6 |
Analysis
|
For the 2000–2003 drill programs, samples for copper metallics assay were split and pulverized into additional 250 g sub-samples of -10 mesh material. Gold and
palladium were sub-sampled to 30 g aliquots and analyzed by conventional fire assay using atomic absorption (AA) and/or inductively coupled plasma (ICP) finish. Minimum reported detection for gold and
palladium was 0.005 g/t. Copper and silver content was determined by AA using aqua regia digestion. Metallic copper (when required) included two copper assays per sample.
From 2005–2011, all samples analyzed for copper, gold, silver and palladium. If native copper was reported on the sample sheets, a metallic screen analysis was
run in addition to the regular assay. Pulps for one-in-five samples over selected intervals were run using aqua regia digestion with ICP mass spectrometer finish (ICP–MS) for 29 elements in 2005, 30 elements
in 2006, and 35 elements for the 2007–2009 programs. In 2010 and 2011, a 45-element ICP–MS was performed on all samples.
|
New Afton Operations
British Columbia
Technical Report Summary
|
From 2012 onward, a 50 g pulp sample is analyzed for gold, platinum, and palladium by fire assay with an ICP optical emission spectroscopy (OES) finish with a
lower detection limit of 2 ppb for gold and 5 ppb for platinum and palladium. When coarser gold is encountered and metallic screen is required, a representative 500 g split (from 1,000 g) is sieved at 100
mesh (149 µm). Fire assay with a gravimetric finish is performed on the entire +100 mesh and two splits on the -100-mesh fraction. The total amount of sample and the +100 mesh and -100 mesh fraction is
weighed for assay reconciliation. When native copper is observed and metallic screen requested, a representative 100 g split is used following the same metallic screen preparation and analysis as described
for gold. A 0.5 g sample is analyzed for 36 elements by four-acid digestion with an ICP–OES finish. If the copper assay value from 4A-ICPOES is >5,000 ppm, the sample is rerun using four-acid digestion and
ore grade ICP–OES for a more accurate result. From 2012–present, mercury is analyzed by cold vapor flow injection mercury system. Mercury was removed from the 4A-ICPES analytical suite, and selenium was
added, in July 2021.
| 8.7 |
Quality Assurance and Quality Control
|
From 2000 to 2003, one standard or certified reference material (standard) for copper, gold, silver, and palladium) and one blank were inserted into the sample
stream approximately every 22–23 samples. There is no information on the sources of the blanks and standards. One in nine pulp samples were re-assayed as repeats and one in 25 reject samples were re-split and
re-assayed by Eco Tech. Pulp duplicate external check samples were randomly selected and sent to Cominco and Acme.
From 2005–2011, a blank, standard, and duplicate were inserted into the sample stream every eight samples. Blanks were barren intersections of Nicola Group
lithologies. Internal Eco Tech laboratory checks consisted of at least two repeats, one blank, two re-splits, and two or three reference standards, one for copper, one for silver, or one combined
copper/silver and one for gold/palladium. Assay results and internal check results were reviewed and batches rerun if problems were observed.
Assay QA/QC measures from 2012 onward consisted of the insertion of standards for gold and copper and blanks into the sample stream at a rate of every 40
samples, together with duplicates of both pulp and coarse reject material every 20 samples. In spring 2024, the insertion rate was adjusted to include one of each QC sample type for every 30 samples, ensuring
that a minimum of one standard is present in each batch of 35 fire assay samples. In addition, Actlabs inserts a cleaning blank every 50th sample and several certified standards to verify all elements analyzed. Approximately every 50th pulp is
sent to SGS Burnaby for an external pulp duplicate check assay.
Standards for gold were primarily supplied by Geostats in Australia, and standards for copper were supplied by both Geostats (historically) and CDN
Laboratories in British Columbia (CDN). Since 2024, as Geostats standards are depleted, they are replaced by CDN standards certified for both gold and copper. Coarse blanks are unmineralized material. Pulp
preparation blanks are sourced from CDN. Both pulp and coarse blanks are added to the sample stream immediately following a high-grade core interval and at a rate of every 30 samples within larger zones.
|
New Afton Operations
British Columbia
Technical Report Summary
|
Standard and blank results are plotted against the confidence limits which are defined as three standard deviations from the certified expected value. If one
standard sample plots between 2–3 standard deviations, it is flagged and closely monitored moving forward. Should two standard samples plot between 2–3 standard deviations, this is considered a failure. Any
values >3 standard deviations are automatic failures. Failures are checked to confirm that there was no misidentification of QA/QC sample material. Once confirmed, failures are re-assayed along with five
shoulder samples on either side in the sample stream until the standard is within the error limits. Should there be more than two failures in a batch, the entire batch is re-assayed. Failures and re-assays
are always addressed immediately.
Where no high-grade intervals are noted, coarse blanks are added every 30 samples. Failures for blanks are defined as results greater than ten times the
detection limit for gold and 100 times the detection limit for copper; these failures trigger the same protocols as those followed for failures of standards.
The current practice is for a QA/QC report to be generated at the conclusion of a drill program and for resource updates. Standards and blanks are plotted in
chronological order on performance charts. For standards, lines are also plotted which represent the expected value, upper limit (+ three standard deviations), and lower limit (- three standard deviations).
Pulp, coarse reject, and external check duplicate results are plotted on scatter diagrams to check for bias and on coefficient of variation diagrams to estimate the precision.
| 8.8 |
Database
|
In 2007, DrillView was established as the single master database to manage drill data. In 2012, to bring New Afton’s practices in line with corporate
standards, New Gold personnel transferred the DrillView database to Maxwell Geosciences (MaxGeo) DataShed database. From 2012- 2019, the database was maintained and updated by a Database Administrator in
Vancouver, BC. In 2019, database management was transferred to New Afton Exploration. The database itself was hosted in the Toronto corporate office, where it was backed up hourly and weekly backups were
stored off-site at the corporate office. New Afton database administrators accessed the database through a secure remote desktop connection. In fall 2023, the database server was moved to the New Afton
Operations.
Assay results are emailed from the laboratory to the database administrator as comma-delimited (CSV) files then imported directly into DataShed using a set
import template. Stored procedures within the database process core and QC assay results into the appropriate tables and views. Once imported and processed, the database administrator validates the batch QC
samples in QAQCR (a MaxGeo QC Program) with re-assays requested as needed. When all assay data have been imported, including re-assays and final QA/QC results, the validated database is exported to
comma-delimited files and saved to the New Afton exploration server. The files are then used for geological interpretation and wireframe modelling.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 8.9 |
Qualified Person’s Opinion on Sample Preparation, Security, and Analytical Procedures
|
In the opinion of the QP, the sample preparation procedures, analytical methods, QA/QC protocols, and sample security for the samples used in mineral
resource estimation are acceptable, meet industry-standard practice, and are acceptable for mineral resource and mineral reserve estimation and mine planning purposes.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 9.0 |
DATA VERIFICATION
|
| 9.1 |
Internal Data Verification
|
Sample QA/QC data from the underground drilling program were analyzed by Ron Konst, P.Geo., an independent consultant retained by New Afton in 2006 (Konst,
2006). Some blank and standard assays were noted to be outside acceptable error limits. These were investigated and re-assayed, if appropriate, and no material changes to the assay database were made.
Internal duplicate data were analyzed to determine if any biases were present and to define the assay precision; no material biases were identified.
In 2012, New Afton personnel transferred the DrillView database to Maxwell Geosciences (MaxGeo) DataShed database, a commercial drill data management
relational database system. During this process, the database was checked for errors and corrected where necessary. The pre-2012 assay data were compared to the assay certificates, and it was found that
11 certificates from the 2006 drilling had been improperly imported. Columns of data in the assay spreadsheets had been misidentified resulting in these columns being imported to the wrong fields in the
database. This resulted in minor underestimation of gold and copper grades in some blocks in the model. New Afton reviewed the resource model and found that these errors had little impact on the mineral
reserve estimate. Other errors found included overlapping intervals in some areas where re-assays had been carried out, and inconsistencies in downhole survey data, particularly where there were changes
from one instrument to another. These inconsistencies were corrected.
A correction was applied in 2014 to the conversion of azimuths of downhole surveys measured from magnetic north to true north. Declination, or the
difference in direction between magnetic north and true north, varies due to a continual drift of the north magnetic pole. The declination correction applied to the surveys had been kept constant
throughout the history of the mine which had resulted in some significant errors in the orientation of recent holes. These were corrected in the database.
As part of a 2023 software upgrade, health check SQL scripts and recommendations were performed. Minor issues were encountered during the health check and
no issues with assays were observed. A database maintenance plan was implemented in 2023 to execute integrity checks, rebuild indexes, clean up history, and backup the database daily and weekly.
Verification performed in support of validating the subset of the data used for resource estimation typically consists of spot-checking 10% of the assay
data from a selection of drill holes that intersect the mineralized wireframe domains. Additional checks could include a comparison of the drill hole collar location data with the digital models of the
surface topography and excavation models, visual inspection of the downhole survey information, and using validation routines in Leapfrog Geo, which consisted of checking for overlapping samples and
duplicate records.
| 9.2 |
External Data Verification
|
A number of validation checks were performed in support of technical reports filed as a result of New Afton’s Canadian regulatory reporting requirements.
These are summarized in Table 9‑1.
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Table 9‑1:
|
External Data Reviews
|
|
Year
|
Company
|
Purpose
|
|||
|
2003
|
Behre Dolbear
|
Support of technical report compilation.
|
|||
|
2004
|
|||||
|
2006
|
Roscoe Postle Associates Inc. (RPA)
|
Mineral resource estimate and preparation of technical report.
|
|||
|
2009
|
Database review, preparation of technical report.
|
||||
|
2011
|
|||||
|
2020
|
Validation of pre-2018 QA/QC database
|
||||
|
2023
|
SLR Consulting Ltd. (SLR)
|
Review of mineral reserve estimates, including mine designs and schedules, cut-off values, dilution estimates, cost estimates, and mine economics.
|
|||
|
2024
|
Review of mineral reserve estimates, including mine designs and schedules, cut-off values, cave management discussion, production metrics, dilution reporting, reconciliation, cost estimates,
and mine economics.
High level review of mineral resource estimates, including geological and domain modelling, key assumptions, parameters, and mineral resources constraining strategy
|
| 9.3 |
Data Verification by Qualified Person
|
| 9.3.1 |
Mr. Nadeau-Benoit
|
Mr. Nadeau-Benoit supervised the preparation of the mineral resource estimate, and the supporting data as summarized in this Report.
He completed site visits during the 2023, 2024 and 2025 drilling campaigns and discussed (on-site and remotely) the mineral resource estimation procedures,
process and considerations of reasonable prospects of eventual economic extraction, and tabulated resource estimates with the on-site Chief Geologist, the Long-Term Planning Engineer, and Resource
Geologist.
Mr. Nadeau-Benoit has undertaken verification that included site visits, core review (on core photos and at the coreshack), review of geological data
collection and checks that the QA/QC procedures used by the New Afton Operations are consistent with standard industry practices.
He has reviewed previous database audits and QA/QC reports, and completed a validation of the current drill hole database; including a 10% cross validation
checks for the 2023, 2024 and 2025 drill programs (database against raw data for assays, survey collars and downhole surveys).
| 9.3.2 |
Mr. Roberts
|
Mr. Roberts works directly at the mine site and has reviewed the resource shapes used for the determination of mineral resources, ensuring that the shapes
are within achievable mining geometries and reflect reasonable prospects for eventual economic extraction.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 9.4 |
Qualified Person’s Opinion on Data Adequacy
|
The process of data verification for the Project was performed by third parties and Coeur personnel, including the QPs. The QPs reviewed the appropriate
reports. The QP considers that a reasonable level of verification has been completed, and that no material issues would have been left unidentified from the programs completed.
The QPs are of the opinion that the data verification programs for Project data adequately support the geological interpretations, the analytical and database
quality, and therefore support the use of the data in mineral resource and mineral reserve estimation, and in mine planning.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 10.0 |
MINERAL PROCESSING AND METALLURGICAL TESTING
|
| 10.1 |
Test Laboratories
|
Construction of the process plant was completed in 2012 with commercial production of 11,000 t/d
achieved the same year. Historical testwork on which the plant design were based included mineralogical studies, modal analysis, grinding tests, flotation tests, gravity tests, variability tests and
dewatering tests. It was determined that conventional crushing, grinding and concentration processes were appropriate given the deposit mineralogy.
Changes were made to the plant in 2018–2019 to support processing of supergene ore, including adding gravity recovery capacity to the ball mill circuit and
increasing gravity capacity in each of the tertiary and regrind circuits based on a pilot plant study at ALS Laboratories (ALS) in Kamloops. With mining of supergene ore being completed during the third
quarter of 2022, the gravity circuit operation was adjusted in 2023 to focus on recovering gold rather than native copper.
The primary independent metallurgical testwork facility used for the most recent testwork on C-Zone, East Extension and D-Zone is also ALS. Work included
chemical and mineralogical characteristics, comminution performance, and metallurgical performance of new zones to be processed through the plant. The ALS laboratory has its ISO 9001-2015 certification. ALS
has also been engaged to complete preliminary metallurgical testing for K-Zone.
The New Afton Operations have an on-site analytical laboratory that assays concentrates for sales settlement, in-process samples,
and geological samples. The on-site metallurgical laboratory is used for testing flotation reagents, grind analysis, and characterizing the behavior of new ores. The laboratory is not independent.
There is no international standard of accreditation provided for metallurgical testing laboratories or metallurgical testing techniques.
| 10.2 |
Metallurgical Testwork
|
| 10.2.1 |
C-Zone
|
In 2014, ALS completed testwork on one master and nine sub-composites to evaluate the amenability of C-Zone mineralization to
the New Afton processing flowsheet.
Sample chemical and mineralogical properties included:
| • |
Chalcopyrite was the dominant sulfide mineral in most of the samples, followed by pyrite. Bornite was also present in some samples in minor amounts;
|
| • |
Tennantite/enargite was present in most of the samples. No arsenopyrite was identified, suggesting that most of the arsenic in the samples may be associated with the copper sulfide minerals
tennantite and enargite;
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
The majority of the non-sulfide gangue in all of the samples occurred as feldspars, representing approximately 23–52% by weight of the feed in the
composites.
Comminution tests showed:
| • |
The semi-autogenous mill comminution (SMC) tests derived A × b values ranging from 29–41, giving an average of approximately 36, indicating medium to hard feed material for semi-autogenous
grinding (SAG);
|
| • |
Bond rod and ball mill work indices ranged from approximately 17–20 kWh/t, and 17–19 kWh/t, respectively. The Bond work indices indicated a moderately hard to hard feed material for rod or ball
milling.
|
Recovery for the sub-composite samples was generally excellent, averaging approximately 94% for copper and 95% for gold. Gold recovery for the sub-composites
samples generally tended to follow copper recovery trends. Copper recoveries of approximately 94% and 95% were achieved in repeat rougher testing. Gold recovery to the copper rougher concentrate ranged from
90% to 94% for the two repeat tests. A higher mass recovery corresponded to a higher gold recovery of approximately 4% in the rougher concentrate.
Kinetic tests indicated:
| • |
Master composite: the three-stage dilution cleaning test measured a copper recovery of approximately 85% at a copper grade of approximately 23%. Gold recovery in the copper concentrate was
approximately 76% with the concentrate grading approximately 17.8 g/t Au;
|
| • |
Sub-composite: the three-stage dilution cleaning tests measured an average copper recovery of approximately 87% at an average copper grade of 23%. Similar to the kinetic cleaner tests, samples
with higher copper grades performed relatively better than those with lower copper grades. Gold performance generally mirrored copper performance.
|
A single locked cycle flotation test was performed on the master composite sample, with the following results:
| • |
Regrind size was slightly finer, at approximately K80 31 μm;
|
| • |
Copper recovery measured approximately 90%, while the concentrate graded 25% copper;
|
| • |
Gold recovery measured 86%, while the gold grade in the copper concentrate measured approximately 19 g/t Au.
|
Arsenic in the copper concentrate graded approximately 0.4%.
C-Zone ores were found to be amenable to processing using the current New Afton flowsheet.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 10.2.2 |
East Extension
|
One master and four sub-composites were generated in 2022 for the East Extension zone. The sub-composites were constructed to test recovery characteristics
of the four observed types of copper mineralization: secondary hypogene, low-grade hypogene, bornite-dominant, and chalcopyrite-dominant. The testing was conducted at ALS Laboratories in Kamloops except
where noted for specific comminution tests.
Comminution test results for the four sub-composites included:
| • |
Bond ball mill work indices ranged from 18.0–20.5 kWh/t, indicating a hard to very hard feed material for ball milling;
|
| • |
A 20 kg composite of the four sub-composites was constructed and sent to SGS Canada Inc. in Burnaby, BC, for SAG power index (SPI) with Comminution Economic Evaluation Tool (CEET) crusher index
determination which measures amenability to crushing on minimum 20mm particles. The SPI was 90.4 minutes, which represents the time required to grind from P80 12.5 mm to P80 1.7 mm, at the 62nd percentile of the SGS database. The A × b value derived from the SMC test was approximately 47. The composite would
be considered moderately hard in terms of SAG milling based on both the SMC and SPI tests. The CEET crusher index value was 27.5, indicating a high hardness in terms of crushing.
|
Recovery for the sub-composites was generally excellent, with rougher concentrate recoveries averaging 93.5% for copper and 90.5% for gold across the five
composites.
A single locked cycle test was performed on the master composite. From the test, 92% of copper, 91% of gold and 62% of the palladium were recovered,
producing a concentrate grade of 32.5% Cu, 16.5 g/t Au and 2.95 g/t Pd. Arsenic was also present in the concentrate, grading 0.13%.
Mineralization from the East Extension was found to be amenable to processing using the current New Afton flowsheet.
| 10.2.3 |
D-Zone
|
In 2024, one master composite and four sub-composites were tested. The sub-composites consisted of low-, medium- and high-grade hypogene mineralization and
one secondary hypogene mineralization.
Test results showed:
| • |
Copper mineralization consisted primarily of chalcopyrite (more than 95%), with tennantite, enargite and bornite;
|
| • |
SMC tests were completed on the master and secondary hypogene composites and resulted in A × b values of 30.7 and 32.7, respectively, indicating high hardness in terms of SAG milling. SPI results
for the four sub-composites ranged from 52–74 minutes, indicating medium to moderately high hardness in terms of SAG milling;
|
| • |
Bond ball mill work indices on the four sub-composites ranged from 18.0–21.0 kWh/t, indicating a hard to very hard feed material for ball milling;
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| • |
Recovery for the master and sub-composites was generally high, with combined recoveries from gravity and rougher concentrates averaging approximately 92.2% for copper
and 92.9% for gold for the master and hypogene composites, and averaging 90.2% for copper and 90.8% for gold for the secondary hypogene sub-composite.
|
| 10.2.4 |
K-Zone
|
In late 2025, metallurgical testing started on five composites and 16 sub-composites from the K-Zone. The five main composites represented variations in
zone (upper vs lower K-Zone), rock type (diorite, monzodiorite and Nicola Group volcanics) and mineralogy (primary vs secondary hypogene) for use in comminution and mineralogical testwork. The 16
sub-composites included variations in head grade within the above categories to assist in developing recovery vs head grade models using rougher and cleaner batch flotation tests. This first stage of
metallurgical testing is expected to be completed in early 2026. Additional metallurgical tests to characterize K-Zone mineralization amenability to gravity recovery, locked-cycle flotation performance
and dewatering characteristics are planned when additional drill core is available later in 2026.
| 10.2.5 |
Cleaner Circuit Upgrade
|
During 2024, alternative flotation technologies were evaluated for use in the cleaner flotation circuit.
Six flotation technologies from four different vendors were evaluated in the first phase which compared potential layouts, costs and estimated
metallurgical performance. Two of these flotation technologies were selected for pilot testing at the New Afton concentrator.
Based on the results of this testwork, layout considerations and its extensive use in similar applications, a Jameson cell was chosen for the cleaner
upgrade project. Both full and partial tank cell replacement flowsheets were considered. The selected flowsheet replaced the four third cleaner Metso 5 m3 tank cells with a single Jameson cell. The cell was commissioned in August 2025.
| 10.3 |
Recovery Estimates
|
Predictive recovery formulas were developed (based on feed grades, grind size, and throughput rate) to forecast copper and gold recoveries for the New
Afton LOM plan and financial models.
Two main mineralization types will be treated over the LOM: hypogene ore (including background material that is not classified as either hypogene,
secondary hypogene, or supergene) and secondary hypogene ore. Hypogene ore and background material form the majority of the material to be processed at 95% while secondary hypogene ore makes up the
remaining 5%.
|
New Afton Operations
British Columbia
Technical Report Summary
|
The copper recovery formulae are:
| • |
Hypogene ore and background material:
|
| o |
Recovery = −1069.725745 × Cu2 + 28.082358 x Cu + 0.71954 + (160 − P80) x 0.0008;
|
| • |
Secondary hypogene ore:
|
| o |
Recovery = (−2.12308 x 10−9 x tpod2 + 4.1 × 10−5 x t/od + 0.7218) + (−0.8 x (−0.051 − Cu) x 0.979).
|
The gold recovery formulae are:
| • |
Hypogene and background material:
|
| o |
Recovery = −0.14117 x Au2 + 0.34802 x Au + 0.65006 + (160 − P80) x 0.0008;
|
| • |
Secondary hypogene ore:
|
| o |
Recovery = (−3.22077 x 10−9 × tpod2 + 5.84 × 10−5 x t/od + 0.6886285) + (−0.0308635 x A Au2 + 0.092243 x Au − 0.033668312)
|
In these equations, Cu is the process plant copper head grade in percent, Au is the process plant gold head grade in g/t, P80 is the tertiary hydrocyclone
overflow P80 in µm, and t/od is the processing rate in tonnes per operating day.
Recovery curves for copper and gold are provided in Figure 10‑1 and Figure 10‑2 respectively.
Based on operating experience, hypogene recovery is capped at 92%. For copper grades >2%, copper recovery is constant at 85%. For gold grades >1.9
g/t, gold recovery is constant at 80%. LOM copper and gold recovery rates are estimated to be approximately 88.4% and 83.9%, respectively. East Extension hypogene copper recovery is capped at 90% due to
the relatively high proportion of copper as bornite relative to C-Zone hypogene and the requirement to process East Extension and C-Zone ores in parallel using a common reagent scheme.
| 10.4 |
Metallurgical Variability
|
Samples selected for metallurgical testing during feasibility and development studies were representative of the various styles
of mineralization within the different deposits. Samples were selected from a range of locations within the deposits. Sufficient samples were taken, and tests were performed using sufficient sample mass
for the respective tests undertaken.
Variability assessments are supported by mill production plans in terms of throughput, grind size, head grades and mineralogy.
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Figure 10‑1:
|
Copper Recovery Curves At 16,000 t/d Processing Rate
|
Note: mesogene = secondary hypogene.
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Figure 10‑2:
|
Gold Recovery Curves At 16,000 t/d Processing Rate
|
Note: mesogene = secondary hypogene.
| 10.5 |
Deleterious Elements
|
The New Afton concentrate has historically been very clean and marketable. There are no known deleterious elements that could have a significant effect on
economic extraction. Expected penalties associated with mercury and arsenic levels have been considered in the concentrate sales model.
| 10.6 |
Qualified Person’s Opinion on Data Adequacy
|
Testwork programs, both internal and external, continue to be performed to support current operations and potential improvements.
The testwork undertaken is of an adequate level to ensure an appropriate representation of metallurgical characterization and the derivation of
corresponding metallurgical recovery factors for B3, C-Zone, and East Extension.
Metallurgical assumptions are supported by multiple years of production data.
|
New Afton Operations
British Columbia
Technical Report Summary
|
Recovery improvements resulting from the cleaner circuit upgrade are expected to partly offset the impact of a coarser grind size, as the processing rate
returns to approximately 16,000 t/d.
Grade–recovery models for the various ore types were developed using processing throughput rates to inform the forecasting copper and gold recoveries for
the LOM plan.
The QP reviewed the information compiled by New Gold and Coeur, as summarized in this Report chapter and performed a review of the reconciliation data
available to verify the information used in the LOM plan.
Based on these checks, in the opinion of the QP, the metallurgical testwork results and production data support the estimation of mineral resources and
mineral reserves and can be used in the economic analysis that supports the mineral reserves.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 11.0 |
MINERAL RESOURCE ESTIMATES
|
| 11.1 |
Introduction
|
The database used for mineral resource estimation was closed on January 8, 2026. Closure of the database occurred after the 2025 calendar year to allow
inclusion of all assay results from K-Zone exploration drill holes.
Software used for estimation include Seequent’s Leapfrog Geo v.2025.1.1 (Leapfrog) and its Edge extension (Edge).
Two block models were generated to estimate mineral resources at New Afton. The two models cover the same extent but have different block sizes to
provide more flexibility with choice of mining methods. A 10 x 10 x 10 m model was generated to estimate mineral resources for zones considered suitable for mining through block caving; these include
B3, C-Zone, D-Zone, K-Zone and HW Zone. A 5 x 5 x 5 m sub-blocked model was generated to test potential applicability of more selective underground mining methods.
| 11.2 |
Exploratory Data Analysis
|
The deposit was subject to exploratory data analysis methods, which could include histograms, cumulative probability plots,
box and whisker plots, and contact analysis. Statistics were compiled and compared for length weighted drill hole intersects, raw assay data, capped assay data, composites, and declustered composites
to ensure that the grade distribution and true mean of the system were conserved throughout the different steps of the estimation process.
Drilling programs have tested the mineralized zone to depths approaching 2,000 m below surface. Although the general nature of the mineralization stays
relatively consistent independently of depth, there are subtle differences in the distributions of metals and other elements. To account for this variation, data were segregated above and below 4,900
m elevation (approximately the elevation of the B3 cave footprint) during the variography analysis and the treatment of outlier samples for the broader resource domains (Main Zone, Monzonite, and
Other domains). This artificial boundary at 4,900 m is considered a soft boundary as data are mixed across during block grade interpolation.
| 11.3 |
Geological Models
|
Three-dimensional models for lithology, structures, alteration assemblages, and mineralization styles were created in Leapfrog. Of importance are
specific lithological units that host mineralization (Pothook diorite, monzodiorite dykes, latite dikes and Nicola Group volcanic rocks), versus others that are generally barren (picrite unit) or not
significantly mineralized (monzonite dikes).
The resource domains are grade shells modelled at specific grade thresholds. The geometry of these grade shells follows other geological elements
modelled independently of grade; these include lithological contacts, structures, and alteration and mineralization styles. The high density of drilling information commonly limits the degree of
freedom in the interpretation of the grade shells.
|
New Afton Operations
British Columbia
Technical Report Summary
|
Mineralized grade shells were generated for all mineralized zones at a grade threshold of 0.2% CuEq (Figure 11‑1).
In addition, sub-domains were modelled for East Extension, HW1 and K-Zone to better constrain higher-grade mineralization associated with bornite
and/or chalcopyrite mineralization during the estimation. Sub-domain grade thresholds were 5.0% CuEq for East Extension, 1.0% CuEq for HW1 and 0.8% for K-Zone.
In addition, estimation was also carried out in complementing lithological domains which include monzonite dykes, latite dyke, and Nicola Group
volcanic rocks. The picrite unit was assigned a grade of zero for all metals contained within. All domains were used as hard boundaries during the estimation process.
| 11.4 |
Density Assignment
|
Analysis of the measurements indicates that density tends to increase with depth. Density values in the block models, attributed as "SG", were applied
by elevation. These values ranged from 2.60 t/m3 above the 5,050 m elevation to 2.78 t/m3 below the 4,450 m elevation. Supergene mineralization was assigned a slightly lower density of 2.55 t/m3.
| 11.5 |
Grade Capping/Outlier Restrictions
|
Outlier samples were identified using histograms and probability plots of the distribution of copper, gold, and silver. A
visual review of their location relative to the surrounding data was also conducted. Outlier samples were controlled by using traditional capping directly in the composite database and by limiting the
influence of outlier samples in the grade interpolation.
The capped composites above the outlier threshold grade were restricted to a maximum distance of influence of 17% of the search ellipsoid for the
K-Zone and the HW1 estimation domains (their respective low-grade domains and sub-domains. For the East Extension estimation domains (low grade domain and sub-domains), they were restricted to a
maximum distance of influence of 10% of the search ellipsoid. For the other domains, their capped composites above the outlier threshold grade were restricted to a maximum distance of influence of 10%
of the search ellipsoid above an elevation of 4,900 m mine grid, and 17% below an elevation of 4,900 m mine grid.
Capping values for copper range from 2–15% Cu. Capping values for gold range from 5–15 g/t Au and from 10–90 g/t Ag for silver.
Outlier threshold grades range from 1.5–8% Cu for copper, 1.5–7 g/t Au for gold, and 6–50 g/t Ag for silver.
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Figure 11‑1:
|
Low-Grade Estimation and Mineral Reserves-Constraining Shapes
|
Note: Low-grade estimation domains = Main, K-Zone, East Extension, HW1, HW2; mineral reserves-constraining shapes = C-Zone, East-Extension.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 11.6 |
Composites
|
Sample interval lengths are relatively consistent in the database. A total of 96% of samples in the vicinity of the New Afton deposit measure exactly 2 m
long. Drill hole composites were length-weighted and were generated as 2 m long, down-the-hole, with estimation domains acting as a hard boundary.
| 11.7 |
Variography
|
Continuity analysis was completed separately for copper, gold, and silver on a domain-by-domain basis using the capped 2 m composites. The spatial models
were aligned in the general plane of the domains and refined using 2D radial continuity plots to fine-tune the orientation of dip, dip azimuth, and pitch. The nugget was determined using a combination of
the downhole variogram and the major axis correlogram. Two spherical structures were used to fit the spatial models.
| 11.8 |
Estimation/interpolation Methods
|
The block model grades for copper, gold, and silver are estimated using ordinary kriging (OK). All grade estimations used length-weighted composited drill
hole assay data.
The copper, gold, and silver estimates were conducted in a single pass using a search ellipsoid measuring 150 x 150 x 40 m for the 10 x 10 x 10 m model and
a search ellipsoid measuring 150 x 150 x 20 m for the 5 x 5 x 5 m sub-blocked model. The search ellipsoids used to estimate the blocks assigned to the monzonite or the ‘other’ domain were oriented
subparallel to their general trend, with a dip of 85° and a dip azimuth of 167° relative to mine grid. The other domains used variable orientations to align the variograms and the search ellipsoids.
Midplanes specific to each domain were used to guide the search ellipsoids.
The interpolation parameters, summarized in Table 11‑1, include the search ellipsoid axes, and the minimum and maximum number of composites used per
blocks. The maximum composites per drill hole were adjusted to accommodate the change of block size between the two models.
| 11.9 |
Validation
|
The block models were validated using the following methods:
| • |
Visual inspection at different grade thresholds in cross-section view, plan view, and in 3D;
|
| • |
Comparison of model statistics to drill data;
|
| • |
Swath plots.
|
| • |
Reconciliation against sampling at the underground cave drawpoints and against mill.
|
These validation procedures indicate that geology and resource models are acceptable to support mineral resource estimation.
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Table 11‑1:
|
Interpolation Parameters
|
| Model | Domain |
Search Ellipse Range
(m)
|
Number of Composites
|
||||||||||||||
| X | Y | Z |
Min/
Block
|
Max/
Block
|
Max/
Drill Hole
|
Max/
Octant
|
|||||||||||
|
10 x 10 x 10 m
|
Main > 4,900 m
|
150
|
150
|
40
|
5
|
54
(36 for Ag)
|
9
|
9
|
|||||||||
|
Main < 4,900 m
|
150
|
150
|
40
|
5
|
36
(45 for Au)
|
9
|
9
|
||||||||||
|
All other domains
|
150
|
150
|
40
|
5
|
36
|
9
|
9
|
||||||||||
|
5 x 5 x 5 m sub-blocked
|
All domains
|
150
|
150
|
20
|
3
|
15
|
3
|
3
|
|||||||||
| 11.10 |
Confidence Classification of Mineral Resource Estimate
|
| 11.10.1 |
Mineral Resource Confidence Classification
|
Criteria for mineral resource confidence classification are:
| • |
Measured: blocks with copper, gold, and silver grades estimated by a minimum of three drill holes located within a distance of 30 m or less. This is achieved with drill holes at a nominal
spacing (drill spacing) of approximately 50 m;
|
| • |
Indicated: blocks with copper, gold, and silver grades estimated by a minimum of three drill holes and located within a distance of 50 m or less. This is achieved with drill holes at a nominal
spacing (drill spacing) of approximately 80 m;
|
| • |
Inferred: blocks that do not meet the criteria for measured or indicated mineral resources but are within a maximum distance of 50 m from a single drill hole.
|
The East Extension area was classified using the same criteria as the other zones even though it is reported through a stope mining method and is drilled
with a tighter spacing of approximately 20 m between drill holes. Optimized stopes that were initially classified as measured for East Extension were downgraded to indicated because of lower grade
continuity at stope mining cut-off grade.
| 11.10.2 |
Uncertainties Considered During Confidence Classification
|
Following the drill spacing analysis that classified the mineral resource estimates into the measured, indicated, and inferred confidence categories,
uncertainties regarding sampling and drilling methods, drilling angles to the mineralization, data processing and handling, geological modelling, and estimation were incorporated into the classifications
assigned. The areas with the most uncertainty were assigned to the inferred category, and the areas with fewest uncertainties were classified as measured.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 11.11 |
Reasonable Prospects of Economic Extraction
|
| 11.11.1 |
Input Assumptions
|
For each resource estimate, an initial assessment was undertaken that assessed likely infrastructure, mining, and process plant requirements; mining
methods; process recoveries and throughputs; environmental, permitting, and social considerations relating to the proposed mining and processing methods, and proposed waste disposal; and technical and
economic considerations in support of an assessment of reasonable prospects of economic extraction.
The mineral resource estimate is reported assuming underground long-hole stoping mining methods for East Extension and underground bulk mining methods,
likely block caving, for all other zones. Constraining volumes were created to demonstrate the spatial continuity of the mineralization within a potentially mineable shape.
For mineral resources reported with a long-hole stoping mining method, stope optimization was completed using Deswik Stope Optimizer at a cut-off grade
of 1.26% CuEq. The stopes were constrained to a minimum mining shape of 20 m along the strike, height of 20 m, and 5 m width. Mineral reserves were subtracted from the mineral resource optimized stope
shapes. Mineral resources are reported within the optimized stope shapes using a cut-off grade that includes the must-take material below cut-off.
For underground bulk mining zones, mineral resources are reported within resource cave shapes created using a cut-off grade of 0.33% CuEq. Within the
resource cave shapes, resources are reported for blocks above 0.30% CuEq for K-Zone, and above 0.15% CuEq for the other zones.
| 11.11.2 |
Commodity Price
|
The copper, gold, and silver prices used in resource estimation is based on analysis of long-term consensus pricing, and benchmarks to pricing used by
industry peers over the past year. An explanation of the derivation of the commodity prices is provided in Chapter 16.2.
The estimated timeframe used is seven-year mine life that supports the mineral reserves estimates. The gold price forecast for the mineral resource
estimate is US$4.40/lb Cu, $2,500/oz Au, and $30/oz Ag.
| 11.11.3 |
Cut-off Grades
|
Cut-off grades were first established for each extraction scenario. These cut-off grades are based on the input parameters and assumptions detailed in
Table 11‑2, but with metal prices increased to US$4.40/lb Cu, $2,500/oz Au, and $30/oz Ag.
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Table 11‑2:
|
Cut-off Input Assumptions
|
|
Item
|
Parameter
|
Units
|
Value
|
||||
|
NSR assumptions
|
Gold price
|
US$/oz
|
2,500
|
||||
|
Copper price
|
US$/lb
|
4.40
|
|||||
|
Silver price
|
US$/oz
|
30
|
|||||
|
Exchange rate
|
C$:US$
|
1.30
|
|||||
|
Gold recovery
|
%
|
variable
|
|||||
|
Copper recovery
|
%
|
variable
|
|||||
|
Silver recovery
|
%
|
variable
|
|||||
|
Gold payable
|
%
|
97.4
|
|||||
|
Copper payable
|
%
|
95.8
|
|||||
|
Silver payable
|
%
|
90.0
|
|||||
|
Gold refining charge
|
US$/oz
|
5.05
|
|||||
|
Copper refining charge
|
US$/lb
|
0.061
|
|||||
|
Silver refining charge
|
US$/oz
|
0.454
|
|||||
|
Total treatment cost
|
US$/dmt concentrate
|
61
|
|||||
|
Total transport cost
|
US$/wmt concentrate
|
141
|
|||||
|
Cut-off grade parameters
|
Mining cost – block caving
|
US$/t processed
|
11.50
|
||||
|
Mining cost – stoping
|
US$/t processed
|
87.50
|
|||||
|
Processing cost
|
US$/t processed
|
9.00
|
|||||
|
G&A cost
|
US$/t processed
|
3.50
|
|||||
|
Block caving cut-off grade
|
% CuEq
|
0.15
|
|||||
|
Stoping cut-off grade
|
% CuEq
|
1.26
|
Mineral resources potentially amenable to underground bulk mining were reported using a cut-off grade of 0.30% CuEq for K-Zone and using a cut-off grade of
0.15% CuEq for the other zones. Mineral resources potentially amenable to stope mining were reported using a cut-off grade of 1.26% CuEq.
The following copper-equivalency is used:
| • |
Cu% + (Au g/t * Au Recovery * Au Payable * (Au Price - Refining) / 31.1035) + (Ag g/t * Ag Recovery * Ag Payable * (Ag Price - Refining) / 31.1035) / (22.046 * Cu Recovery * Cu Payable * (Cu
Price - Refining).
|
The calculations are based on the following:
| • |
Au price: US$2,500/oz Au; Au recovery: 87.7%; Au payable: 97.0%; Au refining charge: US$6.00/oz; Ag price: US$30/oz Au; Ag recovery: 73.5%; Ag payable: 90.0%; Ag refining charge: US$0.50/oz; Cu
price: US$4.40/lb Cu; Cu recovery: 86.4%; Cu payable: 96.4%; Cu refining charge: US$0.8/lb.
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 11.11.4 |
QP Statement
|
The QP is of the opinion that any issues that arise in relation to relevant technical and economic factors likely to influence the prospect of economic
extraction can be resolved with further work. The mineral resource estimates are performed for deposits that are in a well-documented geological setting. Coeur is very familiar with the economic
parameters required for successful operations in the New Afton area; and Coeur has a history of being able to obtain and maintain permits, social license and meet environmental standards. There is
sufficient time in the seven-year timeframe considered for the commodity price forecast for Coeur to address any issues that may arise, or perform appropriate additional drilling, testwork and engineering
studies to mitigate identified issues with the estimates.
| 11.12 |
Mineral Resource Statement
|
Mineral resources are reported using the mineral resource definitions set out in S-K 1300.
Mineral resources are reported exclusive of those mineral resources converted to mineral reserves. Mineral resources
that are not mineral reserves do not have demonstrated economic viability.
The mineral resource estimates are current as at December 31, 2025. The reference point for the estimate is in situ.
The Qualified Persons for the estimates are Mr. Vincent Nadeau-Benoit P.Geo., and Mr. Tyler Roberts, P.Eng., both Coeur employees.
Mineral resources are summarized in Table 11‑3.
| 11.13 |
Uncertainties (Factors) That May Affect the Mineral Resource Estimate
|
Factors that may affect the mineral resource estimates include:
| • |
Metal price and exchange rate assumptions;
|
| • |
Changes to the assumptions used to generate the gold equivalent grade cut-off grade;
|
| • |
Changes in local interpretations of mineralization geometry and continuity of mineralized zones;
|
| • |
Changes to geological and mineralization shape and geological and grade continuity assumptions;
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Table 11‑3:
|
Measured, Indicated, and Inferred Mineral Resources Statement
|
| Zone | Category |
Tonnes
(t x
1,000)
|
Grade | Metal Content |
Cut-off
Grade
|
Metallurgical
Recovery
|
|||||||||||||||||||
|
Au
(g/t)
|
Ag
(g/t)
|
Cu
(%)
|
Au
Ounces
(oz x
1,000)
|
Ag
Ounces
(oz x
1,000)
|
Cu Pounds
(lb x
1,000,000)
|
CuEq.
(%)
|
Au
(%)
|
Ag
(%)
|
Cu
(%)
|
||||||||||||||||
|
B-Zone
C-Zone
D-Zone
HW
|
Measured
|
29,843
|
0.58
|
1.78
|
0.62
|
552
|
1,707
|
408
|
0.15
|
87.7
|
73.5
|
86.4
|
|||||||||||||
|
Indicated
|
25,611
|
0.28
|
1.04
|
0.28
|
230
|
859
|
158
|
0.15
|
87.7
|
73.5
|
86.4
|
||||||||||||||
|
Sub-total
measured and
indicated
|
55,454
|
0.44
|
1.44
|
0.46
|
782
|
2,566
|
566
|
0.15
|
87.7
|
73.5
|
86.4
|
||||||||||||||
|
Inferred
|
1,289
|
0.35
|
0.70
|
0.22
|
15
|
29
|
6
|
0.15
|
87.7
|
73.5
|
86.4
|
||||||||||||||
|
K-Zone
|
Measured
|
7,206
|
0.70
|
3.66
|
0.91
|
162
|
849
|
144
|
0.30
|
87.7
|
73.5
|
86.4
|
|||||||||||||
|
Indicated
|
40,436
|
0.43
|
1.52
|
0.52
|
553
|
1,979
|
462
|
0.30
|
87.7
|
73.5
|
86.4
|
||||||||||||||
|
Sub-total
measured and
indicated
|
47,642
|
0.47
|
1.85
|
0.58
|
715
|
2,827
|
606
|
0.30
|
87.7
|
73.5
|
86.4
|
||||||||||||||
|
Inferred
|
5,877
|
0.45
|
1.64
|
0.59
|
86
|
309
|
77
|
0.30
|
87.7
|
73.5
|
86.4
|
||||||||||||||
|
East Extension
|
Measured
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
|
Indicated
|
1,558
|
0.96
|
4.24
|
1.04
|
48
|
213
|
36
|
1.26
|
87.7
|
73.5
|
86.4
|
||||||||||||||
|
Sub-total
measured and
indicated
|
1,558
|
0.96
|
4.24
|
1.04
|
48
|
213
|
36
|
1.26
|
87.7
|
73.5
|
86.4
|
||||||||||||||
|
Inferred
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||
|
Total
|
Measured
|
37,049
|
0.60
|
2.15
|
0.68
|
715
|
2,555
|
552
|
—
|
87.7
|
73.5
|
86.4
|
|||||||||||||
|
Indicated
|
67,605
|
0.38
|
1.40
|
0.44
|
831
|
3,051
|
656
|
—
|
87.7
|
73.5
|
86.4
|
||||||||||||||
|
Total measured and indicated
|
104,654
|
0.46
|
1.67
|
0.52
|
1,545
|
5,606
|
1,208
|
—
|
87.7
|
73.5
|
86.4
|
||||||||||||||
|
Inferred
|
7,166
|
0.44
|
1.47
|
0.53
|
100
|
338
|
83
|
—
|
87.7
|
73.5
|
86.4
|
||||||||||||||
|
New Afton Operations
British Columbia
Technical Report Summary
|
Notes to accompany mineral resource tables:
| 1. |
The Mineral resource estimates are current as at December 31, 2025, and are reported using the definitions in Item 1300 of Regulation S–K (17 CFR Part 229) (S-K 1300).
|
| 2. |
The reference point for the mineral resource estimate is in situ. The Qualified Persons for the estimate are Mr. Vincent Nadeau-Benoit P.Geo., and Mr. Tyler Roberts, P.Eng., both
Coeur employees.
|
| 3. |
Mineral resources are reported exclusive of those mineral resources converted to mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic
viability.
|
| 4. |
Mineral Resources are estimated using metal price assumptions of US$4.40 per pound of copper, US$2,500 per ounce of gold, and US$30 per ounce of silver, and a foreign exchange rate
assumption of 1.30 C$/1.00US$.
|
| 5. |
For underground bulk mining, mineral resources are reported within resource cave shapes created using a cut-off grade of 0.33% CuEq. Within resource cave shapes, resources are
reported for blocks above 0.30% CuEq for K-Zone, and above 0.15% CuEq for the other zones. For stope mining, mineral resources are reported within mineable shapes created using a cut-off
grade of 1.26% CuEq and include must-take material.
|
| 6. |
The following copper-equivalency (CuEq%) formula is used: Cu% + (Au g/t * Au Recovery * Au Payable * (Au Price - Refining) / 31.1035) +
(Ag g/t * Ag Recovery * Ag Payable * (Ag Price - Refining) / 31.1035) / (22.046 * Cu Recovery * Cu Payable * (Cu Price - Refining). The calculations are based on the following: Au price:
US$2,500/oz Au; Au recovery: 87.7%; Au payable: 97.0%; Au refining charge: US$6.00/oz; Ag price: US$30/oz Au; Ag recovery: 73.5%; Ag payable: 90.0%; Ag refining charge: US$0.50/oz; Cu
price: US$4.40/lb Cu; Cu recovery: 86.4%; Cu payable: 96.4%; Cu refining charge: US$0.8/lb.
|
| 7. |
Rounding of tonnes, grades, troy ounces and pounds as required by reporting guidelines, may result in apparent differences between tonnes, grades, and contained metal contents.
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| • |
Density and domain assignments;
|
| • |
Changes to geotechnical, mining, and metallurgical recovery assumptions;
|
| • |
Changes to the input and design parameter assumptions that pertain to the assumptions for the mineable shapes and cut-offs constraining the estimates;
|
| • |
Assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain environment and other regulatory permits, and
maintain the social license to operate.
|
There are no other environmental, permitting, legal, title, taxation, socioeconomic, marketing, political or other relevant factors known to the
Qualified Person that would materially affect the estimation of mineral resources that are not discussed in this Report.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 12.0 |
MINERAL RESERVE ESTIMATES
|
|
12.1
|
Introduction
|
Mineral reserves were estimated for C-Zone, and East Extension mining zones (Figure
12‑1). The B3 Zone is an operating block cave. Mining of the B3 block cave is expected to be completed in Q1 2026. Material is continuing to be drawn from the B3 cave; however, this material is
unclassified and is not included in the mineral reserves or mine plan in this Report. The C-Zone is a block cave in the production ramp-up phase, with commercial production achieved in the
fourth quarter of 2024. East Extension is planned as a long-hole stoping zone and is not yet in production.
C-Zone mineral reserves were estimated using the 10 x 10 x 10 m model. Measured and indicated mineral resources were converted to probable
mineral reserves. Due to the uncertainty associated with estimating movement of material within the block caves, no proven mineral reserves were reported for C-Zone.
East Extension mineral reserves were estimated using the 5 x 5 x 5 m sub-blocked model. Indicated mineral resources were converted to probable
mineral reserves.
Mineral reserve block models are generated by adding an NSR attribute, in US$ per tonne, to each block in the resource block models. Blocks
classified as inferred mineral resources, or without a resource classification, were set to zero grade and zero NSR.
| 12.2 |
Development of Mining Case
|
C-Zone block cave mineral reserves were estimated using GEOVIA PCBC software, designed specifically for the planning and scheduling of block cave
mines. PCBC generates vertical or inclined draw columns above each drawpoint (referred to as slice files) for which properties are derived from the block model. In block caving, the height of
draw refers to the vertical height above the drawpoint from which material is extracted. At New Afton, a minimum height of draw of 50 m is applied for block cave mineral reserves and the maximum
height of draw parameter for C-Zone is set at 450 m.
Through the application of the cut-off NSR and caving parameters—which include minimum and maximum height of draw, fragmentation assumptions,
drawpoint geometry, and mixing characteristics—the PCBC model estimates the tonnes and properties of material to be extracted from each drawpoint. The model incorporates dilution from the top of
the columns and the side walls of the cave, depending on the assumed mixing characteristics. PCBC mixing parameters and options have been refined over 12 years of experience at New Afton
operating the Lift 1 and B3 block caves. Several PCBC models are generated using a range of parameters to assess the level of confidence in the model outputs. PCBC then uses historical
production, the applied maximum height of draw, and the mixing parameters to predict the production tonnage and grade.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| Figure 12‑1: |
Final Mine Layout Plan
|
Mineral reserves for the East Extension, planned as a stoping zone, were estimated using Deswik mine planning software. Deswik Stope Optimizer
was first used to define potential stoping zones, based on a cut-off NSR of US$100/t and stope dimensions of 20 m high x 14 m long. Stope widths were variable, ranging from 5–20 m. Overbreak of
0.58 m and 0.29 m was applied to the hanging wall and footwall, respectively. Deswik CAD software was used to design mining drifts to access the stoping areas and other mine infrastructure.
|
New Afton Operations
British Columbia
Technical Report Summary
|
Stopes were analyzed for inclusion into the mineral reserve tabulation by analyzing capital costs, considering the development required to enable
mining of the designed stopes and other mining infrastructure requirements. Deswik Scheduler was used to generate the development and production schedules.
| 12.3 |
Cut-offs
|
An NSR was calculated for each block in the block model using the parameters listed in Table 12‑1. Metallurgical recoveries are variable based on
the grade–recovery curves for each ore type, and concentrate costs and refining charges are variable depending on the smelter. The values shown are LOM averages.
Mineral reserves were reported above a break-even NSR cut-off value equal to the total site operating cost per tonne in US dollars, which
includes mining, processing, and general and administrative (G&A) costs. The NSR cut-off value for block caving and stoping is US$24/t and US$100/t, respectively.
Because block cave drawpoints on the extraction level are positioned in a single plane, material below the cut-off NSR must sometimes be mined
from the draw column to access higher-grade ore located higher in the draw column, or to maintain a cave shape and size suitable for caving. However, Coeur is capable of segregating waste from
the drawpoints by removing it using a belt plow on surface before it reaches the crushed ore stockpile. The C-Zone LOM plan includes 369 kt of waste mined from the drawpoints but not processed,
and this material is excluded from the mineral reserve estimates.
Intermediate-grade C-Zone mineral reserves can also be segregated and stockpiled on surface.
| 12.4 |
Ore Loss and Dilution
|
Block cave dilution is simulated dynamically within PCBC, based on the geometry of the cave, mixing parameters, and mining sequence. Total
dilution over the life of the C-Zone block cave is estimated at 28.6%, which includes 4.6% internal dilution. A key objective for the C-Zone mine design and draw sequence is to minimize dilution
from the picrite zones. As such, early cave growth is prioritized on the north side of the footprint, away from the picrite contact. The cave back will be brought back to a more even height at
mid-height of draw. Ore recovery in the block caves is assumed to be 100% of the mixed/diluted block model.
Dilution assumptions for East Extension stopes are based on the outputs of Matthew’s empirical stope stability model, considering the rock mass
quality and planned stope dimensions. Dilution is currently estimated at 10.8%, with 5.8% from hanging-wall and footwall overbreak at the block model grade and 5% backfill dilution at zero
grade. Longitudinal stopes are planned for the extraction of the high-grade core of the deposit, within a lower- grade halo. Therefore, hanging wall and footwall overbreak dilution is expected
to be low grade. The mine design allows for 3 m wide rib pillars between the backfilled stopes to minimize backfill dilution. An additional 93% mining recovery factor is applied to stope tonnes
to account for unblasted ore in the shoulders of the stopes and unmucked ore remaining on the floor of the stopes.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| Table 12‑1: |
NSR Parameters
|
|
Parameter
|
Units
|
Value
|
|||||
|
NSR assumptions
|
Gold price
|
US$/oz
|
1,650
|
||||
|
Copper price
|
US$/lb
|
3.50
|
|||||
|
Silver price
|
US$/oz
|
20
|
|||||
|
Exchange rate
|
C$:US$
|
1.30
|
|||||
|
Gold recovery
|
%
|
variable
|
|||||
|
Copper recovery
|
%
|
variable
|
|||||
|
Silver recovery
|
%
|
variable
|
|||||
|
Gold payable
|
%
|
97.4
|
|||||
|
Copper payable
|
%
|
95.8
|
|||||
|
Silver payable
|
%
|
90.0
|
|||||
|
Gold refining charge
|
US$/oz
|
5.05
|
|||||
|
Copper refining charge
|
US$/lb
|
0.061
|
|||||
|
Silver refining charge
|
US$/oz
|
0.454
|
|||||
|
Total treatment cost
|
US$/dmt concentrate
|
61
|
|||||
|
Total transport cost
|
US$/wmt concentrate
|
141
|
|||||
|
Cut-off value parameters
|
Mining cost – block caving
|
US$/t processed
|
11.50
|
||||
|
Mining cost – stoping
|
US$/t processed
|
87.50
|
|||||
|
Processing cost
|
US$/t processed
|
9.00
|
|||||
|
G&A cost
|
US$/t processed
|
3.50
|
|||||
|
Total block caving cost
|
US$/t processed
|
24.00
|
|||||
|
Total stoping cost
|
US$/t processed
|
100.00
|
| 12.5 |
Commodity Price
|
The gold price used in mineral reserve estimation is based on analysis of three-year rolling averages, long-term consensus pricing, and
benchmarks to pricing used by industry peers over the past year. An explanation of the derivation of the commodity prices is provided in Chapter 16.2.
The estimated timeframe is the seven-year LOM that supports the mineral reserve estimates.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 12.6 |
Mineral Reserve Statement
|
Mineral reserves were classified using the mineral reserve definitions set out in S-K 1300. The reference point for
the mineral reserve estimate is the point of delivery to the process plant.
Mineral reserves are reported in Table 12‑2 and are current as at December 31, 2025.
The Qualified Person for the estimate is Mr. Tyler Roberts, P.Eng., a Coeur employee.
| 12.7 |
Uncertainties (Factors) That May Affect the Mineral Reserve Estimate
|
Factors that may affect the mineral reserve estimates include:
| • |
Changes to the long-term copper, gold, and silver price and exchange rate assumptions;
|
| • |
Changes to the parameters used to derive the cave outlines and stope shapes and determine the cut-off values;
|
| • |
Changes to geotechnical and hydrogeological assumptions;
|
| • |
Changes to the cave mixing model and dilution estimates;
|
| • |
Changes to metallurgical recovery assumptions;
|
| • |
Changes to inputs to capital and operating cost estimates;
|
| • |
Continued ability to access the site, retain mineral and surface rights titles, maintain environmental and other regulatory permits, and maintain the social
license to operate.
|
There are no other mining, metallurgical, infrastructure, permitting, or other relevant factors known to the Qualified Person that would
materially affect the estimation of mineral reserves that are not discussed in this Report.
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Table 12‑2:
|
Proven and Probable Mineral Reserves Statement
|
|
Zone
|
|
Category
|
Tonnes
(kt)
|
Grade
|
Contained Metal
|
Metallurgical
Recovery
(%)
|
|||||||||||||
|
Au
(g/t)
|
Ag
(g/t)
|
Cu
(%)
|
Au
(koz)
|
Ag
(koz)
|
Cu
(Mlbs)
|
||||||||||||||
|
C-Zone
|
Proven
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||
|
Probable
|
35,212
|
0.65
|
1.62
|
0.72
|
739
|
1,837
|
556
|
88.5
|
|||||||||||
|
Sub-total proven
and probable
|
35,212
|
0.65
|
1.62
|
0.72
|
739
|
1,837
|
556
|
88.5
|
|||||||||||
|
East Extension
|
Proven
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||
|
Probable
|
962
|
1.31
|
8.5
|
1.63
|
41
|
264
|
35
|
87.6
|
|||||||||||
|
Sub-total proven
and probable
|
962
|
1.31
|
8.5
|
1.63
|
41
|
264
|
35
|
87.6
|
|||||||||||
|
Total
|
Proven & Probable
|
36,174
|
0.67
|
1.79
|
0.74
|
780
|
2,101
|
591
|
88.5
|
||||||||||
Notes to accompany mineral reserve table:
| 1. |
The Mineral Reserve estimates are current as at December 31, 2025, and are reported using the definitions in Item 1300 of Regulation S–K (17 CFR Part 229) (S-K
1300).
|
| 2. |
The Qualified Person for the estimate is Mr. Tyler Roberts, P.Eng., a Coeur employee.
|
| 3. |
Mineral Reserves are estimated using metal price assumptions of US$3.50 per pound of copper, US$1,650 per ounce of gold, and US$20 per ounce of silver, and a
foreign exchange rate assumption of C$1.30 : US$1.00.
|
| 4. |
C-Zone block cave Mineral Reserves are reported at a cut-off NSR of US$24/t and East Extension Mineral Reserves are reported at a cut-off NSR of US$100/t,
based on processing costs of US$9.00/t processed, G&A costs of US$3.50/t processed, block caving costs of US$11.50/t ore mined, and stoping costs of US$87.50/t ore mined.
Metallurgical recoveries vary depending on ore type and grades.
|
| 5. |
Rounding of short tonnes, grades, and troy ounces, as required by reporting guidelines, may result in apparent differences between tonnes, grades, and
contained metal contents.
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 13.0 |
MINING METHODS
|
| 13.1 |
Introduction
|
The mineral reserve estimates are based on block caving and long-hole stoping underground mining methods. The B3 and C-Zones are mined using
block caving, and the East Extension is planned to be mined using stoping. Mining of the B3 block cave is expected to be completed in Q1 2026. Material is continuing to be drawn from the B3
cave; however, this material is unclassified and is not included in the mineral reserves or mine plan in this Report.
| 13.2 |
Geotechnical Considerations
|
| 13.2.1 |
Caveability and Fragmentation
|
Cave monitoring systems indicated that the transition from cave construction into sustainable caving occurred when the drawbell hydraulic radius
was 23 m for West Cave, 21 m for East Cave and 23 m for the B3 Zone. In general, the C-Zone geology is similar to that of the West and B3 Caves. Empirically, its critical hydraulic radius was
estimated to be between 21–23 m, which was proved successful during C-Zone cave initiation. Numerical modelling work by Itasca Consulting Inc., and Beck Engineering Ltd. (Beck) was completed and
produced similar estimates. Review of the Lift 1 and B3 cave monitoring system indicated that the transition to sustainable caving was evidenced by an increase in microseismic events vertically
above the drawpoints and by the observation of cumulative breaks over production intervals on the time-domain reflectometry systems.
When a drawbell is initially developed and blasted rock is mined out, fragmentation from the caving process is generally coarse. As the draw
column matures, the rock fragmentation becomes finer due to secondary fragmentation. Hang-ups occur when broken rock, either single or multiple large rocks, within the drawbell fails to flow out
of the drawpoint as intended, causing a blockage. However, most hang-ups typically occur on the cave boundaries along the footprint perimeter. They can also occur in early draw column height
within the moderately fractured rock. As anticipated, random hang-ups also occur over the life of extraction within the regular highly fractured rock and mature drawbells. Coeur tracks hangups
each shift and has a mobile rock breaker and blasting practice developed for hangup occurrences.
| 13.2.2 |
Stope Stability
|
Stope stability analysis for East Extension is based on results from geotechnical mapping of drill core. Data collection is conducted using
Q-Index and then processed by the empirical modified stability-graph method (after Potvin, 1988; Nickson, 1992; and Hadjigeorgiou et al., 1995). During development, geotechnical mapping will be
conducted in the access drives to validate the stope design criteria and ground support requirements. Stopes are scheduled to be backfilled with cemented rock fill shortly after they are mined
to reduce stand-up time and overbreak.
|
New Afton Operations
British Columbia
Technical Report Summary
|
Stope locations in East Extension have been numerically modelled to evaluate their proximity to the C-Zone cave influence area. Geotechnical offsets were applied to ensure that stress
impacts remain outside the anticipated C-Zone caving zones.
To further mitigate potential risks, the mine design incorporates a longitudinal mining method. This method involves retreating eastward, away
from the C-Zone cave area, during resource extraction. By adopting this approach, this design safeguards critical ramps and stope access against any unforeseen cave deviations within the C-Zone,
enhancing operational reliability and safety.
| 13.2.3 |
Surface Subsidence
|
Surface subsidence was initially observed in 2011 as the West Cave progressively migrated and broke through to the surface, creating a depression
in the topography. This was followed by the breakthrough of the East Cave into the open pit. Mining within West and East caves was completed in April 2021 and February 2022, respectively.
Observed subsidence rates decreased following closure of Lift 1 and prior to the onset of influence from B3. Mining of B3, the second lift, commenced mid-2021.
The timing and extent of B3 cave progression and initial subsidence expression are attributed to the pre-existing broken and mobilized material
within the West Cave muck pile and its associated subsidence zone. Initial subsidence deformations were observed across the existing West Cave subsidence zone as the B3 cave propagated into the
intact ore body portion located adjacent to the West Cave in mid-2022. The progression of the B3 cave triggered the limited mobilization of the overlying Lift 1 extraction level and associated
muck pile, and was accompanied by increasing surface subsidence, particularly along its westernmost boundary.
The influence of subsidence is recorded by a very robust automated instrumentation program and is also monitored using visual observations,
aerial photography, and amplitude-based satellite InSAR. This extensive fully automated monitoring dataset is available to on-site staff, external consultants, and to the TSF Engineers of Record
for routine interpretation of subsidence trends and monitoring of several key mine infrastructure areas.
Numerical modelling is also used to help forecast underground performance and progression of subsidence for long-range planning and to assess and
mitigate potential impacts to mine infrastructure. Beck provides a subsidence forecast model based on input from New Afton and their consultants. Beck updated the latest subsidence model in
August, 2023. Coeur uses the numerical model solely for planning purposes and continues to rely on the observational method, instrumentation data, and remote sensing data to monitor the
progression of subsidence at the mine site.
Mining subsidence from C-Zone, which is located approximately 1,150 m below surface, has been numerically modelled and forecasted using existing
geotechnical and geology datasets. C-Zone is expected to initially breakthrough into the pre-existing B3 and Lift 1 West Cave subsidence influence areas; monitoring will continue using the
existing programs in place for B3 cave mining, with additional monitoring installations as required by the site or TSF Engineers of Record.
|
New Afton Operations
British Columbia
Technical Report Summary
|
East Extension is not expected to cause additional subsidence as the longitudinal stopes are to be backfilled with cemented rock fill, and
geotechnical spans will be minimized to reduce the occurrence of caving stopes.
| 13.2.4 |
Mud Rushes
|
The Mudrush Risk Management Procedure ensures safe working conditions in the event of potential mudrush events caused by cave-groundwater
interactions. These safe working conditions are achieved by implementing a drawpoint classification matrix and a Standard Operations Procedure (SOP). Routine drawpoint inspections are conducted
by draw control, geotechnical, and geology personnel to monitor moisture content and fragmentation. Observed changes in drawpoint moisture during active production are reported by the operators.
A mudrush risk-status board is maintained underground to communicate immediate changes in risk to those working on the level, and a weekly mudrush risk map is published to the underground and
technical teams, summarizing data from inspections over the previous week. Regular priority meetings with underground personnel ensure clear communication of the mudrush status and associated
risk categories. In cases where a drawpoint is classified as high risk, automated or remote production scoops are used to prevent personnel exposure to potential mudrush material flow. In the
C-Zone, similar to B3 and Lift 1, if a mudrush risk is present, production will primarily be carried out using a fleet of automated scoops. No mudrush occurrences were observed during the mining
of the C-Zone or B3 cave.
| 13.2.5 |
Air Blast
|
An air gap is the void space between the intact rock at the cave back and the top of the broken rock muckpile. This void forms as production
begins and material is extracted through the drawpoints. During the caving process, stress changes cause the intact rock at the cave back to break onto the muckpile, gradually filling the void.
However, if the stress changes are insufficient to break the intact rock at the cave back, the air gap can grow larger as production continues to pull the muckpile down. A larger air gap
increases the risk of instability, as it allows larger blocks or volume of intact rock to fall over an increased air gap height. The larger blocks or volume of falling material can compress the
trapped air, causing it to escape at high velocities through connected workings and potentially result in an airblast, which may pose a significant risk to both personnel and equipment.
Coeur actively interprets and manages the risk of air blasts through the application of its Cave Management Plan, by inputting production numbers
and monitoring data from geotechnical instrumentation. To mitigate potential risks, air blast bulkheads have been installed at existing and anticipated connections that may develop during the
caving process. Once the cave has broken through to the surface, the risk of an air blast is eliminated, as material from the caving process has filled any significant void space.
The East and West Caves from Lift 1, as well as the B3 cave, have broken through to the surface and no longer pose an air gap risk. Air gap
analysis and monitoring are ongoing as caving progresses in the C-Zone with breakthrough to the B3 level expected by late-2026 to mid-2027.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 13.2.6 |
Support Systems
|
The primary ground support system for standard development comprises fiber-reinforced shotcrete, tendon reinforcements (such as rebar bolts or MD
bolts), and welded wire screen.
Ground support for the extraction level includes a primary support system, consisting of fiber-reinforced shotcrete, MD bolts or dynamic rebar
bolts, and screen; followed by secondary support comprising long tendon support (cable bolts and self-drilling anchors) and reinforced strapping (OSRO straps and pillar wrapping), with an
additional layer of mid- to low-wall shotcrete cover to protect equipment from damage.
Ground support for the development of East Extension will be based on the existing ground support standards for fair to good ground conditions.
On the ore drives, cable bolts were planned for the brows of all stopes and for all permanent intersections; they will also be placed in selected areas of hanging wall, footwall, and backs of
stopes.
All major long-term infrastructure, such as conveyor transfer chambers and crusher stations, were located outside of the mining footprint to
minimize their exposure to the induced strain and stress changes caused by the caving process. Given the significant span (>6 m) and long service life anticipated for these excavations,
secondary support systems such as long tendon support (cable bolts) and straps were used to reinforce the rock mass in addition to the primary support system.
Multi-point borehole extensometers are used to measure the in situ displacement of the rock mass near an opening and to assess the performance of
the installed ground support. They are typically installed in the back and sidewalls in a cable-bolted intersection or area of larger span. Handheld LiDAR scanning is also completed to provide a
background dataset that can be used for comparative purposes for determining how much deformation has occurred due to regional mine closure over time. An area can be chosen for monitoring based
on the importance, excavation quality, geology type, structural complexity, and/or anticipated stress conditions.
| 13.2.7 |
Monitoring
|
A large array of instrumentation has been installed for all caves. In the current operating caves, B3 and C-Zone, a microseismic system is used
to capture mining-induced seismicity. The system used for the B3 cave was expanded with the development of the C-Zone mine, allowing for the source-location of microseismic events caused by
ongoing caving activity. Seismic tomography is also utilized with the seismic system to assist with cave profile interpretation.
Metallic and fiber-optical time-domain reflectometry systems are co-axial or fiber-optic cables, grouted in a drill hole, that can be used to
determine rock-mass response to mining. Reflections in the cable are generated by cable deformation, abrasions, water, or severing caused by ground movement. They are used to track and monitor
the cave profile as the mining front advances to surface and along the footprint.
A wireless battery-powered system for cave monitoring (Geo4Sight from Elexon Mining) is also used where the use of cabled monitoring systems is
not possible, or where cables are at high risk of being damaged by moving ground. The system provides a more robust and versatile alternative to wired cave-monitoring systems, as the data are
transmitted wirelessly through rock, and thus is not vulnerable to hole shearing/dislocation.
|
New Afton Operations
British Columbia
Technical Report Summary
|
Cave tracker and beacons provide real-time insight into cave flow and cave propagation. This technology uses magnetic beacons which are embedded
in the ore body. They emit a magnetic field pulse on a set time period. The beacons that are embedded can be tracked in 3D as they move with the fragmented rock of the orebody. The ability to
track beacon movement allows mine engineers to determine which parts of the cave are moving. These beacons are built to withstand the rigors of the underground cave environment.
| 13.3 |
Hydrogeological Considerations
|
The Lift 1 underground dewatering system consists of two vertical sumps located at the bottom of the Lift 1 development. Each sump has a capacity
of approximately 240 m3 and its outflow is connected to a single dewatering system of three booster stations
arranged along a 200 mm dewatering line. The dewatering system is fully automated. One of the two sumps is kept empty as reserve capacity. The maximum design pumping rate of the system is 184 m3/h and the system currently operates at approximately 110 m3/h.
The B3 and C-Zone underground dewatering system consists of a single settlement sump which collects all water. Water from the clean side of the
sump is pumped using a single 150 hp pump through a dedicated line into the Lift 1 vertical sumps.
The C-Zone underground dewatering system uses a similar setup to the Lift 1 system, with the same design capacity of 184 m3/h. It uses two 240 m3 vertical
sump tanks, pumps, 200 mm steel dewatering line, and booster stations. The C-Zone dewatering line drains into the Lift 1 sump tanks for pumping to surface.
| 13.4 |
Operations
|
| 13.4.1 |
Mining Method
|
The block cave mining method involves development of a footprint at the base of the cave that includes an undercut level for initiating the cave
and an extraction level from which ore will be mucked from drawpoints for the duration of the cave. Block caving initially requires up-front capital investment in development and footprint
construction; however, the subsequent production period requires minimal capital investment which is why block caving is considered the underground mining method with the lowest unit mining
costs. Other benefits of block caving include high production rates and low environmental impacts.
The mining plan for East Extension, located east of C-Zone, is to use a longitudinal long-hole stoping method. The method involves the
development of drifts along the strike of the ore body at regular level intervals, followed by drilling and blasting of stopes between levels, and mucking the broken ore from the lower level
using load–haul–dump vehicles (LHDs). After completion of ore extraction, stopes will be backfilled using a combination of rockfill and cemented rockfill.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 13.4.2 |
Access
|
The underground mine is accessed by decline from a portal on surface located to the south of the processing plant. From surface to a depth of 650
m below surface, a single 5.5 m wide x 6.0 m high decline is used for both vehicle access and the conveyor, which is suspended from the back of the decline. From this elevation to the bottom of
C- Zone at 1,150 m below surface, the mine has two declines: a 5.5 m wide x 5.8 m high access decline and a 5.5 m wide x 6.0 m high conveyor decline.
An exploration ramp was developed from the New Afton open pit to provide early access for Lift 1 development and construction but is no longer
accessible since the East Cave breakthrough to surface. Emergency egress is available through a fresh-air raise equipped with an Alimak elevator and a staging area.
| 13.4.3 |
B3 Cave
|
The B3 block cave extraction level is approximately 160 m below the mined-out Lift 1 and 760 m below surface. The B3 footprint measures
approximately 250 x 125 m for a footprint area of approximately 31,000 m2; this is smaller than the Lift 1 and
C-Zone block cave footprints. The B3 cave has a total of 65 drawbells.
Ramp development from Lift 1 to the B3 cave area began in 2015. The advanced-style method of undercutting commenced in the western footprint
extent in December 2020, with drawbell development beginning in June 2021. The initial interaction of the B3 caved zone with the Lift 1 extraction level is interpreted to have occurred in August
2022 and construction of the B3 cave was completed in the fourth quarter of 2022.
The B3 extraction level is designed with four longitudinal strike drives and 111 drawpoints arranged in a straight-through (El Teniente-style)
pattern. Drawbell spacing is 16.5 x 27.0 m. Ore passes are located on the level’s east side.
The undercut level was designed 18 m above the extraction level (floor-to-floor) with five undercut strike drives. An apex level was developed in
the expected critical hydraulic radius (the expected hydraulic radius required for the cave to self-propagate) to de-risk initial caving; it was successfully omitted from the remainder of the
footprint to reduce development costs. A haulage level where haul trucks are loaded from chutes at the bottom of the ore passes is located 20 m below the B3 extraction level.
| 13.4.4 |
C-Zone
|
The C-Zone extraction level is located approximately 390 m below the B3 extraction level and 1,150 m below surface. The footprint of the C-Zone
measures approximately 460 x 120 m for an area of approximately 55,000 m2. Development of the dual decline from
the B3 area to the C-Zone commenced in 2019 and reached the C-Zone footprint in the second quarter of 2022. Undercut blasting commenced in mid-2023 and the first C-Zone drawbell was blasted in
October 2023. Coeur achieved commercial production at C-Zone in the fourth quarter of 2024, with the materials handling system coming online and the cave footprint reaching the targeted
empirical hydraulic radius for self-cave propagation.
|
New Afton Operations
British Columbia
Technical Report Summary
|
Following the success of the reduced apex level at the B3 cave, the apex level was omitted from the C-Zone design, eliminating approximately
2,000 m of development originally planned in the feasibility study design.
The undercut level is 20 m above the extraction level; it includes 18 undercutting drives that are designed to sit directly above the 18 lines of
the drawbells on the extraction level. The southern end of each undercut drive includes a wider section for the purpose of slot blasting. The undercut level features two ore passes connecting
down to the haulage level and one temporary vent raise to the extraction level.
The extraction level has seven transverse crosscuts, 91 designed drawbells, and a total of 177 drawpoints arranged in a herringbone layout with a
drawbell spacing of 18.0 x 27.0 m. The north–south alignment of the strike drives allows for targeting of the ore contact on the south border of the cave, and provides increased flexibility and
improved automation capability. The extraction level has four access drives that connect the extraction footwall drive to the main C-Zone footwall drive, itself located to the north of the
footprint. The extraction footwall drive features seven ore-passes and one ventilation raise that each connect to the haulage level below.
The haulage level is located north of the cave footprint and 25 m below the extraction level. The haulage level contains the gyratory crusher in
the center of the level, multiple large muck storage areas, battery bays on either side of the level, and a motor room access drive. The level has three accesses to the main C-Zone footwall
drive as well as seven ore passes and two ventilation raises connecting to levels above and below.
The ventilation level lies 20 m below the extraction level and runs east–west across the footprint, with 17 ventilation raises connecting up to
the southern ends of the 17 extraction crosscuts.
The dewatering level is located at the lowest elevation of the C-Zone level and connects to the bottom of the conveyor declines. This level
includes a ventilation raise up to the haulage level, the C-Zone conical sumps, and the main dewatering infrastructure.
| 13.4.5 |
East Extension
|
The East Extension is located 120 m east of the C-Zone block cave, and 150 m above the C-Zone extraction level. East Extension mineral reserves
extend approximately 200 m vertically and 140 m along strike. The current design has 10 levels, spaced at 20 m vertical intervals, with ramp access from the east. Each level has a single or
second parallel ore drive running east–west, with dimensions of 5.0 m wide x 5.0 m high.
There are 114 stopes designed in three panels to optimize scoop productivity; the panels are separated by 5 m thick sill pillars. Based on
geotechnical core data and stope stability analysis, stopes were designed with dimensions of 14 m long x 20 m high and a width up to 20 m. Stoping is sequenced bottom-up within each panel and
retreats eastward to the ramp access on each level. After the ore is mucked out, stopes will be backfilled using a combination of rockfill and cemented rockfill. Cemented rock fill will be mixed
within designated mixing sumps at a target cement content of 7%. Other potential options for cemented rock fill mixing are being investigated using a mobile mixer. Material testing of the
cemented rock fill may allow for adjustments to the cement content.
|
New Afton Operations
British Columbia
Technical Report Summary
|
Development of the East Extension ramp is scheduled to commence in 2028, and ore production is planned to take place concurrently with production
from the C-Zone block cave from 2028–2032.
| 13.5 |
Materials Handling
|
The materials handling system consists of ore passes, underground crushers, a conveyor system to surface, and underground truck haulage.
| 13.5.1 |
B3 Cave
|
At the B3 cave, LHDs muck and tram the ore from the drawpoints to ore passes on the extraction level. B3 ore passes are 34.5 m high with a
storage capacity of approximately 950 t. Ore is then hauled up-ramp to the Lift 1 gyratory crusher using 45 and 50 t articulated dump trucks, for a one-way haulage distance of approximately
1,400 m. No mineral reserve is estimated for the B3 cave (see discussion in Chapter 13.9).
| 13.5.2 |
C-Zone
|
C-Zone ore passes transfer broken ore from both undercut and extraction levels to the haulage level. Extraction-level ore passes are spaced such
that the maximum tram distance from any drawpoint is ≤150 m. Grizzlies are installed on the ore passes to size material prior to crushing, and oversized material is either handled at the
drawpoint or in a remuck with a mobile rock breaker. The ore passes link the undercut level and extraction level to the haulage level.
Development waste is handled through the same production ore passes but separately, using strict procedures and communication between extraction-
and haulage-level workers. A waste storage bay on the haulage level is used to stockpile waste for batch crushing and conveying. All ore and waste is transported to surface via the crushing and
conveying system. The system consists of two FLSmidth 1,100 x 1,800 mm gyratory crushers, located on the Lift 1 and C-Zone haulage levels. The C-Zone crusher is located outside of the
anticipated cave-induced abutment stress zone.
Trucks and LHDs dump directly into the gyratory crushers; both crushers have two dump points to increase dumping efficiency and shorten cycle
times. Each crusher is equipped with a remotely controlled rock breaker. Below the crushers are 800 t surge bins that feed crushed material onto the conveyor belt system. The two gyratory
crushers can feed the conveyor system simultaneously by adjusting their respective apron feeder speeds at the bottom of the ore bins.
The Lift 1 conveyor system consists of five conveyors and transfer stations to surface. The C-Zone conveyor system consists of four conveyors and
transfer stations, tying into the Lift 1 conveyor system at its first transfer station. Conveyors are suspended from the back of the conveyor declines to allow vehicle traffic underneath. The
entire materials handling system is controlled by one operator from a control cab at the crusher and two employees who perform system checks and empty the tramp steel bin. The system is also
equipped to run remotely on surface from the Integrated Operations Centre.
|
New Afton Operations
British Columbia
Technical Report Summary
|
A jaw crusher installed during Lift 1 mine development is available as a back-up crusher and has a capacity of 6,700 t/d. Additionally, an MMD
GPHC Ltd. 625 mineral sizer was installed as a temporary crusher in the C-Zone conveyor decline to improve material handling efficiency during development and construction of C-Zone and is now
moved to a permanent location to additionally reduce material size and optimize mill grinding efficiency and metal recovery at full production from C-Zone.
The peak conveyor capacity is 1,200 t/h, although an average operating rate of 1,000 t/h is typical. Through shift change, the conveyor system is
operated remotely from the Integrated Operations Center providing an extra hour of conveying. Once the belts are emptied, the system can be shut down to conserve energy.
| 13.5.3 |
East Extension
|
East Extension materials handling will be managed by trucking ore from the stopes to the primary crusher location on C-Zone. Remote-enabled 15 t
LHDs are planned for East Extension production, with 50 t haul trucks for material movement to the crusher. The average haul distance for trucks from the level will be approximately 2,000 m from
level to crusher, down a 13% ramp.
| 13.6 |
Underground Infrastructure
|
| 13.6.1 |
Maintenance and Workshops
|
All maintenance work can be performed underground in the 2,500 m2
maintenance shop. The main shop consists of one high-bay equipped with a 40 t overhead crane, three smaller bays, one welding bay, one parts storage bay, and an access drift. Up to six
underground haul trucks can be worked on simultaneously in the large high bay. Oil and grease are stored in an adjacent bay equipped with a fire door and pumped throughout the shop to dispensing
racks.
A second underground maintenance shop is under development for C-Zone, with construction scheduled for completion in 2026. It will consist of one
high bay equipped with a 20 t overhead crane, three smaller maintenance bays, a lunch/office room, a warehouse, an electrical room, tool and storage rooms, and a lube room.
Battery charging bays are in select locations across Lift 1, B3 and C-Zone to support the battery electric fleet. Battery charging bays are
typically equipped with 2 t back-mounted monorails and can hold four batteries at a time for charging. Small auxiliary service bays on the B3 and C-Zone levels currently accommodate minor
equipment repairs.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 13.6.2 |
Fuel Bay
|
A single underground fuel bay is located adjacent to the lift 1 haulage level, with two satellite fuel bays located on the B3 footwall and C-Zone
decline. The fuel bay contains two 5,000 L fuel tanks each mounted on a cassette-style mobile platform. The fuel tanks are placed inside a containment area equipped with an automatic fire door.
Once per day, the fuel cassette is loaded onto a multi-purpose cassette carrier and driven to surface to be filled. In addition to fuel, the fuel bay stores grease, washer fluid, and other
supplies needed for equipment maintenance.
| 13.6.3 |
Batch Plant
|
All concrete and shotcrete products used underground are produced at the on-site batch plant. The truck-mix-style plant can produce over 80 m3 of product per shift. Control of the plant is through a dedicated system that has pre-programmed recipes for each
product required. Shotcrete and concrete products are delivered via 4 or 6 m3 underground transmixers.
| 13.6.4 |
Refuge Stations
|
Underground refuge stations are provided throughout the mine to safeguard personnel during emergencies. Coeur uses a combination of permanent
constructed refuge chambers within each block cave production footprint, and semi-portable containerized refuge stations elsewhere.
| 13.6.5 |
Utility and Fire Water
|
Fresh water from Kamloops Lake is provided to the underground mine for both utility and fire water use. Underground water supply is via a 6-inch
(approximately 15 cm) steel pipeline suspended from the back of the main conveyor declines and distributed throughout the mine. The crushers and conveyor systems and primary underground
maintenance shops are outfitted with fire detection and sprinkler suppression systems.
| 13.6.6 |
Compressed Air and Electricity
|
Compressed air is run throughout the mine and is supplied by compressors located near the portal. Smaller auxiliary compressors installed
underground provide additional compressed air locally for high-use applications. Electrical power is reticulated through the mine at 13.8 kV via a ring main system. Permanent and portable
underground substations step power down to 600 V for service equipment.
| 13.6.7 |
Communications
|
The mine site runs an extensive communication system that comprises a fiber-optic network, two-way Tetra radio system and wi-fi. This
configuration enables services such as process control, automated LHD operations, business data, seismic monitoring, closed circuit television, security access, and fire alarm network, private
long-term evolution network on surface and underground, and two-way voice communication.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 13.7 |
Ventilation
|
The current ventilation layout is a push–pull system with six ventilation raises to surface: three intake raises and three exhaust raises. The
intake raises (VR5, VR6, and VR7) are fitted with 800 hp axial fans. The exhaust shafts (VR2, VR3, and VR4) are fitted with 600 hp axial fans. The main conveyor portal also exhausts air from the
mine, as shown in Figure 13‑1.
The three intake raises supply approximately 1,150,000 cfm of fresh air to the top of the access decline, where air is split into two sections,
with approximately 600,000 cfm directed down the access decline and 550,000 cfm directed down the fresh air intake. The conveyor decline exhausts approximately 250,000 cfm from the mine with the
remainder flowing through the exhaust raises. Primary air flows are monitored and tracked via the on-site distributed control system.
Development faces and temporary access areas (such as the undercut level) are ventilated using auxiliary fans with ventilation ducting, while
major production areas (such as the extraction levels) are ventilated using either flow- through ventilation or via a fan in a bulkhead design.
The B3 cave ventilation circuit feeds from and exhausts into the existing mine ventilation circuit. B3 has fresh air delivered to the working
area via the B3 cave access ramp. The lower portion of the haulage ramp where trucks are loaded will be fed from a fan and ducting. The air then flows into the footwall drive. Flow continues to
the west side of the B3 cave footprint where it then flows east across the extraction strike drives. The air from the B3 cave extraction then exhausts up two vertical raises on the eastern side
of the footprint to the existing mine return air circuit.
Ventilation to the C-Zone is supplied through a push-pull system, using the same main surface fans currently supplying air to Lift 1 and B3, as
well as booster fans in the C-Zone exhaust air path. Fresh air enters the footwall drive from the Lift 1 access decline via a 4.0 m diameter vertical raise from the top of the C-Zone decline. It
then flows through the extraction crosscut drives before entering the return air circuit. Fresh air is provided to the undercut level using auxiliary fans and flexible ducting from the footwall
drive. Fresh air to the haulage level flows through each haulage leg from the footwall drive and travel to the extraction level to be exhausted into the return air circuit. The conveyor drives
and a second 4.0 m diameter raise exhausts all the air up to the Lift 1 return air circuit, which exhausts the air out of the mine.
The East Extension is estimated to require 275 kcfm of airflow. During development, 135 kcfm will be provided to the upper and lower ramp by two
200 hp fans in parallel. Once the main access ramp is connected, 275 kcfm will be redirected from the C-Zone to flow through the East Extension.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| Figure 13‑1: |
Ventilation Schematic
|
Note: Figure prepared by Coeur, 2026.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 13.8 |
Blasting and Explosives
|
Three explosives magazines are located on site: two on surface, and two underground. The surface magazines hold ammonium nitrate fuel oil (ANFO),
bulk emulsion, and caps and boosters. Development mining explosives and production explosives are held in separate areas. The underground magazine has four separate bays, capable of holding all
types of explosives. Deliveries are received weekly and placed in the appropriate storage area.
| 13.9 |
Production Schedule
|
The LOM plan is based on the C-Zone block cave, and longitudinal stoping at the East Extension.
Mining of the B3 block cave is expected to be completed in Q1 2026. Material is continuing to be drawn from the B3 cave from outside the stated
proven and probable mineral reserves. This material is unclassified and is not included in the mineral reserve estimates. Draw will cease from the B3 cave at such a time as the observed grades
become uneconomical or the approaching C-Zone cave induces safety risks.
C-Zone mining production is expected to ramp up to approximately 5.4 Mt of ore in 2026 and 5.4–6.0 Mt/a from 2026–2032. In periods when the
mining rate exceeds the processing rate, intermediate-grade ore will be stockpiled on surface until it can be processed.
Development of the East Extension access ramp is scheduled to start from the top and bottom in 2028, and the first ore from East Extension is
expected in 2028. From 2028–2031, the East Extension is expected to provide approximately 500 t/d of high-grade supplementary mill feed.
With the ramping up of C-Zone block cave, the processing rate is planned to increase from an average of 13,750 t/od at the start of 2026 to full
capacity of approximately 16,000 t/d by the end of 2026. These processing rates were achieved in the past during mining of the Lift 1 block caves. Feed grades are planned to increase as C-Zone
caving advances into the core of the deposit, peaking in 2027 and 2028.
The current mine life is to 2032, based on the production plan shown in Table 13‑1. A cross-section through the mine showing the final mine
layout was provided in Figure 12‑1.
| 13.10 |
Equipment
|
The required mobile mining equipment to support current block cave production and C-Zone development is in place. Mining activities are carried
out by Coeur personnel using Owner equipment. Mining contractors can be employed if required; this is mostly to support C-Zone cave construction. The purchase of additional mining equipment is
included in the LOM plan to facilitate the C-Zone production ramp up and mining of the East Extension zone.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| Table 13‑1: |
LOM Production Plan
|
|
Item
|
Units
|
2026
|
2027
|
2028
|
2029
|
2030
|
2031
|
2032
|
Total
|
||||||||||
|
Underground Mining
|
|||||||||||||||||||
|
B3 ore tonnes mined
|
kt
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||
|
C-Zone ore tonnes mined
|
kt
|
5,705
|
6,112
|
5,780
|
5,520
|
5,628
|
5,650
|
817
|
35,212
|
||||||||||
|
East Extension ore tonnes mined
|
kt
|
—
|
—
|
120
|
360
|
252
|
230
|
—
|
962
|
||||||||||
|
Total ore tonnes mined
|
kt
|
5,705
|
6,112
|
5,900
|
5,880
|
5,880
|
5,880
|
817
|
36,174
|
||||||||||
|
Lateral development
|
m
|
357
|
—
|
4,183
|
1,689
|
—
|
—
|
—
|
6,229
|
||||||||||
|
Vertical development
|
m
|
116
|
—
|
—
|
—
|
—
|
—
|
—
|
116
|
||||||||||
|
Processing
|
|||||||||||||||||||
|
Ore processed
|
kt
|
5,641
|
5,993
|
5,966
|
5,942
|
5,877
|
5,844
|
913
|
36,176
|
||||||||||
|
Gold feed grade
|
g/t
|
0.68
|
0.81
|
0.83
|
0.74
|
0.58
|
0.42
|
0.31
|
0.67
|
||||||||||
|
Copper feed grade
|
%
|
0.79
|
0.88
|
0.89
|
0.80
|
0.64
|
0.49
|
0.35
|
0.74
|
||||||||||
|
Silver feed grade
|
g/t
|
1.87
|
2.13
|
2.08
|
2.01
|
1.57
|
1.27
|
0.80
|
1.79
|
||||||||||
|
Gold recovery
|
%
|
83.8
|
84.6
|
84.9
|
84.6
|
82.9
|
81.6
|
80.4
|
83.72
|
||||||||||
|
Copper recovery
|
%
|
87.9
|
88.9
|
89.3
|
89.0
|
87.7
|
86.9
|
86.3
|
88.28
|
||||||||||
|
Silver recovery
|
%
|
74.9
|
75.5
|
75.9
|
75.3
|
73.6
|
72.6
|
69.8
|
74.48
|
||||||||||
|
Gold production
|
koz
|
104.13
|
132.17
|
134.36
|
120.24
|
90.15
|
64.93
|
7.34
|
653.32
|
||||||||||
|
Copper production
|
Mlb
|
87.40
|
103.64
|
104.00
|
93.33
|
72.63
|
54.73
|
6.17
|
521.90
|
||||||||||
|
Silver production
|
koz
|
256.74
|
309.46
|
302.57
|
288.78
|
217.80
|
173.24
|
16.48
|
1,565
|
||||||||||
When the C-Zone block cave is in full production, ten diesel LHDs (Sandvik LH410) will operate on the extraction level to muck and tram ore from
the drawpoints to the ore passes. These LHDs will have the capability to be automated. In addition, five CAT R1300G LHDs will support the fleet in smaller tunnels.
On the C-Zone haulage level, four large battery-electric LHDs (Sandvik LH518iB) will be used for tramming the ore from the bottom of the ore
passes to the C-Zone gyratory crusher.
East Extension mining will require three LHDs and two trucks during production. The levels will have two remucks located within 40 m of the main
access ramp to be used as mixing bays and truck loading areas. Along the main access ramp, remucks will be spaced every 150 m to facilitate development. The development fleet for East Extension
will include four jumbos, five bolters, four scissor lifts, two ANFO loaders, four LHDs, and three trucks.
Following completion of B3 mining, and C-Zone development, existing mining equipment will be transferred to the East Extension. This includes
haul trucks, drill jumbos, bolters, shotcrete sprayers, production drills, an ANFO loader, and transmixers. The LOM plan includes the purchase of four LHDs, an additional haul truck, and an
additional ANFO loader.
|
New Afton Operations
British Columbia
Technical Report Summary
|
A list of the major mobile mining equipment, showing the current fleet and additional requirements to achieve the LOM plan, is provided in Table
13‑2.
| 13.11 |
Personnel
|
As of the end of 2025, the workforce totaled 652 employees, 81% of which (527 employees) were hired from the Kamloops region. A total of 169 of
New Afton employees identify as Indigenous (26% of the workforce) and 38 are SSN members (6% of the workforce). This does not include fixed-term contracts, part-time employees and includes
active and inactive employees.
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Table 13‑2:
|
Key Equipment List
|
|
Type
|
Model
|
Current Quantity
(Dec 2025)
|
Additional LOM Requirements
|
||||
|
Drill jumbo
|
Sandvik two boom
|
4
|
—
|
||||
|
Rock bolter
|
Sandvik bolters
|
8
|
—
|
||||
|
LHD
|
Sandvik LH410
|
10
|
—
|
||||
|
LHD
|
Sandvik LH518iB
|
4
|
—
|
||||
|
LHD
|
CAT R1600
|
6
|
—
|
||||
|
LHD
|
Large diesel LHDs (15t +)
|
6
|
2
|
||||
|
LHD
|
CAT1300
|
3
|
2
|
||||
|
Truck
|
CAT AD45
|
4
|
1
|
||||
|
Long hole drill
|
Sandvik DL 420 & 430
|
4
|
—
|
||||
|
Explosives
|
Emulsion & ANFO loaders
|
2
|
1
|
||||
|
Concrete mixer
|
Transmixers
|
8
|
—
|
||||
|
Shotcrete
|
Normet & Macleans prayers
|
4
|
—
|
||||
|
Utility
|
Scissor deck, boom truck & other
|
15
|
—
|
||||
|
Utility
|
Maclean blockholer
|
1
|
1
|
||||
|
Utility
|
CAT skid steer
|
5
|
—
|
||||
|
Utility
|
CAT 120/140 M grader
|
2
|
—
|
||||
|
Utility
|
CAT TH407 / TL943 telehandler
|
7
|
—
|
||||
|
Utility
|
CAT 930G IT loader
|
4
|
—
|
||||
|
Utility
|
MineMaster tractor
|
3
|
—
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 14.0 |
RECOVERY METHODS
|
| 14.1 |
Process Method Selection
|
The process plant design is conventional and has no novel parameters. The plant design was based on the testwork discussed in Chapter 13.
Optimization activities completed since plant startup in 2012 have assisted in increasing capacities and efficiencies.
The processing flowsheet consists of conventional crushing and grinding circuits, a flotation circuit, and a gravity circuit to produce a
copper–gold concentrate. Run-of-mine ore is crushed at the two underground gyratory crushers and underground sizer (C-Zone only) and transported via conveyor belts to the crushed ore stockpile
on surface.
| 14.2 |
Flowsheet
|
A flow diagram for the process plant (excluding the underground crush-convey system) is provided in Figure 14‑1.
| 14.3 |
Throughput
|
In 2025, the New Afton Mine processed 46.06 Mt with average metallurgical recoveries of 85.65% for gold, 89.24% for copper, and 75.35% for
silver, including a small amount through ore purchase agreements. The processing plant throughput is currently limited by mine production and, with C-Zone ramping up over the next few years, the
New Afton Mine intends to take advantage of the existing processing capacity at the mill to process up to 16,400 t/d.
| 14.4 |
Plant Design
|
| 14.4.1 |
Crushing
|
Run-of-mine ore is crushed to minus 150 mm through one of two 1,100 x 1,800 mm FLSmidth gyratory crushers located underground at the Lift 1 and
C-Zone cave haulage levels. In the case of C-Zone, a secondary stage of crushing is performed by an MMD S625 sizer to produce minus 75 mm feed for the processing plant. The ore is then
transported to surface via conveyor belts. Ore is discharged onto a 120,000 wmt crushed ore stockpile.
Waste and low-grade ore are diverted from the mill feed to the WRSFs and low-grade stockpile, respectively.
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Figure 14‑1:
|
Process Flowsheet
|
Note: Figure prepared by Coeur, 2026.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 14.4.2 |
Grinding
|
Located beneath the crushed ore stockpile, two 1.8 x 11 m apron feeders regulate the flow of ore onto the SAG mill feed conveyor. The SAG mill is
an 8.5 m diameter x 4 m long Farnell-Thompson mill, driven by a 5,220 kW GE motor with a variable speed drive. The SAG mill discharge is screened over a 2.4 x 6.1 m Deister double-deck screen
with 7 x 28 mm apertures on the lower deck. The screen-deck was upgraded from single to double deck in 2015. Both the upper and lower deck oversize are recycled to the SAG mill-feed conveyor,
with the option of crushing this recycle stream using an FLSmidth XL600 Raptor cone crusher.
Secondary grinding is accomplished using a 5.5 m diameter x 9.8 m long Farnell-Thompson fixed-speed ball mill driven by a 5,220 kW motor, in
closed circuit with seven (five operating) Krebs GMax-26 hydrocyclones.
Approximately 7% of the cyclone feed can be diverted to a Gekko inline pressure jig and magnetic separation circuit for native copper and gold
recovery and magnetite rejection, with concentrate reporting to the concentrate thickener. While still available, the jig circuit is not currently in use for B3 and C-Zone processing due to the
primary hypogene mineralization. Approximately 8% of the cyclone feed reports to a Metso Skim- Air 500 flash flotation cell with concentrate reporting to the regrind circuit, the fine tails
reporting to the ball mill cyclone feed pump-box and the coarse tails reporting to the ball mill feed. The cyclone overflow reports to the tertiary circuit.
The tertiary grinding circuit was added in 2015. Tertiary grinding is accomplished using a Metso Vertimill 3000 in closed circuit with seven
(five or six operating) Krebs GMax-26 hydrocyclones. The tertiary cyclone overflow reports to the rougher flotation cells. Approximately 10% of the tertiary cyclone feed can be diverted to a
continuous CVD42 Knelson concentrator for native copper and gold recovery with concentrate reporting to the cleaner inline pressure jig feed. While still available, the CVD42 circuit is not
currently in use for B3 and C-Zone processing due to the primary hypogene mineralization. Both the SAG and ball mill circuit control is supported with an expert control system.
| 14.4.3 |
Flotation
|
The tertiary grinding cyclone overflow flows by gravity into the rougher flotation circuit, which consists of two staged flotation reactor cells
in series followed by six 100 m3 flotation tank cells in series. The two staged flotation reactor cells were commissioned in 2017. The concentrate from the rougher flotation cells is collected
in launders and flows by gravity to the regrind circuit; the tailings from the final rougher cell is discharged into the tailings pump-box.
The regrind circuit grinds the flash and rougher flotation concentrates, decreasing the particle size to 80% passing 35 μm to 40 μm prior to
upgrading in the cleaner flotation cells. The regrind circuit consists of a 932 kW Vertimill in closed circuit with the regrind cyclopac. The regrind cyclopac consists of six (five operating)
Krebs GMax-15 hydrocyclones.
The underflow stream from two of the operating regrind cyclones is processed through two XD-40 Knelson concentrators to recover liberated gold
from the regrind circuit. The Knelson concentrate discharges to the final concentrate pump-box, where it is pumped to the concentrate thickener. The Knelson concentrator tailings are discharged
back to the regrind cyclone feed pump-box. The regrind cyclone overflow discharges to the cleaner flotation circuit and the tailings flow to cleaner scavenger flotation. Cleaner scavenger
tailings report to the tailings pump-box.
|
New Afton Operations
British Columbia
Technical Report Summary
|
Three staged flotation reactor cells were added to the head of cleaner flotation in 2015 to increase cleaner flotation capacity. The concentrate
from these three cells is combined with the inline pressure jig final concentrate (when operating), Jameson concentrate, and regrind Knelson concentrates to produce the final bulk
copper–gold–silver concentrate for dewatering.
| 14.4.4 |
Dewatering
|
The final concentrate is pumped to the concentrate thickener which achieves an underflow slurry density of approximately 55% solids. The slurry
is pumped to an agitated tank and subsequently pumped into one of the two filter presses, where it is dewatered to approximately 8% moisture.
The dewatered concentrate is discharged from the filter presses directly into the concentrate storage shed, before truck transportation to either
the DP World Fraser Surrey Docks (DP World) container port for ocean shipment to a smelter, or to the Ashcroft terminal for transportation by rail to a smelter in Quebec.
In the case of DP World, concentrate is loaded into containers (two per truck) at the New Afton shed. These containers are stored at the port
then emptied into the bulk hold of the ship. Empty containers are returned to site for reloading.
In the case of Ashcroft, the concentrate is loaded into side-dump trucks at the New Afton shed then stored in stockpiles at the Ashcroft terminal
before loading into railcars.
| 14.4.5 |
Tailings
|
The rougher and cleaner-scavenger flotation tailings are combined in the mill and pumped to the thickened and amended tailings plant which
includes a 45m Metso paste thickener. The slurry discharges to the thickener feed tank. Flocculant is added at the feed tank and/or the thickener feedwell. The slurry exits the bottom of the
feedwell into the thickener and is separated into two streams: supernatant thickener overflow and sedimented thickener underflow. The thickener underflow solids concentration is typically
maintained in the 61–65 wt% solids range.
The thickener underflow is pumped out from the bottom of the thickener using a centrifugal pump. The pump discharges to a distribution header
which splits the flow equally between the operating cement mixing and tailings pump trains. There are two operating pump trains and one on standby. Each pump train consists of a paste mixer, a
pump-box, a centrifugal charge pump and a high-pressure positive displacement pump. The positive displacement pumps discharge into a combined line, with the deposition location(s) controlled at
a valve yard close to the TSF. Tailings can be discharged to the New Afton TSF or at one of four spigot points along the Afton Pit TSF.
The thickener overflow exits at the top of the thickener via a weir into a collection launder. The launder discharges to a pipe which feeds the
thickener overflow pump-box. The water is returned to the mill process water system to maintain the mill operational water balance. Anti-scalant is added to control calcium carbonate buildup
resulting from lime addition in the process plant and the relatively high temperature of the recirculating process water.
|
New Afton Operations
British Columbia
Technical Report Summary
|
Thickening the tailings reduces the amount of water placed in the Afton Pit TSF and ultimately reduces the amount of water that will percolate
into the underground workings. The cement amendment process transitions the tailings from a fluid-like state to a soft-soil-like state within seven days of placement. This control guards against
tailings exfiltration through the broken cave-material associated with the Lift 1 East Block cave.
The TSF facilities are discussed in Chapter 15.
| 14.5 |
Equipment Sizing
|
The major equipment used in the process includes:
| • |
SAG mill; Farnell-Thompson 8.5 x 4.0 m; 5220 kW; variable speed;
|
| • |
Cone crusher; FLSmidth Raptor XL600; 447 kW;
|
| • |
Ball mill; Farnell-Thompson 5.5 x 9.8m; 5220 kW;
|
| • |
Tertiary mill; Metso VTM3000; 2,237 kW;
|
| • |
Regrind mill; Svedala VTM1250; 932 kW;
|
| • |
Ball mill cyclones; Krebs 7 x 66 cm gMax;
|
| • |
Tertiary cyclones; Krebs 7 x 66 cm gMax;
|
| • |
Regrind cyclones; Krebs 6 x 38 cm gMax;
|
| • |
Flotation recovery units:
|
| o |
1 x Metso SkimAir 500;
|
| o |
5 x Woodgrove staged flotation reactors (two in rougher and three in cleaner circuit);
|
| o |
6 x Metso TC 100;
|
| o |
7 x Metso TC 20;
|
| o |
5 x Metso TC 5;
|
| • |
Gravity recovery units:
|
| o |
2 x Knelson XD40 batch concentrators;
|
| o |
1 x Knelson CVD42;
|
| o |
2 x Gekko inline pressure jigs;
|
| • |
Concentrate thickener; Metso:Outotec 18 m high rate thickener;
|
| • |
Concentrate filter; 2 x IPM MCFH filter presses;
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| • |
Tailings thickener; Metso 45 m paste thickener;
|
| • |
Metso Courier 6X SL on-stream analyzer and PSI 300 particle size analyzer;
|
| • |
Delta V distributed control system.
|
| 14.6 |
Power and Consumables
|
| 14.6.1.1 |
Power
|
Most of the power consumption at the mill occurs in the grinding circuit. With a SAG mill that requires an average of 4.5 MW, a ball mill
requiring an average of 5.45 MW, a tertiary mill requiring an average of 2.1 MW and a regrind mill requiring an average of 0.45 MW, an average consumption of 105,000 MWh per annum is needed to
grind the ore to the optimal grind size for flotation and gravity separation.
| 14.6.1.2 |
Water
|
Water drawn from Kamloops Lake is used for applications requiring fresh rather than reclaimed water, as well as to make up any deficit in the
site water balance. Water is periodically reclaimed from the pond generated by consolidating tailings in the New Afton TSF as required to maintain a low water inventory and transported via the
Pothook TSF for use as mill process water. The dewatering system for the underground mine is also used as mill process water. The majority of mill process water is currently reclaimed from the
tailings thickener overflow. Minor sources of process water include the Historical Afton TSF wells and the dewatering system for the Afton Pit TSF.
| 14.6.2 |
Consumables
|
The major consumables used in processing include cement, grinding media, lime, collector (potassium amyl xanthate), and frother.
| 14.6.3 |
Personnel
|
The personnel requirements for the LOM average is 75 personnel within the Processing department including the surface, tailings, metallurgy, and
assay laboratory areas.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 15.0 |
INFRASTRUCTURE
|
| 15.1 |
Introduction
|
The New Afton Mine is in operation and has all the required infrastructure to support the operation. A plan of the mine site is shown in Figure
15‑1.
|
15.2
|
Surface Buildings and Facilities
|
The following administration and technical offices, as well as operations and maintenance facilities support the New Afton operations:
| • |
Security and first aid buildings equipped with an ambulance. First aid personnel are available full-time at the mine;
|
| • |
Emergency services building, equipped with two fire engines and mine rescue equipment. Mine rescue personnel are available full-time at the mine;
|
| • |
Ore concentrator (mill) building;
|
| • |
Assay laboratory;
|
| • |
Thickened and amended tailings plant;
|
| • |
Millwright shop, mobile maintenance shop, and tire shop;
|
| • |
Warehouse buildings and laydowns;
|
| • |
Integrated operations center that centralizes key mine planning, operations, and maintenance personnel;
|
| • |
Office buildings house the administration, mine operations and technical services, capital projects and i.t., safety/training, and environment/permitting departments;
|
| • |
Mine dry and contractor dry buildings;
|
| • |
Batch plant near the mine portal that produces the concrete and shotcrete required for mining operations;
|
| • |
Explosives magazines for ANFO, bulk emulsion, caps, and boosters;
|
| • |
Exploration and core cutting buildings;
|
| • |
Twinned 138 kV site transformers and substations;
|
| • |
Main surface ventilation fans and heaters;
|
| • |
Kamloops Lake pumphouse and pipeline.
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Figure 15‑1:
|
Infrastructure Layout Plan
|
Note: TAT = thickened and amended tailings; APTSF = Afton Pit TSF; HATSF = historical Afton TSF; PTSF = Pothook TSF; NATSF = New
Afton TSF.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 15.3 |
Roads and Logistics
|
Mine access is discussed in Chapter 4.2. A paved road staffed with a security gate connects the highway to the mine offices. A network of roads
on the site service the various mine facilities.
| 15.4 |
Stockpiles
|
Run-of-mine ore is discharged onto a 120,000 wmt stockpile. Two 1.8 m × 11 m apron feeders located beneath the crushed ore stockpile regulate ore
flow onto the SAG mill feed conveyor.
During periods when mining rates exceed processing capacity, intermediate-grade ore may be stockpiled on surface for later processing.
Intermediate-grade C-Zone mineral reserves may also be segregated and stockpiled on surface using a diverter on the conveyor as it exits the
underground portal. All stockpile locations and volumes are permitted and approved through end of mine.
| 15.5 |
Waste Rock Storage Facilities
|
Waste rock produced by block cave mining is deposited in the Afton Pit TSF or within designated block cave subsidence areas, both of which are
classified as potentially acid generating (PAG) storage areas.
Several historical waste rock dumps developed from the Afton pit between 1974 and 1977 are located south and west of the pit and were covered and
revegetated at mine closure in 1997 using glacial till and topsoil. Portions of these historical dumps have since been overlain by permitted tailings and dam infrastructure, and an additional
historical waste rock pile located northwest of the historical Afton TSF was also reclaimed in 1997.
Select historical waste rock is reused as construction material where appropriate, and all excavated waste rock is geochemically characterized in
accordance with the site metals leaching/acid rock drainage (ML/ARD) management plan, with material exhibiting a neutralization potential ratio of <2.0 placed in the subsidence zone or
co-deposited in the Afton Pit TSF.
| 15.6 |
Tailings Storage Facilities
|
There are four TSFs on the New Afton mine site:
| • |
The Afton Pit TSF, which is the primary facility for LOM tailings deposition;
|
| • |
The New Afton TSF, which holds the Lift 1 and majority of B3 cave tailings;
|
| • |
The historical Afton TSF, which holds the tailings from the original Afton operation and is inactive;
|
| • |
The Pothook TSF, which acts as a site water reservoir, and currently does not receive any tailings.
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 15.6.1 |
Afton Pit TSF
|
The Afton Pit TSF is a historical open pit that was mined from 1977 to 1997 and is now used for storage of thickened and cement-amended tailings.
An overview of the thickened and cement amended tailings plant is provided in Chapter 14.4.5. Tailings have been deposited into the Afton Pit TSF since late-2022; commencing after Lift 1 caving
activities ceased. No active caving is currently occurring vertically underneath areas of thickened and cement-amended tailings deposition to reduce the risks of fines and dilution entering the
cave.
The thickened and cement amended tailings are currently discharged into the Afton Pit TSF from three discharge points along the west side of the
pit rim, and from a fourth deposition point on the southeast side of the pit rim. The overall deposition objective is to form a tailings surface that slopes to the northeast to maintain
potential surface ponding away from the B3 and C-Zone cave footprints and to direct surface drainage towards the water reclaim infrastructure situated along the Afton Pit TSF access road.
As at December 31, 2025, 8.8 Mt were deposited into the Afton Pit TSF. The current LOM plan is to deposit 44 Mt in the facility, which will use
approximately 55-60% of the total Afton Pit TSF storage capacity. The total open volume below the pit rim is 72 Mt and subsidence is expected to generate an additional 6.5 Mt capacity around the
pit area. The final allocated amount that can be deposited in the Afton Pit TSF depends on the density of the tailings (assumed 1.3 t/m3) and how C-Zone subsidence ultimately affects the Afton Pit TSF geometry.
| 15.6.2 |
New Afton TSF
|
The New Afton TSF is located approximately 1 km south of the Afton Pit TSF. Containment is provided by natural topography and five dams (A, B, C,
South, and West dams). The starter dams were initially constructed in 2011, and the facility was raised annually until 2021. Full time tailings deposition ceased in 2022, when the Afton Pit TSF
came online.
The facility partially overlies a historical WRSF that is up to 70 m thick and covered by a geomembrane liner. Seepage through the dams and
runoff from the downstream shells is collected using ditches and water management ponds located downstream of each dam.
Block cave induced subsidence is expected to affect a portion of the facility. To control the risk of tailings release, a stabilization program
was developed. The New Afton TSF has nominal remaining capacity of approximately 2 Mt, however there are no plans to actively deposit in this facility to align with the overall stabilization
objectives although small volumes of tailings may be placed throughout the life of mine to support water management and closure grading activities.
| 15.6.3 |
Historical Afton TSF
|
Containment at the historical Afton TSF is provided by two rockfill dams constructed with till cores (the East and West dams) and by natural
topography formed of glacial sediments and bedrock. Portions of the downstream slope of the East Dam are partially buried under waste rock placed during historical operations. Block cave induced
subsidence is expected to affect a portion of the facility. To control the risk of tailings release, a stabilization program was developed.
|
New Afton Operations
British Columbia
Technical Report Summary
|
The impoundment contains an estimated 37 Mt of tailings that were hydraulically deposited from spigots on the north side of the impoundment.
| 15.6.4 |
Pothook TSF
|
The facility is located approximately 200 m northeast of the New Afton TSF and is used as a water storage reservoir with a capacity of
approximately 300,000 m³. No additional tailings deposition is planned to reserve this capacity to store excess stormwater volumes and to buffer water volumes required to support processing
operations. Storage containment is provided by one dam (Pothook TSF dam) and by natural topography that was modified by historical mining of the Pothook open pit.
No tailings deposition is expected until site closure, when tailings deposition may be used to support desired surface grading activities. The
Pothook TSF currently acts as a water reservoir for site requirements. Water is transferred from the New Afton TSF to the Pothook TSF where it is then reclaimed for milling process via a reclaim
intake located near the right abutment at the north side of the facility. Water transfer from the New Afton TSF pond, including discharge from the New Afton TSF stabilization dewatering wells,
report to the south end of the Pothook TSF.
| 15.6.5 |
Tailings Facility Stabilization
|
C-Zone caving induced subsidence is projected to overlap with Dam C of the New Afton TSF and East Dam of the historical Afton TSF. The projected
ground movement from the block cave is well understood, this has led to the successful development of monitoring and stabilization plans during the Lift 1 and B3 cave mining for the New Afton
TSF and historical Afton TSF. Stabilization strategies for both the New Afton TSF and historical Afton TSF include pond removal, dewatering/depressurization of the in-situ tailings, and
consolidation of in situ tailings before mining induced subsidence is expected to affect the facilities.
The historical Afton TSF stabilization objectives were achieved, and no additional mitigation plan is necessary at the Report date. The New Afton
TSF stabilization activities are materially completed and will receive verification from the Engineer of Record by the 2026 target date, which is approximately two years earlier than the
forecast C-Zone mining-induced subsidence is expected to impact the New Afton TSF.
With respect to maintaining the stabilized state of these facilities, ongoing dewatering, deformation monitoring, and subsidence progression
monitoring and forecasting continues to be a tailings management priority. Quantifiable performance objectives were set for each facility, and verifications are completed monthly to ensure
objectives continue to be met.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 15.6.6 |
Monitoring
|
Coeur has implemented a stringent subsidence monitoring and adaptive management plan during the stabilization and mining period to effectively
manage risk. The stabilization program involves New Afton TSF and historical Afton TSF Engineers of Record, and additional consultant review, following industry best practices for worker safety
and operations.
The New Afton TSF, historical Afton TSF and Afton Pit TSF and block cave induced subsidence is monitored/tracked through a combination of InSAR
(a radar satellite imagery technique), drone-based photogrammetry, and a comprehensive suite of surface and subsurface geotechnical instrumentation.
Subsidence models and site observations are continually reviewed and used to confirm understanding of the timing of ground movements, and to
verify that subsidence movement is projected to remain within the target stabilization areas of the affected facilities. The stabilization objectives are managed through quantifiable performance
objectives and Trigger Action Response Plans, and are updated as new information becomes available.
| 15.6.7 |
Performance Reviews
|
All TSFs located within the New Afton Operations area undergo thorough review and oversight from qualified professionals including, at minimum,
the following evaluations:
| • |
Weekly inspections by trained surveillance inspectors;
|
| • |
Quarterly inspections from the New Afton Mine TSF Qualified Person. (The TSF Qualified Person is a required role under to the Health, Safety and Reclamation Code for Mines in British Columbia. This role is currently fulfilled by the New Afton Tailings and Surface Superintendent.)
|
| • |
Annual inspections from facility Engineers of Record;
|
| • |
Twice annual site and technical review from the Independent Tailings Review Board (ITRB);
|
| • |
Dam safety reviews performed every five years;
|
| • |
Third-party reviews as required by regulators.
|
| 15.7 |
Water Management
|
The mine is characterized as having a net negative water balance (even in wet years); it relies on water pumped from Kamloops Lake to offset the
water balance deficit.
Coeur has developed a Site Water Management and Monitoring Plan which addresses how water is managed during operation and closure; the most
recent update was completed on November 14, 2023. This management plan covers physical water management on site, as well as monitoring of surface water to provide surveillance and early
identification of potential off-site impacts or variations from predicted water quality values.
|
New Afton Operations
British Columbia
Technical Report Summary
|
Tailings seepage water is collected surface water management ponds, in the mine workings, or via interception wells prior to entering the
underground workings. The water collected from these locations is pumped to the mill process water stream. Pond water from ongoing consolidation in the New Afton TSF is also reclaimed for reuse
in the mill.
Seepage water from the historical Afton TSF flows west from the northwestern portion of the facility to a seepage collection pond that maintains
control of the water through evaporation and pump-back for processing.
The mine site potable water treatment plant provides water to washrooms, kitchens, change
room showers, and sinks across the site. Bottled potable water is brought on-site for drinking.
| 15.8 |
Water Supply
|
Fresh water is drawn from Kamloops Lake and is used primarily for ore processing make-up water, as road dust suppressant, for vehicle wash-down,
fire control, and drilling. The majority of mill process water is currently reclaimed from the tailings thickener overflow. Minor sources of process water include the Historical Afton TSF wells,
the New Afton TSF wells, site dewatering wells, reclamation of consolidation water from the New Afton TSF, and the surface water reclaim system for the Afton Pit TSF.
Water balance modelling is used to track the inventory of water on site, as well as water consumption and water losses.
| 15.9 |
Camps and Accommodation
|
There is no onsite accommodation. Employees reside in adjacent communities.
| 15.10 |
Power and Electrical
|
Currently, BC Hydro supplies the mine with 49.5 MW of electrical power via a connection located between the Savona Substation and the Douglas
Substation. This connection consists of a 138 kV overhead line terminal and approximately 1.1 km of 138 kV transmission line to the mine site substation.
A BC Hydro transmission upgrade was completed in 2024 to increase the site demand capacity from 34.5 MW to 49.5 MW to support C-Zone production,
in addition to operation of the B3 block cave, new tailings thickener systems, water evaporators, and potential C-Zone fleet electrification. A new 40/53 MVA transformer and substation were
installed at the mine in mid-2024, twinning the existing site substation to provide site power supply redundancy, energize the underground, and to provide capacity for battery electric equipment
and future expansions.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 16.0 |
MARKET STUDIES AND CONTRACTS
|
| 16.1 |
Markets
|
The New Afton Operations produce a high-quality clean copper concentrate with typical copper grade, high gold grades,
payable silver credits, and relatively low impurity levels.
The current concentrate is readily marketable to any of several smelters or concentrate marketing firms. Smelting and refining terms are
generally similar and include treatment charges and refining charges which are generally known, with penalty charges for contaminants such as arsenic and mercury in the concentrates. Penalty
terms are generally more variable than the treatment and refining terms. Concentrates are typically sold through concentrate marketing firms, with long-term contracts that cover several years.
Coeur has established contracts and buyers for the concentrate products, and has an internal marketing group that monitors markets for its key
products.
Together with public documents and analyst forecasts, these data support that there is a reasonable basis to assume that for the LOM plan, that
the key products will be saleable at the assumed commodity pricing.
There are no agency relationships relevant to the marketing strategies used.
Product valuation is included in the economic analysis in Chapter 19, and is based on a combination of the metallurgical recovery, commodity
pricing, and consideration of processing charges.
| 16.2 |
Commodity Price Forecasts
|
Coeur uses a combination of analysis of three-year rolling averages, long-term consensus
pricing, and benchmarks to pricing used by industry peers over the past year, when considering long-term commodity price forecasts.
Higher metal prices are used for the mineral resource estimates to ensure the mineral reserves are a sub-set of, and not constrained by, the
mineral resources, in accordance with industry-accepted practice.
The long-term gold and copper price forecasts are:
| • |
Mineral reserves:
|
| o |
US$1,650/oz Au; US$3.50/lb;
|
| • |
Mineral resources:
|
| o |
US$2,500/oz Au; US$4.40/lb.
|
All commodity prices are advised by the corporate investment committee and revised as necessary throughout the budget
and forecast process. This guidance is used to keep all sites using the same basis for revenue. The sites do not advise prices or deviate from the prices provided.
|
New Afton Operations
British Columbia
Technical Report Summary
|
The economic analysis in Chapter 19 uses the reverting price curve assumptions outlined in Table 16‑1.
| 16.3 |
Contracts
|
Numerous contracts are in place to support ongoing mine operations at the Project. These include agreements covering maintenance services, fuel
supply, explosives, grinding media, milling reagents, concentrate transportation, port services in Vancouver, and third-party representation services related to concentrate sampling and analysis
at delivery. Contract terms and rates are generally consistent with industry norms and are periodically re-tendered or renegotiated as operational requirements dictate.
New Afton produces a high-quality copper concentrate characterized by typical copper grades, elevated gold content, payable silver credits, and
relatively low impurity levels. Due to its quality and sustained global demand for copper concentrates, the product is readily marketable to multiple smelters and concentrate marketing firms.
Smelting and refining arrangements typically include treatment and refining charges, with potential penalty charges applied for deleterious elements such as arsenic and mercury. Penalty terms
tend to be more variable than treatment and refining charges. New Afton does not engage in forward metal sales or hedging activities.
Current concentrate sales agreements include long-term offtake contracts with multiple counterparties. Agreements with Glencore cover the periods
2022–2026 and 2027–2030. An agreement with IXM Metals covers the period 2022–2027, and an agreement with Concord Resources covers the period 2022–2026. These arrangements provide diversified
market access and sales continuity for concentrate production.
Concentrate transportation and handling are supported by several long-term logistics agreements. Stk’emlupsemc-Arrow Transportation Limited
provides concentrate trucking and rail car loading services under an agreement covering 2022–2029. DP World Fraser Surrey provides rotainer receiving, storage, and vessel loading services under
an agreement covering 2022–2029. Ocean freight services are provided by Oldendorff Carriers under an agreement covering 2023–2026.
Coeur maintains additional contracts, agreements, and purchase orders for goods and services required for mine operations, with the most
significant relating to maintenance services, fuel supply, explosives, grinding media, milling reagents, and concentrate haulage. In addition, Coeur maintains a cooperation agreement with the
Stk’emlupsemc te Secwépemc Nation.
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Table 16‑1:
|
Commodity Price Forecast Used in Cashflow Analysis
|
|
Units
|
2026
|
2027
|
2028
|
2029
|
2030
|
2031+
|
|||||||||
|
Gold
|
US$/oz
|
4,550
|
4,000
|
3,800
|
3,600
|
3,100
|
3,100
|
||||||||
|
Copper
|
US$/lb
|
5.00
|
5.00
|
5.00
|
5.00
|
4.50
|
4.50
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 17.0 |
ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS
|
| 17.1 |
Baseline and Supporting Studies
|
The New Afton Operations were reviewed and permitted as a major mine under the BC Mines Act in 2007 and
received BC Environmental Management Act permits in 2010.
The M-229 permit was issued under the Mines Act and is administered by the Ministry of Mining and
Critical Minerals.
The effluent discharge permit 100224 and air discharge permit 100223 were issued under the Environmental
Management Act and administered by the Ministry of Environment and Parks.
| 17.2 |
Environmental Considerations/Monitoring Programs
|
The New Afton Operations are in compliance with all current permit conditions and requirements and there are no outstanding environmental issues.
Environmental monitoring for air quality, ambient noise and vibration, geochemistry, surface water quality, groundwater quality, aquatic
resources, flora and fauna, are completed regularly and reported per permit conditions.
| 17.3 |
Closure and Reclamation Considerations
|
Coeur carries out progressive reclamation, conducts research activities for reclamation programs, and partners with the SSN First Nation to
implement successful reclamation measures.
The purpose of the closure and post-closure monitoring and maintenance program is to evaluate and ensure that the site is safe, stable, and
non-polluting in accordance with the identified mine closure objectives. Monitoring and maintenance will be conducted to assess how the reclamation measures meet reclamation end-land-use
objectives. Activities will involve inspections, sampling, and assessments of physical, geochemical, and biological aspects.
The most recent reclamation liability cost estimate for the New Afton Operations, as submitted to the MCM on November 1, 2024, is approximately
C$70.4 million (US$ 51 million). It assumes approximately C$30.4 million (US$ 22 million) for post-closure monitoring and maintenance over the following 100 years. Based on the standard
regulatory discount rates applicable in British Columbia, the NPV of the post-closure monitoring and maintenance costs is approximately C$8.1 million (US$ 5.9 million), while the conventional
closure works cost is not subject to discount. This gives a total NPV of approximately C$48.2 million (US$ 34.9 million). Since BC regulations will not allow discount of the total reclamation
liability cost estimate below C$50 million (US$ 36.2 million); the current bonding for the site is fixed at C$50 million (US$ 36.2 million). All amounts were converted from Canadian dollars to
United States dollars at a rate of US$1 to C$1.38.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 17.4 |
Permitting
|
The New Afton Operations commenced in 2012 and have obtained all necessary environmental permits and licenses from the appropriate provincial,
and federal agencies for the operation of the underground mine, TSF, waste rock dumps, process plant, water usage, effluent discharge, and all necessary support facilities. The key approvals and
permits include:
| • |
Permit M-229. While this permit is in place, an authorization to amend the permit has been submitted for longitudinal stope mining of the East Extension and
K-Zone access development;
|
| • |
Permit 100223 (air emissions);
|
| • |
Permit 100224 (effluent discharge);
|
| • |
Permit 123886 (conditional water license);
|
| • |
Permit 126715 (water license amendment);
|
| • |
Permit C132319 (conditional water license);
|
| • |
Permit C504133 (conditional water license).
|
Operational standards and best management practices were established to maintain compliance with applicable state and federal regulatory
standards and permits.
Coeur submitted a Mines Act Permit Amendment (on January 12, 2026, seeking amendment to their M-229 Mines
Act Permit to cover the following:
| • |
East Extension Project: encompasses a minor underground extension at the New Afton Mine Site (New Afton) to include an additional ore zone;
|
| • |
Early K Zone Access Development Project would allow early ramp development mining in anticipation of the K Zone orebody. Coeur is working toward compiling
mineral reserve information;
|
| • |
New Afton M-229 Permit Boundary Reversion in the northeast quadrant to revert to a prior 2019 outline that would align with the New Afton Mining Lease
boundary.
|
Proposed changes to the existing LOM plan include extension of underground workings to the East Extension zone, extraction and processing of East
Extension ore, and deposition of tailings into the Afton Pit TSF. The East Extension project will use the existing mine and mill infrastructure with tie-ins to the existing electrical lines,
communications system, ventilation system, and underground dewatering system. No new offsite facilities are required, and the frequency of concentrate shipments will not increase because of the
project. Given the backfilling of stopes proposed in the preferred mining method, no subsidence is expected to occur because of the East Extension development.
Regulatory approvals for the East Extension project include a Notice of Departure (submitted February 2025) for the initial access development
activities and submittal of a Mines Act Permit Amendment to mine the East Extension zone, as well as the K Zone Access Development and New Afton M-229 Permit Boundary Reversion. The Ministry of
Environment and Parks will also receive copies of the submissions which will serve as notification of changes to mining activities; however, amendment to Coeur’s waste discharge permits is not
expected to be required.
|
New Afton Operations
British Columbia
Technical Report Summary
|
In the interest of workloads, timing and after discussions with both SSN and the Ministry of Mines and Critical Minerals, Coeur included the K
Zone Access Development Project and the New Afton M-229 Permit Boundary Reversion in a combined M-229 Permit Application with the East Extension project.
| 17.5 |
Social Considerations, Plans, Negotiations and Agreements
|
| 17.5.1 |
Social Considerations
|
The New Afton Operations are located in the traditional territory and central lands of the SSN. The SSN consists of two First Nations
communities, the Tk̓emlúps te Secwépemc and the Skeetchestn Indian Band.
The mine is located approximately 10 km from the City of Kamloops, which has a growing population of approximately 97,000. New Afton employs most
of its staff from the nearby communities.
As part of the Mines Permit Application in 2007 (Rescan, 2007), a socio-economic assessment was
conducted which included a description of existing socio-economic conditions and expected project impacts. The assessment included both Indigenous and non-Indigenous communities and found that,
overall, the New Afton Operations would provide a net benefit to communities through job creation, training, and economic opportunities. Mitigation measures were recommended for any potential
negative effects (such as perceptions of environmental effects, visual impacts of the mine site).
| 17.5.2 |
Indigenous Communities
|
Coeur’s Human Rights Policy and Indigenous Peoples Policy sets forth the commitment to respect the
rights and traditions of Indigenous people where it operates by proactively seeking, engaging, and supporting meaningful dialogue regarding its operations. The SSN has asserted unextinguished
title and rights on the land where the mine is located.
Coeur, through its New Gold subsidiary, has maintained a Participation Agreement with SSN, which was initially signed in 2008 and amended in
2011. This agreement was revised as the Cooperation Agreement in 2021 and was most recently amended and restated in 2024. The agreement affirms mutual commitment to the vision of a
consent-based, stable, and environmentally responsible relationship regarding the New Afton Operations and Coeur’s activities that is respectful of SSN title and rights. The agreement secures
and maintains SSN’s consent to the project during operations and closure and considers the following values:
| • |
Environmental and regulatory matters;
|
| • |
Cultural heritage and archaeology;
|
| • |
Human resources, employment, training, and education;
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| • |
Business opportunities;
|
| • |
Financial considerations.
|
| 17.5.3 |
Cultural Heritage
|
Archaeological impact assessments were conducted in 2007, 2008, 2011, and 2014. Since then, additional cultural heritage and archaeological
surveys were conducted on an individual project basis.
Coeur acknowledges that archaeological assessment cannot completely eliminate the risk of encountering archaeological resources. As such, Coeur
and SSN developed an Archaeological and Cultural Heritage Site Mitigation Management Plan. The plan summarizes surveys, lists archaeology and cultural heritage sites, and provides mitigation and
management recommendations aimed at reducing the impact on archaeology and cultural heritage sites. Guidelines were developed to guide cultural heritage and archaeological projects and to set
out timelines and deliverables.
Coeur employs a Dig Permit process to assess for known archaeological or cultural heritage sites for all surface ground disturbance work.
| 17.6 |
Qualified Person’s Opinion on Adequacy of Current Plans to Address Issues
|
Based on the information provided to the QP by Coeur, there are no material issues known
to the QP that require mitigation activities or allocation of remediation costs in respect of environmental, permitting, closure or social license considerations.
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 18.0 |
CAPITAL AND OPERATING COSTS
|
| 18.1 |
Introduction
|
Capital and operating cost estimates are at a minimum at a pre-feasibility level of confidence, having an accuracy
level of ±25% and a contingency range not exceeding 15%.
|
18.2
|
Capital Cost Estimates
|
Capital costs are based on budget estimates and supplier and contractor quotes, engineering designs, maintenance strategies, production plans,
and recent operating history. In later years, capital estimates are based on estimated annual operating requirements and are therefore classified as sustaining capital.
| 18.2.1 |
Mine-Related Costs
|
Approximately 82% of C-Zone capital and 89% of East Extension capital are related to mine development and drawbell construction and maintenance,
for which the cost estimate is based on mine plans and schedules, equipment data, consumables estimates, and labor schedules. A further 17% of total capital is related to mining equipment, and
mine infrastructure, for which the cost estimate is based on engineered quantities and supplier quotes.
| 18.2.2 |
Other Costs
|
Other capital expenditures include tailings management, processing plant capital projects, and other infrastructure. Total LOM tailings
management capital is estimated at US$3.1 million, mostly related to the New Afton TSF. The tailings plant and Afton Pit TSF have sufficient capacity to meet the LOM throughput and total
capacity requirements.
| 18.2.3 |
Capital Cost Summary
|
Capital costs are based on budget estimates from supplier and contractor quotes, engineering designs, maintenance strategies, production plans,
and recent operating history. All costs are in US dollars and are based on an exchange rate assumption of C$1.38:US$1.00 for the entire LOM plan.
The capital cost estimate is summarized in Table 18‑1, and totals US$212.6 million.
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Table 18‑1:
|
LOM Capital Cost Estimate (US$ M)
|
|
Category
|
2026
|
2027
|
2028
|
2029
|
2030
|
2031
|
2032
|
Total
|
||||||||||
|
Sustaining Capital
|
||||||||||||||||||
|
C-Zone
|
14.3
|
18.9
|
4.3
|
4.3
|
4.3
|
4.3
|
—
|
50.6
|
||||||||||
|
East Extension
|
—
|
—
|
1.1
|
2.0
|
—
|
—
|
—
|
3.1
|
||||||||||
|
Other
|
17.6
|
6.1
|
2.9
|
2.7
|
1.1
|
—
|
—
|
30.5
|
||||||||||
|
Total sustaining capital
|
32.0
|
25.0
|
8.4
|
9.0
|
5.4
|
4.3
|
—
|
84.2
|
||||||||||
|
Growth Capital
|
||||||||||||||||||
|
C-Zone
|
27.3
|
0.5
|
—
|
—
|
—
|
—
|
—
|
27.8
|
||||||||||
|
East Extension
|
0.4
|
1.2
|
34.0
|
—
|
—
|
—
|
—
|
35.5
|
||||||||||
|
K-Zone
|
17.6
|
21.7
|
21.2
|
—
|
—
|
—
|
—
|
60.5
|
||||||||||
|
Other
|
(0.6)
|
2.3
|
0.7
|
2.2
|
—
|
—
|
—
|
4.6
|
||||||||||
|
Total growth capital
|
44.6
|
25.8
|
55.9
|
2.2
|
—
|
—
|
—
|
128.4
|
||||||||||
|
Total Capital
|
76.6
|
50.8
|
64.2
|
11.2
|
5.4
|
4.3
|
—
|
212.6
|
Note: Numbers have been rounded.
| 18.3 |
Operating Cost Estimates
|
| 18.3.1 |
Basis of Estimate
|
The basis for the operating cost estimate is the budget and LOM plan. The production plan drove the calculation of the mining and processing costs, as the mining
mobile equipment fleet, workforce, contractors, power, and consumables requirements were calculated based on specific consumption rates. Consumable prices and labor rates are based on current contracts and
agreements.
| 18.3.2 |
Mining and Processing Costs
|
Underground mining costs are derived from the production plan and estimates of labor, equipment productivity, maintenance, diesel, and other consumables.
Processing costs are driven by tonnes processed, consumption rates, consumables and electricity, and plant equipment maintenance strategies.
Mining costs are inclusive of primary crushing and conveyance to surface. Mining and processing costs are expected to decrease over the next three years relative
to 2026 actual costs, mainly due to higher production rates and stable overall expenses. Costs increase in 2029 due to stope production at East Extension, which has higher costs than cave production in the
C-Zone.
 |
New Afton Operations
British Columbia
Technical Report Summary
|
| 18.3.3 |
General and Administrative Costs
|
G&A costs include maintenance of site infrastructure, human resources, finance, environment, community relations, asset protection and security, safety,
information technology, supply chain, and site management.
| 18.3.4 |
Other Operating Costs
|
Other operating cost includes concentrate transport costs, inventory movements, royalties, and other costs.
| 18.3.5 |
Operating Cost Summary
|
LOM operating costs are shown in Table 18‑2 and total US$1,085.6 M. Unit operating costs from 2026–2032 range from US$24.08–US$33.60/t.
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Table 18‑2:
|
LOM Operating Cost Estimate
|
|
Units
|
2026
|
2027
|
2028
|
2029
|
2030
|
2031
|
2032
|
Total/
Average |
||||||||||||
|
Operating Costs
|
||||||||||||||||||||
|
Mining
|
US$ M
|
65.7
|
65.2
|
58.7
|
83.7
|
75.7
|
69.8
|
11.6
|
430.3
|
|||||||||||
|
Processing
|
US$ M
|
45.3
|
41.6
|
41.2
|
40.5
|
39.8
|
36.1
|
5.0
|
249.4
|
|||||||||||
|
G&A
|
US$ M
|
66.1
|
62.1
|
59.9
|
46.4
|
42.6
|
38.2
|
4.2
|
319.5
|
|||||||||||
|
Other
|
US$ M
|
12.4
|
13.5
|
12.8
|
18.7
|
14.5
|
13.3
|
1.2
|
86.4
|
|||||||||||
|
Total
|
US$ M
|
189.5
|
182.4
|
172.6
|
189.2
|
172.5
|
157.3
|
22.0
|
1,085.6
|
|||||||||||
|
Unit Operating Costs
|
||||||||||||||||||||
|
Mining
|
$/t mined
|
11.51
|
10.67
|
9.94
|
14.23
|
12.87
|
11.87
|
14.25
|
12.19
|
|||||||||||
|
Processing
|
$/t milled
|
8.03
|
6.94
|
6.91
|
6.81
|
6.77
|
6.17
|
5.46
|
6.73
|
|||||||||||
|
G&A
|
$/t milled
|
11.72
|
10.37
|
10.04
|
7.81
|
7.25
|
6.53
|
4.60
|
8.33
|
|||||||||||
|
Other
|
$/t milled
|
2.21
|
2.26
|
2.14
|
3.14
|
2.46
|
2.27
|
1.28
|
2.25
|
|||||||||||
|
Total
|
$/t milled
|
33.60
|
30.44
|
28.93
|
31.84
|
29.35
|
26.92
|
24.08
|
29.31
|
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 19.0 |
ECONOMIC ANALYSIS
|
| 19.1 |
Forward-looking Information
|
Results of the economic analysis represent forward- looking information that is subject to several known and unknown
risks, uncertainties and other factors that may cause actual results to differ materially from those presented here.
Other forward-looking statements in this Report include, but are not limited to: statements with respect to future metal prices and concentrate sales contracts;
the estimation of mineral reserves and mineral resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; costs and
timing of the development of new ore zones; permitting time lines; requirements for additional capital; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; title
disputes or claims; and, limitations on insurance coverage.
Factors that may cause actual results to differ from forward-looking statements include: actual results of current reclamation activities; results of economic
evaluations; changes in Project parameters as mine and process plans continue to be refined, possible variations in mineral reserves, grade or recovery rates; geotechnical considerations during mining; failure
of plant, equipment or processes to operate as anticipated; shipping delays and regulations; accidents, labor disputes and other risks of the mining industry; and, delays in obtaining governmental approvals.
| 19.2 |
Methodology Used
|
Coeur records its financial costs on an accrual basis and adheres to U.S. Generally Accepted Accounting Principles (GAAP).
The financial costs used for this analysis are based on the 2026 LOM budget model, which was built on a zero-based budgeting process that was validated through a
historical cost comparison from the previous financial year. Production figures in this Chapter are based on predicted equipment hours and manpower requirements needed to execute the mine plan using actual unit
costs, labor rates and may vary from year to year depending on capital and production needs.
Consumables are based upon market projections and contract pricing. Experts and bids are used for capital purchases to ensure that all costs are included in the
project to avoid unbudgeted expenditures.
All financial results are communicated to the site management team. This process results in refinements and agreements as to the validity of the cost, capital,
and cash flow results. This is an ongoing process throughout the budget and provides consistency of the results and acceptance of both short- and long-term goals.
Capitalized exploration is determined annually through the corporate office, is discretionary, and therefore not included in the economic
analysis. Management fees assessed through the corporate office are not included in the economic analysis.
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 19.3 |
Financial Model Parameters
|
| 19.3.1 |
Mineral Resource, Mineral Reserve, and Mine Life
|
The mineral resources are discussed in Chapter 11, and the mineral reserves are discussed in Chapter 12.
The mineral reserves support a mine life to late 2032 and processing and gold production continuing to
December, 2032.
| 19.3.2 |
Metallurgical Recoveries
|
Forecast metallurgical recoveries are provided in Chapter 10.
| 19.3.3 |
Smelting and Refining Terms
|
The dewatered concentrate is discharged from the filter presses directly into the concentrate storage shed, before truck transportation to either the DP World
container port for ocean shipment to a smelter, or to the Ashcroft terminal for transportation by rail to a smelter in Quebec. In the case of DP World, concentrate is loaded into containers (two per truck) at
the New Afton shed. These containers are stored at the port then emptied into the bulk hold of the ship. Empty containers are returned to site for reloading. In the case of Ashcroft, the concentrate is loaded
into side-dump trucks at the New Afton shed then stored in stockpiles at the Ashcroft terminal before loading into railcars.
New Afton concentrate is readily marketable to any of several smelters or concentrate marketing firms. Smelting and refining terms include treatment charges and
refining charges which are generally known, with penalty charges for contaminants such as arsenic and mercury in the concentrates. Penalty terms are generally more variable than the treatment and refining
terms. Concentrates from New Afton are typically sold through concentrate marketing firms, with long-term contracts that cover several years.
| 19.3.4 |
Metal Prices
|
Metal price assumptions are provided in Chapter 16.
| 19.3.5 |
Capital and Operating Costs
|
Capital and operating cost forecasts price assumptions are outlined in Chapter 18.
Capitalized exploration is determined annually through corporate office and is discretionary and therefore not included in the economic
analysis. Management fees assessed through the corporate office are not included in the economic analysis.
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 19.3.6 |
Working Capital
|
Working capital is based on historical trends in payables, receivables, and inventory movements and is adjusted annually to reflect changes in production levels
and spending profiles over the remaining mine life. Mining and processing unit costs have historically been stable on a per-tonne basis once block cave construction is completed, and consistent throughput is
achieved. Working capital costs are projected to remain relatively consistent starting in 2027, with longer-term variations driven by production level demands for equipment requirements and capital intensity.
Capital and operating cost assumptions are derived from budgets, engineering designs, production plans, historical caves, and recent operating history, and are used to support projected cash flow timing and
resulting working capital requirements.
| 19.3.7 |
Taxes and Royalties
|
Royalties are discussed in Chapter 3.6. Royalties included in the cashflow analysis are based upon gold ounces mined or produced, depending upon the agreement.
The analysis includes applicable mining-related and corporate income taxes based on current laws and regulations, which are subject to change
Currently, Coeur pays no federal income tax due to historic net operating losses.
| 19.3.8 |
Closure Costs and Salvage Value
|
Closure costs are summarized in Chapter 17.3.
Closure costs are based upon economic review by the Environmental team and is periodically reviewed by an external consultant. The models used are reviewed
internally. The closure costs are included in the annual budget LOM. This is reviewed by corporate investment teams.
| 19.3.9 |
Financing
|
The economic analysis is based on 100% equity financing and is reported on a 100% project ownership basis.
| 19.3.10 |
Inflation
|
The economic analysis assumes constant prices with no inflationary adjustments.
| 19.4 |
Economic Analysis
|
The NPV at 5% is $2,485 M. As the cashflow is based on existing operations, considerations of payback and internal rate of return are not relevant.
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
A summary of the financial results is provided in Table 19‑1. An annualized cashflow statement is provided in Table 19‑2.
The active mining operation ceases in 2032; however, closure costs are estimated to be paid out through 2032. For the purposes of the financial model, all costs
incurred beyond 2032 are included in the cash flow in the year 2032.
| 19.5 |
Sensitivity Analysis
|
The sensitivity of the Project to changes in metal prices, grade, capital costs, and operating cost assumptions was tested using a range of 30% above and below
the base case values. The NPV sensitivity to these parameters is illustrated in Table 19‑3, with the base case bolded. Recovery is not shown as the sensitivity to recovery mirrors the sensitivity to metal
price.
The Project is most sensitive to copper and gold prices and metal grades, less sensitive to operating cost increases, and least sensitive to capital expenditure
changes and exchange rates.
The primary sensitivity is to the world economy and the effect this has upon copper and gold pricing. With block caving being a low operating costs per tonne
mining method, the project carries less world economy risk when compared to alternative underground mining methods.
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Table19‑1:
|
Cashflow Summary Table
|
|
Item
|
Units
|
Value
|
|||
|
Revenue
|
US$ M
|
4,837.4
|
|||
|
Production costs
|
US$ M
|
1,108.9
|
|||
|
Exploration
|
US$ M
|
23.3
|
|||
|
Accretion liability
|
US$ M
|
18.9
|
|||
|
Total cost and expenses
|
US$ M
|
1,151.2
|
|||
|
Interest income
|
US$ M
|
3.4
|
|||
|
Intercompany
|
US$ M
|
27.7
|
|||
|
EBITDA
|
US$ M
|
3,655.1
|
|||
|
Depreciation, depletion, and amortization
|
US$ M
|
4,580.4
|
|||
|
Income before taxes
|
US$ M
|
(925.3)
|
|||
|
Income tax expense (benefit)
|
US$ M
|
731.1
|
|||
|
Net income
|
US$ M
|
(1,656.4)
|
|||
|
Add back amortization
|
US$ M
|
4,580.4
|
|||
|
Add back accretion
|
US$ M
|
(47.3)
|
|||
|
Add back other non-cash items
|
US$ M
|
54.4
|
|||
|
Operating cash flow before working capital changes
|
US$ M
|
2,931.2
|
|||
|
Working capital
|
US$ M
|
28.6
|
|||
|
Operating cash flow
|
US$ M
|
2,959.6
|
|||
|
Investing activities
|
US$ M
|
(222.4)
|
|||
|
Interest received
|
US$ M
|
0.4
|
|||
|
Other
|
US$ M
|
(2.8)
|
|||
|
Payments on capital leases
|
US$ M
|
(0.2)
|
|||
|
Total cash flow
|
US$ M
|
2,734.7
|
|||
|
Free cash flow
|
US$ M
|
2,737.2
|
|||
|
NPV Pre-Tax/After-Tax @ 5%
|
US$ M
|
3132/2,484.6
|
Note: EBITDA = earnings before interest, taxes, depreciation, and amortization. Numbers have been rounded.
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Table19‑2:
|
Cashflow Forecast on Annualized Basis (US$ M)
|
|
Item
|
2026
|
2027
|
2028
|
2029
|
2030
|
2031
|
2032
|
2033+
|
|||||||||
|
Revenue
|
882.7
|
1,017.3
|
984.7
|
872.3
|
584.6
|
430.8
|
64.9
|
—
|
|||||||||
|
Production costs
|
206.7
|
181.9
|
170.2
|
190.5
|
173.2
|
157.7
|
28.8
|
—
|
|||||||||
|
Exploration
|
22.6
|
0.7
|
(0.0)
|
(0.0)
|
(0.0)
|
(0.0)
|
—
|
—
|
|||||||||
|
Accretion liability
|
2.2
|
2.4
|
2.5
|
2.7
|
2.9
|
3.0
|
3.2
|
—
|
|||||||||
|
Total costs and expenses
|
231.5
|
185.0
|
172.7
|
193.2
|
176.1
|
160.8
|
32.0
|
—
|
|||||||||
|
Interest Income
|
0.6
|
0.6
|
0.6
|
0.6
|
0.5
|
0.5
|
0.1
|
—
|
|||||||||
|
Intercompany
|
6.2
|
281
|
—
|
0.1
|
(0.0)
|
—
|
21.1
|
—
|
|||||||||
|
Earnings before depreciation, interest, and taxes (EBITDA)
|
644.5
|
831.5
|
811.5
|
678.4
|
408.0
|
269.5
|
11.7
|
—
|
|||||||||
|
Depreciation, depletion, and amortization
|
680.6
|
927.9
|
926.7
|
816.2
|
608.4
|
424.8
|
174.6
|
21.1
|
|||||||||
|
Income before taxes
|
(36.1)
|
(96.5)
|
(115.2)
|
(137.8)
|
(200.4)
|
(155.3)
|
(162.9)
|
(21.1)
|
|||||||||
|
Income tax expense (benefit)
|
47.4
|
204.6
|
182.0
|
151.0
|
85.1
|
53.2
|
7.7
|
—
|
|||||||||
|
Net Income
|
(83.5)
|
(301.1)
|
(297.3)
|
(288.8)
|
(285.5)
|
(208.5)
|
(170.6)
|
(21.1)
|
|||||||||
|
Add back amortization
|
680.6
|
927.9
|
926.7
|
816.2
|
608.4
|
424.8
|
174.6
|
21.1
|
|||||||||
|
Add back accretion
|
(0.5)
|
(0.3)
|
(0.8)
|
(0.3)
|
(0.3)
|
(0.3)
|
(0.3)
|
(44.3)
|
|||||||||
|
Add back other non-cash items
|
12.6
|
(1.2)
|
(0.8)
|
0.1
|
0.1
|
0.1
|
43.4
|
||||||||||
|
Operating cash flow before working capital changes
|
609.1
|
625.4
|
627.8
|
527.2
|
322.7
|
216.2
|
3.7
|
(1.0)
|
|||||||||
|
Working capital
|
11.2
|
19.3
|
4.2
|
2.8
|
0.6
|
11.0
|
(19.0)
|
(1.8)
|
|||||||||
|
Operating cash flow
|
620.4
|
644.8
|
632.0
|
530.0
|
323.3
|
227.3
|
(15.4)
|
(2.7)
|
|||||||||
|
Investing activities
|
(76.6)
|
(50.8)
|
(64.2)
|
(11.2)
|
(10.9)
|
(8.7)
|
—
|
—
|
|||||||||
|
Interest received
|
0.1
|
0.1
|
0.1
|
0.1
|
(0.0)
|
(0.0)
|
(0.0)
|
—
|
|||||||||
|
Other
|
(2.8)
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||
|
Payments on capital leases
|
(0.1)
|
(0.1)
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||
|
Total cash flow
|
541.0
|
594.0
|
567.8
|
518.8
|
312.5
|
218.6
|
(15.4)
|
(2.7)
|
|||||||||
|
Free cash flow
|
543.8
|
594.0
|
567.7
|
518.7
|
312.4
|
218.6
|
(15.4)
|
—
|
Note: Numbers have been rounded.
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Table19‑3:
|
Sensitivity Table (US$ M)
|
|
Parameters
|
-30%
|
-20%
|
-10%
|
-5%
|
0%
|
5%
|
10%
|
20%
|
30%
|
||||||||||
|
Metal price
|
1,176
|
1,612
|
2,048
|
2,267
|
2,485
|
2,703
|
2,921
|
3,357
|
3,793
|
||||||||||
|
Operating costs
|
2,781
|
2,682
|
2,583
|
2,534
|
2,485
|
2,435
|
2,386
|
2,287
|
2,189
|
||||||||||
|
Capital costs
|
2,547
|
2,526
|
2,505
|
2,495
|
2,485
|
2,474
|
2,464
|
2,443
|
2,422
|
||||||||||
|
Grade
|
1,176
|
1,612
|
2,048
|
2,267
|
2,485
|
2,703
|
2,921
|
3,357
|
3,793
|
Note: Numbers have been rounded.
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 20.0 |
ADJACENT PROPERTIES
|
This Chapter is not relevant to this Report.
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 21.0 |
OTHER RELEVANT DATA AND INFORMATION
|
This Chapter is not relevant to this Report.
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 22.0 |
INTERPRETATION AND CONCLUSIONS
|
| 22.1 |
Introduction
|
The Qualified Persons note the following interpretations and conclusions in their respective areas of expertise, based on the review
of data available for this technical report summary.
| 22.2 |
Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements
|
Information provided by Coeur’s legal and tenure experts on the mining tenure held by Coeur supports that Coeur has valid title that is sufficient to support
mineral resource and mineral reserve estimates.
Coeur holds sufficient surface rights to support the LOM plan.
Environmental liabilities for the New Afton Operations are typical of those that would be expected to be associated with a mining operation conducted via open
pit and underground mass mining methods.
The Qualified Person is not aware of any other significant factors and risks that may affect access, title, or the right or ability to perform the proposed work
program on the property that are not discussed in this report.
| 22.3 |
Geology and Mineralization
|
The understanding of geological controls, geometry, and grade variability of the copper–gold porphyry mineralization is
sufficient to support estimation of mineral resources and mineral reserves. This understanding is strengthened by a history of production and exploration that spans more than a decade. The alteration
assemblages and mineral zonation associated with the porphyry-style mineralization are well understood and support both the interpretation of mineral resource domains for estimation purposes and exploration
concepts for targeting.
The K-Zone is a new area of copper-gold porphyry mineralization recently discovered through underground drilling. The understanding of the geometry and grade
distribution could be improved by additional drilling. Additional underground development is proposed to provide better drilling platforms to improve definition and further test the extents of the K-Zone
mineralization.
The exploration programs completed to date are suitable to the mineralization style. In addition to exploration potential around the Main Zone, exploration
potential remains in the HW zone and K-Zone. The New Afton mineralized system is open at depth and to the east, with potential for the discovery of new mining zones.
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 22.4 |
Exploration, Drilling, and Sampling
|
Drilling procedures, including data collected during the exploration and delineation drilling programs, follow best practice. Collar
and down-hole surveys, lithological, alteration, mineralization, structural geology, and geotechnical data was collected and catalogued following best practice guidelines to support estimation of mineral
resources and mineral reserves. The drill spacing and frequency of sampling is adequate and reflects the mineralized zones’ dimensions and styles of mineralization. Litho-structural 3D modelling constructed
independently of grade further supports the interpretation of mineral resource domains.
Sample preparation, analysis, and security are performed in accordance with industry best practice. QA/QC programs were implemented to adequately address issues
of precision, accuracy, and contamination by including blanks, duplicates, and certified standard samples.
| 22.5 |
Data Verification
|
The data verification programs from the QP concluded that the data collected from the Project adequately support the geological interpretations and constitute a
database of sufficient quality to support the use of the data in mineral resource estimation.
| 22.6 |
Metallurgical Testwork
|
The testwork undertaken is of a level adequate for ensuring an appropriate representation of metallurgical characterization and the derivation of corresponding
metallurgical recovery factors for the B3 cave, C-Zone, and East Extension.
Metallurgical assumptions are supported by multiple years of production data.
Recovery improvements resulting from the cleaner circuit upgrade are expected to partly offset the impact of a coarser grind size, as the processing rate returns
to approximately 16,000 t/d.
Grade-recovery models for the various ore types were developed using processing throughput rates to inform the forecasting copper and gold recoveries for the LOM
plan.
There are no known processing factors that could have a significant effect on economic extraction.
The New Afton concentrate has historically been very clean and marketable. There are no known deleterious elements that could have a significant effect on
economic extraction.
| 22.7 |
Mineral Resource Estimates
|
The mineral resource estimate is reported using the definitions set out in SK-1300, and is reported exclusive of those mineral resources converted to mineral
reserves.
The reference point for the estimate is in situ.
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
The estimate is current as at December 31, 2025. The estimate was constrained using reasonable prospects of economic extraction that assumed underground bulk
mining or long-hole stoping mining methods.
There are no other environmental, permitting, legal, title, taxation, socioeconomic, marketing, political or other relevant factors known to the Qualified
Persons that would materially affect the estimation of Mineral Resources that are not discussed in this Report.
| 22.8 |
Mineral Reserve Estimates
|
The mineral reserve estimate is reported using the definitions set out in SK-1300. The reference point for the estimate is the point of delivery to the process
plant.
The estimate is current as at December 31, 2025.
The Qualified Person is of the opinion that mineral reserves were estimated using industry-accepted practices and are based on underground mining assumptions.
The mineral reserves are acceptable to support mine planning.
Factors that may affect the mineral reserve estimates include: changes to the long-term copper and gold price and exchange rate assumptions; changes to the
parameters used to derive the cave outlines and stope shapes and determine the cut-off values; changes to geotechnical and hydrogeological assumptions; changes to the cave mixing model and dilution estimates;
changes to metallurgical recovery assumptions; changes to inputs to capital and operating cost estimates; ability to maintain social and environmental license to operate.
There are no other environmental, legal, title, taxation, socioeconomic, marketing, political or other relevant factors known to the qualified person that would
materially affect the estimation of Mineral Reserves that are not discussed in this report.
| 22.9 |
Mining Methods
|
Current operations use the block caving mining method. Coeur/New Gold has successfully constructed and operated multiple block caves at New Afton for more than
13 years.
C-Zone achieved commercial production in 2024, and New Afton is scheduled to complete the transition from B3 block cave to C-Zone block cave production in 2026.
Mine planning of the new East Extension zone considers long-hole stoping methods.
Construction of the C-Zone materials handling system, including a new gyratory crusher and extension of the conveyor system, was completed in 2024. The East
Extension will use the same materials handling system.
Mine designs incorporate underground infrastructure and ventilation requirements.
The planned mobile equipment fleets are suitable for the selected mining methods.
Based on current mineral reserves, New Afton has a projected mine life of seven years, to 2032.
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 22.10 |
Recovery Methods
|
The process plant uses conventional processes and equipment to enable economic recovery over a wide range of mill throughputs, particle sizes, and copper–gold
mineralogy The plant has been in operation since 2012.
Coeur/New Gold has previously achieved the planned processing rates of approximately 16,000 t/d during mining of the Lift 1 block caves.
The operation has access to an adequate supply of process water and power to support the LOM plan.
| 22.11 |
Infrastructure
|
Infrastructure required for current mining operations has been constructed and is operational.
The thickened and amended tailings plant is operational, and tailings have been successfully deposited into the Afton Pit TSF since late-2022. The Afton Pit TSF
has sufficient storage capacity to support the LOM plan.
The tailings stabilization project is on schedule. The historical Afton TSF stabilization is complete, and New Afton TSF stabilization will be finalized well
ahead of the expected subsidence impacts.
The planned East Extension operations are not expected to require additional surface facilities.
| 22.12 |
Market Studies
|
The New Afton Operations produce a high-quality clean copper concentrate with typical copper grade, high gold grades, payable silver credits, and relatively low
impurity levels.
The concentrate produced by the New Afton Operations is readily marketable.
Contract terms are considered to be within industry norms, and typical of similar contracts in Canada.
Commodity pricing assumptions, marketing assumptions, and current major contract areas are acceptable for use in estimating mineral reserves and in the economic
analysis that supports the mineral reserves.
| 22.13 |
Environmental, Permitting and Social Considerations
|
The information provided by Coeur’s environmental experts supports that there is adequate baseline data and ongoing
environmental studies to understand potential environmental risks and potential mitigations which may be required.
Coeur holds all major permits and licenses for mine operations at New Afton, and a Mines Act permit amendment for
mining East Extension will be sought.
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
The most recent reclamation liability cost estimate for the New Afton Operations, as submitted to the MCM on November 1, 2024, is approximately C$70.4 million
(US$ 51 million). It assumes approximately C$30.4 million (US$ 22 million) for post-closure monitoring and maintenance over the following 100 years. Based on the standard regulatory discount rates applicable in
British Columbia, the NPV of the post-closure monitoring and maintenance costs is approximately C$8.1 million (US$ 5.9 million), while the conventional closure works cost is not subject to discount. This gives
a total NPV of approximately C$48.2 million (US$ 34.9 million). Since BC regulations will not allow discount of the total reclamation liability cost estimate below C$50 million (US$ 36.2 million); the current
bonding for the site is fixed at C$50 million (US$ 36.2 million). All amounts were converted from Canadian dollars to United States dollars at a rate of US$1 to C$1.38.
Environmental liabilities for the New Afton Operations are typical of those that would be expected to be associated with a mining operation conducted via
underground mining methods.
Coeur maintains strong relationships with Indigenous partners and collaborates on environmental and business matters.
A Cooperation Agreement is in place with the SSN.
The Qualified Person is not aware of any other significant environmental or social factors and risks that may affect access, or the right or ability to perform
the proposed work program that are not discussed in this Report.
| 22.14 |
Capital Cost Estimates
|
Capital costs consist mostly of the remaining development, cave construction, and underground infrastructure needed to complete the
C-Zone project, as well as processing improvements, tailings, and underground development and mining equipment to support East Extension.
Capital cost estimates are acceptable to support the mineral reserve estimate. The LOM plan estimated total capital cost is US$212.6 million.
| 22.15 |
Operating Cost Estimates
|
The basis for the operating cost estimate is the New Afton budget and LOM plan. The production plan drove the calculation of the
mining and processing costs, as the mining mobile equipment fleet, workforce, contractors, power, and consumables requirements were calculated based on specific consumption rates. Consumable prices and labor
rates are based on current contracts and agreements.
Operating cost estimates are acceptable to support the Mineral Reserve estimate. The LOM plan estimated total operating cost is US$1,085.6 million, averaging
US$29.31 per tonne processed.
| 22.16 |
Economic Analysis
|
The NPV at 5% is US $2,485 M. As the cash flow is based on existing operations, considerations of payback and internal rate of return are not relevant.
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
The Project is most sensitive to copper and gold prices and metal grades, less sensitive to operating cost increases, and least sensitive to capital expenditure
changes and exchange rates.
| 22.17 |
Risks and Opportunities
|
| 22.17.1 |
Risks
|
Uncertainties that may affect the mineral resource and mineral reserve estimates were discussed in Chapter 11.13 and Chapter 12.7, respectively.
The major risks to the New Afton Operations are associated with the following elements:
| • |
Negative variations to the copper and gold price assumptions;
|
| • |
Significant additional dilution or ore losses due to cave deviation or variations to the mine plan;
|
| • |
Oversized material or hung drawpoints during the early stages of C-Zone cave propagation, potentially limiting daily tonnage until additional drawpoints are blasted or
drawpoints become free-flowing;
|
| • |
Significant delays to the completion of the tailings stabilization project, potentially impacting C-Zone production;
|
| • |
Changes in geotechnical conditions and modelling parameters, including but not limited to the following:
|
| o |
The extent and magnitude of subsidence affecting site infrastructure;
|
| o |
Convergence in underground production drifts exceeding expectations;
|
| o |
Cave growth deviation and induced stress from the C-Zone block cave impacting underground development and infrastructure.
|
| 22.17.2 |
Opportunities
|
The major opportunities are as follows:
| • |
Potential extension of mine life and improved production profile if mineral resources at the K-Zone, D-Zone, and HW Zone can be converted to mineral reserves with additional
studies;
|
| • |
Potential to expand mineralization and identify new zones with additional drilling;
|
| • |
Further improvements in metallurgical recoveries with process plant improvements;
|
| • |
Further reduction in cement consumption in the thickened and amended tailings plant with additional testing and analysis;
|
| • |
Overperformance of drawpoints in C-Zone pulling in residual grade from the B3 cave post closure;
|
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| • |
Conversion of some or all of the measured and indicated mineral resources currently reported exclusive of mineral reserves to mineral reserves, with appropriate supporting
studies;
|
| • |
Upgrade of some or all of the inferred mineral resources to higher-confidence categories with additional studies.
|
| 22.18 |
Conclusions
|
Under the assumptions in this Report, the operations evaluated show a positive cash flow over the remaining LOM. The mine plan is
achievable under the set of assumptions and parameters used.
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 23.0 |
RECOMMENDATIONS
|
The QPs have no material recommendations to make.
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
24.0
|
REFERENCES
|
|
24.1
|
Bibliography
|
ALS. 2014. Pilot Plant Test Work New Afton Project New Gold Inc. KM4388, 145 p. (October 2014).
ALS. 2015. Pilot Plant Testing of New Afton Supergene and Hypogene Ore New Gold, KM4491, 410 p. (October 2015).
ALS. 2022. Metallurgical Assessment of Mineralization from the Mine Underground East Extension (UEE) KM6634 and
KM6734, 349 p. (August 2022).
ALS. 2024. Metallurgical Testing of New Afton D-Zone Mineralization KM7342, 223 p. (November 2024).
AMC Consultants Pty Ltd. 2007. Afton Project Feasibility Study, Underground Mining Study.
Barton N, Lien R, and Lunde J. 1974. Engineering Classification of Rock masses for the design of Tunnel Support. Journal of Rock Mechanics, Vol 6, p. 189-236.
BC Data Catalogue. British Columbia internet-based library of geospatial data sets. Accessed on December 10, 2024.
https://catalogue.data.gov.bc.ca/
BC MapPlace.
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BC Ministry of Energy, Mines and Petroleum Resources (MEMPR). 2017. Health, Safety and Reclamation Code for Mines in
British Columbia. Mining and Minerals Division, Victoria, British Columbia.
BC MTO- Mineral Titles Online. British Columbia internet-based electronic mineral titles administration system.
Accessed in November 2024. https://www.mtonline.gov.bc.ca/mtov/home.
BC Road Builders and Heavy Construction Association. 2024. Equipment Rental Rate Guide – The Blue Book.
Beck Engineering. 2019. Draft – Simulation of Subsidence – A Simulation of Worst-Case Closure Subsidence for Lift 1,
21 p. (December 1, 2019).
Behre Dolbear & Company, Ltd. 2003a. Mineral Resource Estimate for the Afton Copper/Gold Project, Kamloops, B.C.,
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Behre Dolbear & Company, Ltd. 2004. Mineral Resource Estimate for the Afton Copper/Gold Project, Kamloops, B.C.,
160 p., filed on SEDAR.
BGC Engineering Inc (BGC). 2018. New Afton Tailings Storage Facility Design 2018 Update. Report RP-0921055.0532
submitted to New Gold Inc. September 13, 2018.
BGC. 2019a. 2018. Dam Safety Inspection. Report RP-0921055.0592 submitted to New Gold Inc. March 29, 2019.
BGC. 2019b. New Afton Thickener Water Balance Model – September 2019. Project memorandum submitted to New Gold Inc.
September 19, 2019.
BGC. 2019c. New Afton and Pothook TSF Instrumentation Data – November 2018 to January 2019. Report RP-0921063.0621
submitted to New Gold Inc. July 2, 2019.
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
BGC. 2019d. Historical Afton Tailings Storage Facility 2018 Dam Safety Review. Report RP- 0921057.0572 submitted to
New Gold Inc. March 29, 2019.
BGC. 2024. New Afton Project 2024 – New Afton TSF Closure Spillway and Channels – Preliminary Design. July 2024.
RP-0921122.1065.
Bieniawski, Z.T. 1989. Engineering rock mass classifications. New York: Wiley.
British Columbia Geological Survey. 2024. MapPlace. https://mapplace.gov.bc.ca
Canadian Dam Association (CDA) Dam Safety Guidelines 2007 (Revised 2013).
Canadian Institute of Mining, Metallurgy and Petroleum (CIM). 2014. CIM Definition Standards for Mineral Resources
& Mineral Reserves. Adopted by CIM Council on May 19, 2014.
Canadian Institute of Mining, Metallurgy and Petroleum (CIM). 2019. Mineral Resources & Mineral Reserves
Estimation Best Practice Guidelines. Adopted by CIM Council on November 29. 2019.
Carter, NC.1981. Porphyry Copper and Molybdenum Deposits West-Central British Columbia, British Columbia Ministry of
Energy, Mines, and Petroleum Resources, Bulletin 64, 150p.
Caterpillar. 2024. 49th Caterpillar
Performance Handbook.
Chamberlain CM, Jackson M, Jago CP, Pass HE, Simpson KA, Cooke DR, and Tosdal RM. 2007. Toward an integrated model
for alkalic porphyry copper deposits in British Columbia (NTS 093A, N; 104G). Geological Fieldwork 2006, British Columbia Geological Survey Paper 2007-01, 259-273.
Victoria, BC: British Columbia Ministry of Energy, Mines and Petroleum Resources.
Cooke DR, Wilson AJ, House MJ, Wolfe RC, Walshe JL, Lickfold V, and Crawford AJ. 2007. Alkalic porphyry Au-Cu and
associated mineral deposits of the Ordovician to Early Silurian Macquarie Arc, New South Wales. Australian Journal of Earth Sciences, 54(2-3), 445-463.
Eriez Manufacturing Co. 2015. Laboratory-Scale Testing for Recovering Copper & Gold Values from Coarse Ore MT
15-030 (Confidential), 7 p. (June 2015).
Gekko Systems. 2015. New Gold New Afton Native Copper Gravity Testwork. Report T1369, 24 p. (November 2015).
Gekko Systems. 2016. New Gold New Afton Magnetic Separation and Gravity Testwork. Report T1474, 27 p. (February
2016).
Hadjigeorgiou J, Leclair J, and Potvin Y. 1995. An update of the Stability Graph Method for open stope design. 97th
Annual General Meeting of C.I.M. Halifax, Nova Scotia.
Hatch Ltd. 2007. New Afton Project, NI 43-101 Independent Technical Report, prepared for New Gold Inc. (filed on
SEDAR on April 30, 2007).
Itasca Consulting Group Inc. 2014a. Analysis of Potential Mining Induced Fracture Opening at New Afton Mine, August
15, 2014.
Itasca Consulting Group Inc. 2014b. Analysis of Caving and Subsidence at New Afton Mine – C-Zone Calibration and
Forward Modelling, September 26, 2014.
Itasca Consulting Group Inc. 2014c. New Afton C-Zone Dilution Modelling, September 26, 2014.
Itasca Consulting Group Inc. 2014d. Analysis of Caving and Subsidence at New Afton Mine – C-Zone Calibration and
Forward Modelling, November 17, 2014.
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
Knight Piésold Ltd. 2018. New Afton Tailings Storage Facility 2017 Dam Safety Review. Report VA101-577/8-1
submitted to New Gold Inc. March 29, 2018.
Knight Piésold Ltd. 2019. New Afton Mine Historical Afton Tailings Storage Facility – 2018 Dam Safety Inspection.
Report VA101-577/21-1 submitted to New Gold Inc. March 28, 2019.
Konst RB. 2006. New Afton Project 2005-2006 Drilling Program Sample Preparation and Analytical Quality Control
Report, internal report prepared for New Gold Inc., April 30, 2006.
Lang JR, Stanley CR, and Thompson JR. 1995. Porphyry copper-gold deposits related to alkalic igneous rocks in the
Triassic-Jurassic arc terranes of British Columbia. In F.W. Pierce and J.G. Bolm (Eds.), Porphyry copper deposits of the
American Cordillera (pp. 219-236). Arizona Geological Society Digest 20. Tucson, AZ. Arizona Geological Society.
Lipske J, and Wade D. 2014. Geological Model of the New Afton Copper and Gold Deposit, British Columbia, internal
report to New Gold Inc., 53 p.
Lipske J, Wade D, Hall RH, and Petersen MA. 2020. Geology and mineralization of the New Afton Cu-Au alkalic
porphyry deposit, Kamloops, British Columbia. Porphyry Deposits of the Northwestern Cordillera of North America: A 25 Year Update. Canadian Institute of Mining,
Metallurgy and Petroleum, Special Volume 57 (pp. 648-664).
Logan JM, Mihalynuk MG, Ullrich T, and Friedman RM. 2007. U-Pb ages of intrusive rocks and 40Ar/39Ar plateau ages
of copper-gold-silver mineralization associated with alkaline intrusive centres at Mount Polley and the Iron Mask batholith, southern and central British Columbia. Geological
Fieldwork 2006, British Columbia Geological Survey Paper 2007-01. 93-116. Victoria, BC: British Columbia Ministry of Energy, Mines and Petroleum Resources.
Lyman GJ. 2019. Sampling Properties of Jig and Bulk Concentrates. 3 p., Memorandum to J. Katchen and John Andrew,
(August 16, 2019)
MetSolve Laboratories Inc. 2015. New Gold Inc. New Afton Mine Heavy Liquid Separation MS1632, 22 p. (September,
2015).
Mortensen JK, Ghosh DK, and Ferri F. 1995. U-Pb geochronology of intrusive rocks associated with copper-gold
porphyry deposits in the Canadian Cordillera. In T.G. Schroeter (Ed.), Canadian Institute of Mining, Metallurgy and Petroleum
Special Volume 46 (pp. 142-158). Montreal, QC. Canadian Institute of Mining, Metallurgy and Petroleum.
Nevada Division of Environmental Protection. 2017. Standardized Reclamation Cost Estimator, version 2.0. In
collaboration with the US Department of Interior, Bureau of Land Management and the Nevada Mining Association.
New Gold. 2016. C-ZONE PROJECT 2016, Feasibility Study Report, British Columbia, Canada, Internal study, January
29, 2016
New Gold. 2021. C-zone Permit Amendment Application dated November, 2021.
New Gold. 2019. New Afton Tailings and Water Management Facilities Operation, Maintenance & Surveillance
Manual. Internal report ENV-MNUL-T301 revision V2018-01. May 7, 2019.
New Gold. 2024a. Annual Reclamation Report for 2023. New Afton Mine. Kamloops, BC. March 2024.
New Gold. 2024b. New Afton: 2023 Ministry of Environment & Climate Change Strategy Annual Report for
Authorization Number 100223. March 2024.
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
New Gold. 2024c. New Afton: 2023 Ministry of Environment & Climate Change Strategy Annual Report 100224. March 2024.
New Gold. 2024d. New Afton Mine – Mine Reclamation and Closure Plan 2024 – Mines Act Permit M-229. November 1,
2024.
Nickson SD (1992) Cable support guidelines for underground hard rock mine operations. Ph.D. Dissertation,
University of British Columbia
Okane. 2024. New Afton Mine Closure Failure Modes and Effects Analysis. October 2024. M. A. O’Kane Consultants
Inc.
Potvin Y. 1988. Empirical open stope design in Canada. Ph.D. Dissertation, University of British Columbia.
Price RA. 1994. Cordilleran Tectonics. In: Geological Atlas of the Western
Canadian Sedimentary Base, G. D. Mossop and I. Shetsen (comp.), Canadian Society of Petroleum Geologists and Alberta Research Council.
Rescan. 2007. Application for a Permit Approving the Mine Plan and Reclamation Program Pursuant to the Mines Act
R.S.B.C. 1996, C. 293. New Afton Gold-Copper Mine, British Columbia, Canada. January 2007.
Roscoe Postle Associates Inc. 2006. Technical Report on the New Afton Project. Internal report prepared by
Wallis S and Giroux G, for New Gold Inc., 44 p.
Roscoe Postle Associates Inc. 2009. Technical Report on the New Afton Copper/Gold Project, Kamloops, B.C.
Prepared by Bergen RD, Rennie DW, and Scott KC, for New Gold Inc., 160 p., filed on SEDAR.
Roscoe Postle Associates Inc. 2015. Technical Report on the New Afton Mine, British Columbia, Canada, prepared
by Bergen RD, Krutzelmann H, and Rennie DW, for New Gold Inc. (March 23, 2015), 256 p., filed on SEDAR.
Roscoe Postle Associates Inc. 2016. Technical Report on the New Afton Mine, British Columbia, Canada, prepared
by Rennie DW, Bergen RD, and Krutzelmann H, for New Gold Inc. (March 15, 2016), 247 p., filed on SEDAR.
Roscoe Postle Associates Inc. 2020. Technical Report on the New Afton Mine, British Columbia, Canada, prepared
by Rennie DW, Lecuyer NL, Krutzelmann H, and Vasquez L, for New Gold Inc (February 28, 2020), filed on SEDAR.
SGS. 2019. 16337-06 – New Afton Gold Deportment – July 25 2019, an Excel workbook prepared for New Gold Inc.
(July 24, 2019).
Sim R and Davis B. 2014. Mineral Resource Model, Draft internal report to New Gold, 52 p. (September 5, 2014).
Sim R and Davis B. 2019. Mineral Resource Model and Estimate of Mineral Resources as of December 31, 2018.
Internal report to New Gold Inc. June 10, 2019, revised November 6, 2019, 49 p.
SLR Consulting (Canada) Ltd. 2024. New Afton Mine Year-End 2023 Mineral Reserves Review, letter report issued to
J. Parsons. March 25, 2024.
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
24.2
|
Abbreviations and Units of Measure
|
|
Abbreviation/Symbol
|
Definition
|
||
|
'
|
minutes (geographic)
|
||
|
"
|
seconds (geographic)
|
||
|
#
|
number
|
||
|
%
|
percent
|
||
|
<
|
less than
|
||
|
>
|
greater than
|
||
|
°C
|
degree Celsius
|
||
|
º
|
degrees
|
||
|
µ
|
micron
|
||
|
µm
|
micrometer (micron)
|
||
|
a
|
annum
|
||
|
A
|
ampere
|
||
|
AA
|
atomic absorption
|
||
|
AEP
|
annual exceedance probability
|
||
|
Ag
|
silver
|
||
|
AIA
|
Archaeological Impact Assessment
|
||
|
APTSF
|
Afton Pit Tailings Storage Facility
|
||
|
As
|
arsenic
|
||
|
Au
|
gold
|
||
|
B3
|
Block 3 block cave
|
||
|
C$
|
Canadian dollars
|
||
|
CA
|
Cooperation Agreement (New Gold & SSN)
|
||
|
cfm
|
cubic feet per minute
|
||
|
cm
|
centimeter
|
||
|
cm²
|
square centimeter
|
||
|
CRF
|
cemented rockfill
|
||
|
Cu
|
copper
|
||
|
CuEq
|
copper-equivalent
|
||
|
Cu Eq
|
copper equivalent
|
||
|
d
|
day
|
||
|
dia.
|
diameter
|
||
|
dmt
|
dry metric tonne
|
||
|
EDF
|
environmental design flood
|
||
|
EMA
|
BC Environmental Management Act
|
||
|
EMC
|
Environmental Management Committee
|
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Abbreviation/Symbol
|
Definition
|
||
|
ENV
|
BC Ministry of Environment and Parks
|
||
|
EOR
|
Engineer of Record
|
||
|
FMEA
|
failure modes and effects analysis
|
||
|
ft
|
feet
|
||
|
ft³
|
cubic foot / cubic feet
|
||
|
g
|
gram
|
||
|
g/L
|
gram per liter
|
||
|
g/t
|
gram per tonne
|
||
|
G&A
|
general and administrative expenses
|
||
|
GPS
|
global positioning system
|
||
|
ha
|
hectare
|
||
|
HATSF
|
Historical Afton Tailings Storage Facility
|
||
|
HCT
|
humidity cell testing
|
||
|
HHERA
|
Human Health and Ecological Risk Assessment
|
||
|
HOD
|
height of draw
|
||
|
HP
|
horsepower
|
||
|
hp
|
horsepower
|
||
|
HQ
|
2.5 inch core size
|
||
|
HR
|
hydraulic radius
|
||
|
HRCR
|
critical hydraulic radius
|
||
|
HSRC
|
Health, Safety and Reclamation Code
|
||
|
HW
|
Hanging wall zones
|
||
|
ICP
|
inductively coupled plasma
|
||
|
ID2
|
inverse distance interpolation (power of 2)
|
||
|
IMB
|
Iron Mask Batholith
|
||
|
IOC
|
Integrated Operations Centre
|
||
|
IST
|
in situ stress testing
|
||
|
ITRB
|
Independent Tailings Review Board
|
||
|
k
|
kilo (thousand)
|
||
|
kg
|
kilogram
|
||
|
km
|
kilometer
|
||
|
km/h
|
kilometer per hour
|
||
|
km²
|
square kilometer
|
||
|
kV
|
kilovolt
|
||
|
kW
|
kilowatt
|
||
|
kWh
|
kilowatt-hour
|
||
|
L
|
liter
|
||
|
lb
|
pound
|
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Abbreviation/Symbol
|
Definition
|
||
|
lbs
|
pounds
|
||
|
LHD
|
load-haul-dump
|
||
|
LiDAR
|
light detection and ranging
|
||
|
LOM
|
life of mine
|
||
|
LTE
|
long-term evolution
|
||
|
M
|
mega (million)
|
||
|
Ma
|
mega annum (million years)
|
||
|
MAC
|
Mining Association of Canada
|
||
|
masl
|
meter above sea level
|
||
|
max
|
maximum
|
||
|
MCM
|
BC Ministry of Mines and Critical Minerals
|
||
|
mesh
|
size based on number of screen openings per inch
|
||
|
MG
|
mine grid (elevation)
|
||
|
mg
|
milligram
|
||
|
min
|
minimum
|
||
|
mm
|
millimeter
|
||
|
MoE
|
Ministry of Environment and Climate Change Strategy
|
||
|
MPa
|
megapascal
|
||
|
MPBX
|
multi-point borehole extensometers
|
||
|
MFLRNO
|
Ministry of Forests, Lands, Natural Resource Operations and Rural Development
|
||
|
Mst/a
|
million tons per year
|
||
|
Mt
|
million tonne
|
||
|
MVA
|
megavolt-amperes
|
||
|
MW
|
megawatt
|
||
|
MWh
|
megawatt-hour
|
||
|
m
|
meter
|
||
|
m²
|
square meter
|
||
|
m³
|
cubic meter
|
||
|
m³/h
|
cubic meter per hour
|
||
|
NATSF
|
New Afton Tailings Storage Facility
|
||
|
NN
|
nearest neighbor
|
||
|
NSERC
|
Natural Sciences and Engineering Research Council
|
||
|
NSR
|
net smelter return
|
||
|
NWWMP
|
Northwest Water Management Pond
|
||
|
OK
|
ordinary kriging
|
||
|
OES
|
optical emission spectroscopy
|
||
| oz |
troy ounce |
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Abbreviation/Symbol
|
Definition
|
||
|
oz/st
|
ounces per ton
|
||
|
P.Eng.
|
Professional Engineer
|
||
|
P.Geo.
|
Professional Geologist
|
||
|
PCBC
|
GEOVIA PCBC software
|
||
|
Pd
|
palladium
|
||
|
pH
|
measure of acidity or alkalinity
|
||
|
PHTSF
|
Pothook Pit Tailings Storage Facility
|
||
|
PM
|
particulate matter
|
||
|
PM2.5
|
particulate matter ≤2.5 µm
|
||
|
PM10
|
particulate matter ≤10 µm
|
||
|
ppm
|
parts per million
|
||
|
ppb
|
part per billion
|
||
|
Pt
|
platinum
|
||
|
QA
|
quality assurance
|
||
|
QC
|
quality control
|
||
|
QA/QC
|
quality assurance and quality control
|
||
|
QP
|
Qualified Person
|
||
|
QPO
|
Quantifiable Performance Objective
|
||
|
RC
|
reverse circulation
|
||
|
RCP
|
Reclamation and Closure Plan
|
||
|
RMR89
|
rock mass rating
|
||
|
ROM
|
run-of-mine
|
||
|
RQD
|
rock quality designation
|
||
|
RSBC
|
Revised Statutes of British Columbia
|
||
|
s
|
second
|
||
|
S
|
sulphur
|
||
|
SAG
|
semi-autogenous grinding
|
||
|
SBC
|
Statutes of British Columbia
|
||
|
SFR
|
staged flotation reaction
|
||
|
SIB
|
Skeetchestn Indian Band
|
||
|
SMC
|
semi-autogenous mill comminution
|
||
|
SPI
|
SAG Power Index
|
||
|
SSN
|
Stk’emlupsemc Te Secwepemc Nation
|
||
|
st
|
US short ton (2,000 lb)
|
||
|
st/h
|
tons per hour
|
||
|
st/ft³
|
tons per cubic foot
|
||
|
t
|
metric tonne
|
||
|
TARP
|
Trigger Action Response Plan
|
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| Abbreviation/Symbol | Definition | ||
|
TAT
|
thickened and amended tailings
|
||
|
tph
|
tonne per hour
|
||
|
t/a
|
tonne per annum
|
||
|
t/d
|
tonne per day
|
||
|
t/od
|
tonne per operating day
|
||
|
TRU
|
Thompson Rivers University
|
||
|
TSF
|
tailings storage facility
|
||
|
TSM
|
Towards Sustainable Mining
|
||
|
US$
|
United States dollar
|
||
|
W
|
watt
|
||
|
WLRS
|
Ministry of Water, Lands and Resource Stewardship
|
||
|
WMP
|
water management pond
|
||
|
wmt
|
wet metric tonne
|
||
|
wt%
|
weight percent
|
||
|
WQG-FWAL
|
Water Quality Guidelines for Freshwater Aquatic Life
|
|
24.3
|
Glossary of Terms
|
|
Term
|
Definition
|
||
|
acid rock drainage/ acid mine
drainage
|
Characterized by low pH, high sulfate, and high iron and other metal species.
|
||
|
ANFO
|
A free-running explosive used in mine blasting made of 94% prilled aluminum nitrate and 6% No. 3 fuel oil.
|
||
|
aquifer
|
A geologic formation capable of transmitting significant quantities of groundwater under normal hydraulic gradients.
|
||
|
argillic alteration
|
Introduces any one of a wide variety of clay minerals, including kaolinite, smectite and illite. Argillic alteration is generally a low temperature event, and some may
occur in atmospheric conditions
|
||
|
azimuth
|
The direction of one object from another, usually expressed as an angle in degrees relative to true north. Azimuths are usually measured in the clockwise direction, thus
an azimuth of 90 degrees indicates that the second object is due east of the first.
|
||
|
comminution/crushing/grinding
|
Crushing and/or grinding of ore by impact and abrasion. Usually, the word "crushing" is used for dry methods and "grinding" for wet methods. Also, "crushing" usually
denotes reducing the size of coarse rock while "grinding" usually refers to the reduction of the fine sizes.
|
||
|
cut-off grade
|
A grade level below which the material is not “ore” and considered to be uneconomical to mine and process. The minimum grade of ore used to establish reserves.
|
||
|
data verification
|
The process of confirming that data has been generated with proper procedures, has been accurately transcribed from the original source and is suitable to be used for
mineral resource and mineral reserve estimation
|
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
|
Term
|
Definition
|
||
|
density
|
The mass per unit volume of a substance, commonly expressed in grams/ cubic centimeter.
|
||
|
dilution
|
Waste of low-grade rock which is unavoidably removed along with the ore in the mining process.
|
||
|
feasibility study
|
A feasibility study is a comprehensive technical and economic study of the selected development option for a mineral project, which includes detailed assessments of all applicable modifying
factors, as defined by this section, together with any other relevant operational factors, and detailed financial analysis that are necessary to demonstrate, at the time of reporting, that
extraction is economically viable. The results of the study may serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the
project.
A feasibility study is more comprehensive, and with a higher degree of accuracy, than a pre-feasibility study. It must contain mining, infrastructure, and process designs completed with
sufficient rigor to serve as the basis for an investment decision or to support project financing.
|
||
|
flowsheet
|
The sequence of operations, step by step, by which ore is treated in a milling, concentration, or smelting process.
|
||
|
gangue
|
The fraction of ore rejected as tailing in a separating process. It is usually the valueless portion, but may have some secondary commercial use
|
||
|
indicated mineral resource
|
An indicated mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and
sampling. The term adequate geological evidence means evidence that is sufficient to establish geological and grade or quality continuity with reasonable certainty. The level of geological
certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the
economic viability of the deposit.
|
||
|
inferred mineral resource
|
An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The term limited
geological evidence means evidence that is only sufficient to establish that geological and grade or quality continuity is more likely than not. The level of geological uncertainty associated with
an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic
viability.
A qualified person must have a reasonable expectation that the majority of inferred mineral resources could be upgraded to indicated or measured mineral resources with continued exploration;
and should be able to defend the basis of this expectation before his or her peers.
|
||
|
internal rate of return (IRR)
|
The rate of return at which the Net Present Value of a project is zero; the rate at which the present value of cash inflows is equal to the present value of the cash
outflows.
|
||
|
initial assessment
|
An initial assessment is a preliminary technical and economic study of the economic potential of all or parts of mineralization to support the
disclosure of mineral resources. The initial assessment must be prepared by a qualified person and must include appropriate assessments of reasonably assumed technical and economic factors,
together with any other relevant operational factors, that are necessary to demonstrate at the time of reporting that there are reasonable prospects for economic extraction. An initial assessment
is required for disclosure of mineral resources but cannot be used as the basis for disclosure of mineral reserves
|
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| Term | Definition | ||
|
life of mine (LOM)
|
Number of years that the operation is planning to mine and treat ore, and is taken from the current mine plan based on the current evaluation of ore reserves.
|
||
|
measured mineral resource
|
A measured mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and
sampling. The term conclusive geological evidence means evidence that is sufficient to test and confirm geological and grade or quality continuity. The level of geological certainty associated
with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final
evaluation of the economic viability of the deposit.
|
||
|
mineral reserve
|
A mineral reserve is an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically
viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when
the material is mined or extracted.
The determination that part of a measured or indicated mineral resource is economically mineable must be based on a preliminary feasibility (pre-feasibility) or feasibility study, as defined by
this section, conducted by a qualified person applying the modifying factors to indicated or measured mineral resources. Such study must demonstrate that, at the time of reporting, extraction of
the mineral reserve is economically viable under reasonable investment and market assumptions. The study must establish a life of mine plan that is technically achievable and economically viable,
which will be the basis of determining the mineral reserve.
The term economically viable means that the qualified person has determined, using a discounted cash flow analysis, or has otherwise analytically determined, that extraction of the mineral
reserve is economically viable under reasonable investment and market assumptions.
The term investment and market assumptions includes all assumptions made about the prices, exchange rates, interest and discount rates, sales volumes, and costs that are necessary to determine
the economic viability of the mineral reserves. The qualified person must use a price for each commodity that provides a reasonable basis for establishing that the project is economically viable.
|
||
|
mineral resource
|
A mineral resource is a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quality, and quantity that there are reasonable prospects
for economic extraction.
The term material of economic interest includes mineralization, including dumps and tailings, mineral brines, and other resources extracted on or within the earth’s crust. It does not include
oil and gas resources as defined in Regulation S-X (§210.4-10(a)(16)(D) of this chapter), gases (e.g., helium and carbon dioxide), geothermal fields, and water.
When determining the existence of a mineral resource, a qualified person, as defined by this section, must be able to estimate or interpret the location, quantity, grade or quality continuity,
and other geological characteristics of the mineral resource from specific geological evidence and knowledge, including sampling; and conclude that there are reasonable prospects for economic
extraction of the mineral resource based on an initial assessment, as defined in this section, that he or she conducts by qualitatively applying relevant technical and economic factors likely to
influence the prospect of economic extraction.
|
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| Term | Definition | ||
|
mining claim
|
A description by boundaries of real property in which metal ore and/or minerals may be located.
|
||
|
modifying factors
|
The factors that a qualified person must apply to indicated and measured mineral resources and then evaluate in order to establish the economic viability of mineral
reserves. A qualified person must apply and evaluate modifying factors to convert measured and indicated mineral resources to proven and probable mineral reserves. These factors include, but are
not restricted to: mining; processing; metallurgical; infrastructure; economic; marketing; legal; environmental compliance; plans, negotiations, or agreements with local individuals or groups; and
governmental factors. The number, type and specific characteristics of the modifying factors applied will necessarily be a function of and depend upon the mineral, mine, property, or project.
|
||
|
net smelter return royalty (NSR)
|
A defined percentage of the gross revenue from a resource extraction operation, less a proportionate share of transportation, insurance, and processing costs.
|
||
|
open pit
|
A mine that is entirely on the surface. Also referred to as open-cut or open-cast mine.
|
||
|
ounce (oz) (troy)
|
Used in imperial statistics. A kilogram is equal to 32.1507 ounces. A troy ounce is equal to 31.1035 grams.
|
||
|
plant
|
A group of buildings, and especially to their contained equipment, in which a process or function is carried out; on a mine it will include warehouses, hoisting
equipment, compressors, repair shops, offices, mill or concentrator.
|
||
|
potassic alteration
|
A relatively high temperature type of alteration which results from potassium enrichment. Characterized by biotite, K-feldspar.
|
||
|
preliminary feasibility study, pre-feasibility study
|
A preliminary feasibility study (prefeasibility study) is a comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage
where a qualified person has determined (in the case of underground mining) a preferred mining method, or (in the case of surface mining) a pit configuration, and in all cases has determined an
effective method of mineral processing and an effective plan to sell the product.
A pre-feasibility study includes a financial analysis based on reasonable assumptions, based on appropriate testing, about the modifying factors and the evaluation of any other relevant factors
that are sufficient for a qualified person to determine if all or part of the indicated and measured mineral resources may be converted to mineral reserves at the time of reporting. The financial
analysis must have the level of detail necessary to demonstrate, at the time of reporting, that extraction is economically viable
|
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| Term | Definition | ||
|
probable mineral reserve
|
A probable mineral reserve is the economically mineable part of an indicated and, in some cases, a measured mineral resource. For a probable mineral reserve, the
qualified person’s confidence in the results obtained from the application of the modifying factors and in the estimates of tonnage and grade or quality is lower than what is sufficient for a
classification as a proven mineral reserve, but is still sufficient to demonstrate that, at the time of reporting, extraction of the mineral reserve is economically viable under reasonable
investment and market assumptions. The lower level of confidence is due to higher geologic uncertainty when the qualified person converts an indicated mineral resource to a probable reserve or
higher risk in the results of the application of modifying factors at the time when the qualified person converts a measured mineral resource to a probable mineral reserve. A qualified person must
classify a measured mineral resource as a probable mineral reserve when his or her confidence in the results obtained from the application of the modifying factors to the measured mineral resource
is lower than what is sufficient for a proven mineral reserve.
|
||
|
propylitic
|
Characteristic greenish color. Minerals include chlorite, actinolite and epidote. Typically contains the assemblage quartz-chlorite-carbonate
|
||
|
proven mineral reserve
|
A proven mineral reserve is the economically mineable part of a measured mineral resource. For a proven mineral reserve, the qualified person has a high degree of
confidence in the results obtained from the application of the modifying factors and in the estimates of tonnage and grade or quality. A proven mineral reserve can only result from conversion of a
measured mineral resource.
|
||
|
qualified person
|
A qualified person is an individual who is a mineral industry professional with at least five years of relevant experience in the type of mineralization and type of deposit under consideration
and in the specific type of activity that person is undertaking on behalf of the registrant; and an eligible member or licensee in good standing of a recognized professional organization at the
time the technical report is prepared.
For an organization to be a recognized professional organization, it must:
(A) Be either:
(1) An organization recognized within the mining industry as a reputable professional association, or
(2) A board authorized by U.S. federal, state, or foreign statute to regulate professionals in the mining, geoscience or related field;
(B) Admit eligible members primarily on the basis of their academic qualifications and experience;
(C) Establish and require compliance with professional standards of competence and ethics;
(D) Require or encourage continuing professional development;
(E) Have and apply disciplinary powers, including the power to suspend or expel a member regardless of where the member practices or resides; and;
(F) Provide a public list of members in good standing.
|
||
|
reclamation
|
The restoration of a site after mining or exploration activity is completed.
|
||
|
refining
|
A high temperature process in which impure metal is reacted with flux to reduce the impurities. The metal is collected in a molten layer and the impurities in a slag
layer. Refining results in the production of a marketable material.
|
||
|
refractory
|
Gold mineralization normally requiring more sophisticated processing technology for extraction, such as roasting or autoclaving under pressure.
|
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| Term | Definition | ||
|
rock quality designation (RQD)
|
A measure of the competency of a rock, determined by the number of fractures in a given length of drill core. For example, a friable ore will have many fractures and a
low RQD.
|
||
|
royalty
|
An amount of money paid at regular intervals by the lessee or operator of an exploration or mining property to the owner of the ground. Generally based on a specific
amount per tonne or a percentage of the total production or profits. Also, the fee paid for the right to use a patented process.
|
||
|
run-of-mine (ROM)
|
Rehandle where the raw mine ore material is fed into the processing plant’s system, usually the crusher. This is where material that is not direct feed from the mine is
stockpiled for later feeding. Run-of-mine relates to the rehandle being for any mine material, regardless of source, before entry into the processing plant’s system.
|
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 25.0 |
RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT
|
| 25.1 |
Introduction
|
The Qualified Persons fully relied on the registrant for guidance in the areas noted in the following sub-sections.
As the operations have been in production for approximately 15 years, first under New Gold management, and now Coeur’s management, the registrant has
considerable experience in this area.
The QPs took undertook checks that the information provided by the registrant was suitable to be used in the Report.
| 25.2 |
Macroeconomic Trends
|
| • |
Information relating to inflation, interest rates, discount rates, taxes.
|
This information is used in the economic analysis in Chapter 19. It supports the mineral resource estimate in Chapter 11, and the mineral reserve
estimate in Chapter 12.
| 25.3 |
Markets
|
| • |
Information relating to market studies/markets for product, market entry strategies, marketing and sales contracts, product valuation, product specifications,
refining and treatment charges, transportation costs, agency relationships, material contracts (e.g. mining, concentrating, smelting, refining, transportation, handling, hedging arrangements,
and forward sales contracts), and contract status (in place, renewals).
|
This information is used when discussing the market, commodity price, and contract information in Chapter 16, and in the economic analysis in Chapter 19.
It supports the mineral resource estimate in Chapter 11, and the mineral reserve estimate in Chapter 12.
| 25.4 |
Legal Matters
|
| • |
Information relating to the corporate ownership interest, the mineral tenure (concessions, payments to retain, obligation to meet expenditure/reporting of work
conducted), surface rights, water rights (water take allowances), royalties, encumbrances, easements and rights-of-way, violations and fines, permitting requirements, ability to maintain and
renew permits
|
This information is used in support of the property ownership information in Chapter 3, the permitting and closure discussions in Chapter 17, and the
economic analysis in Chapter 19. It supports the mineral resource estimate in Chapter 11, and the mineral reserve estimate in Chapter 12.
|
|
New Afton Operations
British Columbia
Technical Report Summary
|
| 25.5 |
Environmental Matters
|
| • |
Information relating to baseline and supporting studies for environmental permitting, environmental permitting and monitoring requirements, ability to maintain and
renew permits, emissions controls, closure planning, closure and reclamation bonding and bonding requirements, sustainability accommodations, and monitoring for and compliance with requirements
relating to protected areas and protected species.
|
This information is used when discussing property ownership information in Chapter 3, the permitting and closure discussions in Chapter 17, and the
economic analysis in Chapter 19. It supports the mineral resource estimate in Chapter 11, and the mineral reserve estimate in Chapter 12.
| 25.6 |
Stakeholder Accommodations
|
| • |
Information relating to social and stakeholder baseline and supporting studies, relationships with the local ski areas, hiring and training policies for workforce
from local communities, partnerships with stakeholders (including national, regional, and state mining associations; trade organizations; fishing organizations; state and local chambers of
commerce; economic development organizations; non-government organizations; and, state and federal governments), and the community relations plan.
|
This information is used in the social and community discussions in Chapter 17, and the economic analysis in Chapter 19. It supports the mineral resource
estimate in Chapter 11, and the mineral reserve estimate in Chapter 12.
| 25.7 |
Governmental Factors
|
| • |
Information relating to taxation and royalty considerations at the Project level, monitoring requirements and monitoring frequency, and bonding requirements.
|
This information is used in the economic analysis in Chapter 19. It supports the mineral resource estimate in Chapter 11, and the mineral reserve
estimate in Chapter 12.
Exhibit 99.4
Rainy River Operations
Ontario, Canada
Technical Report Summary
|
Prepared for:
Coeur Mining, Inc.
|
Prepared by:
Mr. Corey Kamp, P.Eng.
Mr. Michael Kontzamanis, P. Eng.
Ms. Caroline Daoust, P.Geo.
Mr. Vincent Nadeau-Benoit, P.Geo.
Ms. Emily O’Hara, P.Eng.
Mr. Mohammad Taghimohammadi, P. Eng.
Mr. Travis Pastachak, P.Geo
|
|
Report current as at:
31 December, 2025
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
Date and Signature Page
The following Qualified Persons, who are employees of Coeur Mining, Inc. or its subsidiaries, prepared this technical report summary, entitled “Rainy River Operations, Technical Report Summary” and
confirm that the information in the technical report summary is current as at 31 December, 2025.
“Signed”
Mr. Corey Kamp, P.Eng.
“Signed”
Mr. Michael Kontzamanis, P.Eng.
“Signed”
Ms. Caroline Daoust, P.Geo.
“Signed”
Mr. Vincent Nadeau-Benoit, P.Geo.
“Signed”
Ms. Emily O’Hara, P.Eng.
“Signed”
Mr. Mohammad Taghimohammadi, P. Eng.
“Signed”
Mr. Travis Pastachak, P.Geo
|
Rainy River Operations
Ontario
Technical Report Summary
|
CONTENTS
|
1
|
EXECUTIVE SUMMARY
|
1-1
|
|
1.1
|
Introduction
|
1-1
|
|
1.2
|
Terms of Reference
|
1-1
|
|
1.3
|
Property Setting
|
1-1
|
|
1.4
|
Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements
|
1-2
|
|
1.5
|
Geology and Mineralization
|
1-2
|
|
1.6
|
History and Exploration
|
1-3
|
|
1.7
|
Drilling and Sampling
|
1-4
|
|
1.8
|
Data Verification
|
1-4
|
|
1.9
|
Metallurgical Testwork
|
1-5
|
|
1.10
|
Mineral Resource Estimation
|
1-5
|
|
1.10.1
|
Estimation Methodology
|
1-5
|
|
1.10.2
|
Mineral Resource Statement
|
1-6
|
|
1.10.3
|
Factors That May Affect the Mineral Resource Estimate
|
1-6
|
|
1.11
|
Mineral Reserve Estimation
|
1-8
|
|
1.11.1
|
Estimation Methodology
|
1-8
|
|
1.11.1.1
|
Open Pit
|
1-8
|
|
1.11.1.2
|
Underground
|
1-9
|
|
1.11.2
|
Mineral Reserve Statement
|
1-10
|
|
1.11.3
|
Factors That May Affect the Mineral Reserve Estimate
|
1-10
|
|
1.12
|
Mining Methods
|
1-10
|
|
1.12.1
|
Open Pit
|
1-10
|
|
1.12.2
|
Underground
|
1-12
|
|
1.13
|
Recovery Methods
|
1-13
|
|
1.14
|
Infrastructure
|
1-14
|
|
1.15
|
Markets and Contracts
|
1-15
|
|
1.15.1
|
Markets
|
1-15
|
|
1.15.2
|
Commodity Pricing
|
1-15
|
|
1.15.3
|
Contracts
|
1-15
|
|
1.16
|
Environmental, Permitting and Social Considerations
|
1-16
|
|
1.16.1
|
Environmental Studies and Monitoring
|
1-16
|
|
1.16.2
|
Closure and Reclamation Considerations
|
1-16
|
|
1.16.3
|
Permitting
|
1-16
|
|
1.16.4
|
Social Considerations, Plans, Negotiations and Agreements
|
1-16
|
|
1.17
|
Capital Cost Estimates
|
1-17
|
|
1.18
|
Operating Cost Estimates
|
1-17
|
|
1.19
|
Economic Analysis
|
1-18
|
|
1.19.1
|
Forward-Looking Information
|
1-18
|
|
1.19.2
|
Methodology and Assumptions
|
1-19
|
|
1.19.3
|
Economic Analysis
|
1-20
|
|
1.19.4
|
Sensitivity Analysis
|
1-20
|
|
1.20
|
Risks and Opportunities
|
1-22
|
|
1.20.1
|
Risks
|
1-22
|
|
1.20.2
|
Opportunities
|
1-22
|
|
1.21
|
Conclusions
|
1-22
|
|
1.22
|
Recommendations
|
1-22
|
|
2
|
INTRODUCTION
|
2-1
|
|
2.1
|
Registrant
|
2-1
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
2.2
|
Terms of Reference
|
2-1
|
|
2.2.1
|
Report Purpose
|
2-1
|
|
2.2.2
|
Terms of Reference
|
2-1
|
|
2.3
|
Qualified Person Responsibility
|
2-2
|
|
2.4
|
Site Visits and Scope of Personal Inspection
|
2-3
|
|
2.4.1
|
Mr. Corey Kamp
|
2-3
|
|
2.4.2
|
Mr. Michael Kontzamanis
|
2-4
|
|
2.4.3
|
Ms. Caroline Daoust
|
2-4
|
|
2.4.4
|
Mr. Vincent Nadeau-Benoit
|
2-4
|
|
2.4.5
|
Ms. Emily O’Hara
|
2-4
|
|
2.4.6
|
Mr. Mohammad Taghimohammadi
|
2-4
|
|
2.4.7
|
Mr. Travis Pastachak
|
2-5
|
|
2.5
|
Report Date
|
2-5
|
|
2.6
|
Information Sources and References
|
2-5
|
|
2.7
|
Previous Technical Report Summaries
|
2-5
|
|
3
|
PROPERTY DESCRIPTION
|
3-1
|
|
3.1
|
Property Location
|
3-1
|
|
3.2
|
Ownership
|
3-1
|
|
3.3
|
Mineral Title
|
3-1
|
|
3.3.1
|
Tenure Holdings
|
3-1
|
|
3.3.2
|
Patented Claims
|
3-9
|
|
3.3.3
|
Unpatented Claims
|
3-9
|
|
3.4
|
Property Agreements
|
3-10
|
|
3.5
|
Surface Rights
|
3-10
|
|
3.6
|
Water Rights
|
3-10
|
|
3.7
|
Royalties
|
3-10
|
|
3.8
|
Streaming Agreements
|
3-13
|
|
3.9
|
First Nations
|
3-14
|
|
3.10
|
Encumbrances
|
3-14
|
|
3.10.1
|
Permitting Requirements
|
3-14
|
|
3.10.2
|
Violations and Fines
|
3-14
|
|
3.11
|
Significant Factors and Risks That May Affect Access, Title or Work Programs
|
3-14
|
|
4
|
ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY
|
4-1
|
|
4.1
|
Physiography
|
4-1
|
|
4.2
|
Accessibility
|
4-1
|
|
4.3
|
Climate
|
4-1
|
|
4.4
|
Infrastructure
|
4-2
|
|
5
|
HISTORY
|
5-1
|
|
6
|
GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT
|
6-1
|
|
6.1
|
Deposit Type
|
6-1
|
|
6.2
|
Regional Geology
|
6-2
|
|
6.3
|
Local Geology
|
6-3
|
|
6.3.1
|
Lithological Units
|
6-3
|
|
6.3.2
|
Structure
|
6-6
|
|
6.3.3
|
Mineralization
|
6-6
|
|
6.4
|
Property Geology
|
6-6
|
|
6.4.1
|
Deposit Dimensions
|
6-6
|
|
6.4.2
|
Lithological Units
|
6-6
|
|
6.4.3
|
Mineralization
|
6-11
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
6.4.3.1
|
Main Zone
|
6-11
|
|
6.4.3.2
|
ODM and 17 Zones
|
6-11
|
|
6.4.3.3
|
433 Zone
|
6-11
|
|
6.4.3.4
|
HS Zone
|
6-11
|
|
6.4.3.5
|
NW Trend
|
6-12
|
|
6.4.3.6
|
Cap Zone
|
6-13
|
|
6.4.3.7
|
Intrepid Zone
|
6-13
|
|
6.4.3.8
|
34 Zone
|
6-13
|
|
6.4.3.9
|
Other Zones
|
6-13
|
|
7
|
EXPLORATION
|
7-1
|
|
7.1
|
Exploration
|
7-1
|
|
7.1.1
|
Grids and Surveys
|
7-1
|
|
7.1.2
|
Geological Mapping
|
7-1
|
|
7.1.3
|
Mobile Metal Ion Sampling
|
7-1
|
|
7.1.4
|
Rock Chip, and Conventional Soil and Till Sampling
|
7-1
|
|
7.1.5
|
Short-Wavelength Infrared Alteration Study
|
7-3
|
|
7.1.6
|
Corescan Hyperspectral Alteration Study
|
7-3
|
|
7.1.7
|
Geochemistry Data Review
|
7-4
|
|
7.1.8
|
Geophysics
|
7-4
|
|
7.1.9
|
Qualified Person’s Interpretation of the Exploration Information
|
7-4
|
|
7.1.10
|
Exploration Potential
|
7-4
|
|
7.2
|
Drilling
|
7-5
|
|
7.2.1
|
Overview
|
7-5
|
|
7.2.2
|
Drill Methods
|
7-10
|
|
7.2.3
|
Logging
|
7-10
|
|
7.2.4
|
Recovery
|
7-10
|
|
7.2.5
|
Collar Surveys
|
7-11
|
|
7.2.6
|
Down Hole Surveys
|
7-11
|
|
7.2.7
|
Drilling Since Database Close-out Date
|
7-11
|
|
7.2.8
|
Comment on Material Results and Interpretation
|
7-12
|
|
7.3
|
Hydrogeology
|
7-12
|
|
7.4
|
Geotechnical
|
7-13
|
|
8
|
SAMPLE PREPARATION, ANALYSES, AND SECURITY
|
8-1
|
|
8.1
|
Sampling Methods
|
8-1
|
|
8.1.1
|
Reverse Circulation
|
8-1
|
|
8.1.2
|
Core
|
8-1
|
|
8.1.3
|
Grade Control
|
8-1
|
|
8.1.4
|
Underground Face
|
8-2
|
|
8.2
|
Sample Security Methods
|
8-2
|
|
8.2.1
|
Sample Retention
|
8-2
|
|
8.3
|
Density Determinations
|
8-2
|
|
8.4
|
Analytical and Test Laboratories
|
8-3
|
|
8.5
|
Sample Preparation
|
8-3
|
|
8.6
|
Analysis
|
8-3
|
|
8.7
|
Quality Assurance and Quality Control
|
8-3
|
|
8.7.1
|
Blanks
|
8-7
|
|
8.7.2
|
Standards
|
8-7
|
|
8.7.3
|
Duplicates
|
8-8
|
|
8.7.4
|
Umpire Laboratory Checks
|
8-8
|
|
8.8
|
Database
|
8-8
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
8.9
|
Qualified Person’s Opinion on Sample Preparation, Security, and Analytical Procedures
|
8-9
|
|
9
|
DATA VERIFICATION
|
9-1
|
|
9.1
|
Internal Data Verification
|
9-1
|
|
9.2
|
External Data Verification
|
9-1
|
|
9.3
|
Data Verification by Qualified Person
|
9-1
|
|
9.4
|
Qualified Person’s Opinion on Data Adequacy
|
9-2
|
|
10
|
MINERAL PROCESSING AND METALLURGICAL TESTING
|
10-1
|
|
10.1
|
Test Laboratories
|
10-1
|
|
10.2
|
Metallurgical Testwork
|
10-1
|
|
10.3
|
Recovery Estimates
|
10-4
|
|
10.4
|
Metallurgical Variability
|
10-6
|
|
10.5
|
Deleterious Elements
|
10-7
|
|
10.6
|
Qualified Person’s Opinion on Data Adequacy
|
10-7
|
|
11
|
MINERAL RESOURCE ESTIMATES
|
11-1
|
|
11.1
|
Introduction
|
11-1
|
|
11.2
|
Database
|
11-1
|
|
11.3
|
Exploratory Data Analysis
|
11-1
|
|
11.4
|
Geological Models and Estimation Domains
|
11-2
|
|
11.5
|
Domain Codes
|
11-2
|
|
11.6
|
Density Assignment
|
11-4
|
|
11.7
|
Grade Capping/Outlier Restrictions
|
11-4
|
|
11.7.1
|
Capping
|
11-4
|
|
11.7.2
|
Restricted Search
|
11-4
|
|
11.8
|
Composites
|
11-5
|
|
11.9
|
Variography
|
11-5
|
|
11.10
|
Estimation/interpolation Methods
|
11-5
|
|
11.11
|
Validation
|
11-6
|
|
11.12
|
Confidence Classification of Mineral Resource Estimate
|
11-6
|
|
11.12.1
|
Mineral Resource Confidence Classification
|
11-6
|
|
11.12.2
|
Uncertainties Considered During Confidence Classification
|
11-7
|
|
11.13
|
Reasonable Prospects of Economic Extraction
|
11-7
|
|
11.13.1
|
Input Assumptions
|
11-7
|
|
11.13.2
|
Mineral Resources Potentially Amenable to Open Pit Mining Methods
|
11-8
|
|
11.13.3
|
Mineral Resources Potentially Amenable to Underground Mining Methods
|
11-10
|
|
11.13.4
|
Commodity Price
|
11-10
|
|
11.13.5
|
Cut-off Grades
|
11-10
|
|
11.13.6
|
QP Statement
|
11-11
|
|
11.14
|
Mineral Resource Statement
|
11-11
|
|
11.15
|
Uncertainties (Factors) That May Affect the Mineral Resource Estimate
|
11-13
|
|
12
|
MINERAL RESERVE ESTIMATES
|
12-1
|
|
12.1
|
Introduction
|
12-1
|
|
12.2
|
Commodity Price
|
12-1
|
|
12.3
|
Cut-off
|
12-1
|
|
12.4
|
Open Pit
|
12-2
|
|
12.4.1
|
Development of Mining Case
|
12-2
|
|
12.4.2
|
Designs
|
12-2
|
|
12.4.3
|
Input Assumptions
|
12-2
|
|
12.4.4
|
Ore Loss and Dilution
|
12-3
|
|
12.5
|
Underground
|
12-4
|
|
12.5.1
|
Development of Mining Case
|
12-4
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
12.5.2
|
Designs
|
12-4
|
|
12.5.3
|
Input Assumptions
|
12-4
|
|
12.5.4
|
Ore Loss and Dilution
|
12-4
|
|
12.6
|
Mineral Reserve Statement
|
12-5
|
|
12.7
|
Uncertainties (Factors) That May Affect the Mineral Reserve Estimate
|
12-7
|
|
13
|
MINING METHODS
|
13-1
|
|
13.1
|
Introduction
|
13-1
|
|
13.2
|
Open Pit
|
13-1
|
|
13.2.1
|
Geotechnical Considerations
|
13-1
|
|
13.2.2
|
Hydrogeology Considerations
|
13-4
|
|
13.2.3
|
Operations
|
13-4
|
|
13.2.4
|
Blasting and Explosives
|
13-5
|
|
13.2.5
|
Grade Control and Production Monitoring
|
13-5
|
|
13.2.6
|
Equipment
|
13-7
|
|
13.3
|
Underground
|
13-7
|
|
13.3.1
|
Geotechnical Considerations
|
13-7
|
|
13.3.2
|
Hydrogeology Considerations
|
13-9
|
|
13.3.3
|
Operations
|
13-10
|
|
13.3.4
|
Mining
|
13-10
|
|
13.3.4.1
|
Intrepid
|
13-11
|
|
13.3.4.2
|
Main
|
13-11
|
|
13.3.4.3
|
Lateral Development
|
13-11
|
|
13.3.5
|
Infrastructure
|
13-11
|
|
13.3.5.1
|
Ventilation
|
13-13
|
|
13.3.5.2
|
Electrical
|
13-13
|
|
13.3.5.3
|
Communication Network
|
13-13
|
|
13.3.5.4
|
Fuel Distribution Network
|
13-14
|
|
13.3.5.5
|
Mine Process Water
|
13-14
|
|
13.3.5.6
|
Compressed Air
|
13-16
|
|
13.3.5.7
|
Refuge Stations and Secondary Egress
|
13-16
|
|
13.3.6
|
Blasting and Explosives
|
13-16
|
|
13.3.7
|
Grade Control and Production Monitoring
|
13-17
|
|
13.3.8
|
Equipment
|
13-17
|
|
13.4
|
Production Plan
|
13-18
|
|
14
|
RECOVERY METHODS
|
14-1
|
|
14.1
|
Process Method Selection
|
14-1
|
|
14.2
|
Flowsheet
|
14-1
|
|
14.3
|
Plant Design
|
14-1
|
|
14.3.1
|
Crushing
|
14-1
|
|
14.3.2
|
Grinding
|
14-1
|
|
14.3.3
|
Gravity Concentration and Intensive Cyanide Leaching
|
14-3
|
|
14.3.4
|
Leaching and Carbon-In-Pulp Circuit
|
14-3
|
|
14.3.5
|
Carbon Desorption, Regeneration, and Reactivation
|
14-4
|
|
14.3.6
|
Electrowinning
|
14-4
|
|
14.3.7
|
Tailings
|
14-4
|
|
14.4
|
Power and Consumables
|
14-5
|
|
14.4.1
|
Power
|
14-5
|
|
14.4.2
|
Water
|
14-5
|
|
14.4.3
|
Process Consumables
|
14-5
|
|
14.5
|
Personnel
|
14-5
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
15
|
INFRASTRUCTURE
|
15-1
|
|
15.1
|
Introduction
|
15-1
|
|
15.2
|
Roads and Logistics
|
15-1
|
|
15.3
|
Stockpiles
|
15-3
|
|
15.4
|
Waste Rock Storage Facilities
|
15-3
|
|
15.5
|
Tailings Management Area
|
15-4
|
|
15.6
|
Water Management
|
15-6
|
|
15.6.1
|
Non-Contact Water
|
15-6
|
|
15.6.2
|
Contact Water
|
15-6
|
|
15.6.3
|
Water Treatment
|
15-6
|
|
15.7
|
Water Supply
|
15-7
|
|
15.8
|
Camps and Accommodation
|
15-7
|
|
15.9
|
Power and Electrical
|
15-7
|
|
16
|
MARKET STUDIES AND CONTRACTS
|
16-1
|
|
16.1
|
Markets
|
16-1
|
|
16.2
|
Commodity Price Forecasts
|
16-1
|
|
16.3
|
Contracts
|
16-1
|
|
17
|
ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS
|
17-1
|
|
17.1
|
Baseline and Supporting Studies
|
17-1
|
|
17.2
|
Environmental Considerations/Monitoring Programs
|
17-1
|
|
17.2.1
|
Waste Rock Storage Facilities
|
17-2
|
|
17.2.2
|
Tailings Management
|
17-2
|
|
17.3
|
Closure and Reclamation Considerations
|
17-3
|
|
17.4
|
Permitting
|
17-4
|
|
17.5
|
Social Considerations, Plans, Negotiations and Agreements
|
17-4
|
|
17.6
|
Qualified Person’s Opinion on Adequacy of Current Plans to Address Issues
|
17-6
|
|
18
|
CAPITAL AND OPERATING COSTS
|
18-1
|
|
18.1
|
Introduction
|
18-1
|
|
18.2
|
Capital Cost Estimates
|
18-1
|
|
18.2.1
|
Basis of Estimate
|
18-1
|
|
18.2.2
|
Capital Cost Summary
|
18-1
|
|
18.3
|
Operating Cost Estimates
|
18-2
|
|
18.3.1
|
Basis of Estimate
|
18-2
|
|
18.3.2
|
Operating Cost Summary
|
18-3
|
|
19
|
ECONOMIC ANALYSIS
|
19-1
|
|
19.1
|
Forward-looking Information
|
19-1
|
|
19.2
|
Methodology Used
|
19-1
|
|
19.3
|
Financial Model Parameters
|
19-2
|
|
19.3.1
|
Mineral Resource, Mineral Reserve, and Mine Life
|
19-2
|
|
19.3.2
|
Metallurgical Recoveries
|
19-2
|
|
19.3.3
|
Smelting and Refining Terms
|
19-2
|
|
19.3.4
|
Metal Prices
|
19-2
|
|
19.3.5
|
Capital and Operating Costs
|
19-2
|
|
19.3.6
|
Working Capital
|
19-2
|
|
19.3.7
|
Taxes and Royalties
|
19-2
|
|
19.3.8
|
Closure Costs and Salvage Value
|
19-3
|
|
19.3.9
|
Financing
|
19-3
|
|
19.3.10
|
Inflation
|
19-3
|
|
19.4
|
Economic Analysis
|
19-3
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
19.5
|
Sensitivity Analysis
|
19-3
|
|
20
|
ADJACENT PROPERTIES
|
20-1
|
|
21
|
OTHER RELEVANT DATA AND INFORMATION
|
21-1
|
|
22
|
INTERPRETATION AND CONCLUSIONS
|
22-1
|
|
22.1
|
Introduction
|
22-1
|
|
22.2
|
Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements
|
22-1
|
|
22.3
|
Geology and Mineralization
|
22-1
|
|
22.4
|
Exploration, Drilling, and Sampling
|
22-1
|
|
22.5
|
Data Verification
|
22-2
|
|
22.6
|
Metallurgical Testwork
|
22-2
|
|
22.7
|
Mineral Resource Estimates
|
22-3
|
|
22.8
|
Mineral Reserve Estimates
|
22-3
|
|
22.9
|
Mining Methods
|
22-4
|
|
22.10
|
Recovery Methods
|
22-4
|
|
22.11
|
Infrastructure
|
22-4
|
|
22.12
|
Market Studies
|
22-4
|
|
22.13
|
Environmental, Permitting and Social Considerations
|
22-5
|
|
22.14
|
Capital Cost Estimates
|
22-5
|
|
22.15
|
Operating Cost Estimates
|
22-5
|
|
22.16
|
Economic Analysis
|
22-6
|
|
22.17
|
Risks and Opportunities
|
22-6
|
|
22.17.1
|
Risks
|
22-6
|
|
22.17.2
|
Opportunities
|
22-6
|
|
22.18
|
Conclusions
|
22-7
|
|
23
|
RECOMMENDATIONS
|
23-1
|
|
24
|
REFERENCES
|
24-1
|
|
24.1
|
Bibliography
|
24-1
|
|
24.2
|
Abbreviations and Units of Measure
|
24-8
|
|
24.3
|
Glossary of Terms
|
24-14
|
|
25
|
RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT
|
25-1
|
|
25.1
|
Introduction
|
25-1
|
|
25.2
|
Macroeconomic Trends
|
25-1
|
|
25.3
|
Markets
|
25-1
|
|
25.4
|
Legal Matters
|
25-1
|
|
25.5
|
Environmental Matters
|
25-2
|
|
25.6
|
Stakeholder Accommodations
|
25-2
|
|
25.7
|
Governmental Factors
|
25-2
|
TABLES
|
Table 1‑1:
|
Mineral Resources Statement at December 31, 2025
|
1-7
|
|
Table 1‑2:
|
Mineral Reserves Statement at December 31, 2025
|
1-11
|
|
Table 1‑3:
|
LOM Capital Cost Estimate (US$ M)
|
1-18
|
|
Table 1‑4:
|
LOM Operating Cost Estimate
|
1-19
|
|
Table 1‑5:
|
Metal Price Assumptions
|
1-20
|
|
Table 1‑6:
|
Cashflow Summary Table
|
1-21
|
|
Table 1‑7:
|
Sensitivity Table (US$ M)
|
1-21
|
|
Table 2‑1:
|
QP Chapter Responsibilities
|
2-3
|
|
Table 3‑1:
|
Patented Claims, Project Lands
|
3-3
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
Table 3‑2:
|
Patented Claims, Infrastructure Lands and Project Overlap Lands
|
3-6
|
|
Table 3‑3:
|
Patented Claims, Regional Lands
|
3-7
|
|
Table 3‑4:
|
Rainy River Royalty Summary
|
3-11
|
|
Table 5‑1:
|
Exploration and Development History Summary
|
5-2
|
|
Table 6‑1:
|
Key Structural Features
|
6-7
|
|
Table 6‑2:
|
Zone Dimensions
|
6-7
|
|
Table 6‑3:
|
Stratigraphic Units
|
6-8
|
|
Table 6‑4:
|
Intrusive Units
|
6-9
|
|
Table 7‑1:
|
Property Drill Summary Table
|
7-6
|
|
Table 7‑2:
|
Drill Summary Table Supporting Mineral Resource Estimates
|
7-7
|
|
Table 8‑1:
|
Density Statistics
|
8-3
|
|
Table 8‑2:
|
Sample Preparation and Analytical Laboratories
|
8-4
|
|
Table 8‑3:
|
Sample Preparation Procedures
|
8-4
|
|
Table 8‑4:
|
Analytical Methods, Gold
|
8-5
|
|
Table 8‑5:
|
Analytical Methods, Silver
|
8-6
|
|
Table 10‑1:
|
Metallurgical, Sample Preparation and Analytical Laboratories
|
10-2
|
|
Table 10‑2:
|
Forecast Metallurgical Recovery Formulae
|
10-4
|
|
Table 11‑1:
|
Confidence Classification Criteria
|
11-7
|
|
Table 11‑2:
|
Constraining Pit Shell Assumptions
|
11-8
|
|
Table 11‑3:
|
Constraining Mineable Shape Assumptions
|
11-11
|
|
Table 11‑4:
|
Mineral Resources Statement as at December 31, 2025
|
11-12
|
|
Table 12‑1:
|
Pit Shell Input Parameters
|
12-3
|
|
Table 12‑2:
|
Stope Optimization Input Parameters
|
12-5
|
|
Table 12‑3:
|
Summary of Proven and Probable Mineral Reserves at December 31, 2025
|
12-6
|
|
Table 13‑1:
|
Geotechnical Pit Design Parameters
|
13-3
|
|
Table 13‑2:
|
Peak Required Equipment List, Open Pit
|
13-8
|
|
Table 13‑3:
|
Geotechnical Properties by Mining Zone
|
13-8
|
|
Table 13‑4:
|
Geotechnical Rock Strengths
|
13-9
|
|
Table 13‑5:
|
Lateral Development Drift Dimensions
|
13-12
|
|
Table 13‑6:
|
Underground Drill Patterns
|
13-17
|
|
Table 13‑7:
|
Peak Required Equipment List
|
13-18
|
|
Table 13‑8:
|
LOM Production Plan
|
13-19
|
|
Table 14‑1:
|
Process Consumables
|
14-6
|
|
Table 17‑1:
|
Key Active Permits and Authorizations
|
17-5
|
|
Table 18‑1:
|
LOM Capital Cost Estimate (US$ M)
|
18-2
|
|
Table 18‑2:
|
LOM Operating Cost Estimate
|
18-3
|
|
Table 19‑1:
|
Metal Price Assumptions
|
19-3
|
|
Table 19‑2:
|
Cashflow Summary Table
|
19-4
|
|
Table 19‑3:
|
Cashflow Forecast on Annualized Basis (US$ x 1,000,000)
|
19-5
|
|
Table 19‑4:
|
Sensitivity Table (US$ M)
|
19-7
|
FIGURES
|
Figure 2‑1:
|
Project Location Plan
|
2-2
|
|
Figure 3‑1:
|
Mineral Tenure Location Map
|
3-2
|
|
Figure 3‑2:
|
Project Royalty Overview
|
3-13
|
|
Figure 6‑1:
|
Regional Geology Map
|
6-2
|
|
Figure 6‑2:
|
Bedrock Geology, Rainy River Deposit Area
|
6-4
|
|
Figure 6‑3:
|
Stratigraphic Column, Rainy River Deposit Area
|
6-5
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
Figure 6‑4:
|
Deposit Geology Map
|
6-10
|
|
Figure 6‑5:
|
Geological Cross-Section, Main Zone
|
6-12
|
|
Figure 6‑6:
|
Geological Cross-Section, Intrepid Zone
|
6-14
|
|
Figure 7‑1:
|
Coeur Exploration Program Location Plan
|
7-2
|
|
Figure 7‑2:
|
Property Drill Collar Locations
|
7-8
|
|
Figure 7‑3:
|
Drill Collar Location Map, Drilling Supporting Estimation
|
7-9
|
|
Figure 10‑1:
|
Gold Grade–Recovery Curve
|
10-5
|
|
Figure 10‑2:
|
Silver Grade–Recovery Curve
|
10-6
|
|
Figure 11‑1:
|
Inclined View of Resource Domains
|
11-3
|
|
Figure 11‑2:
|
Cross Section and Location Plan for Mineral Resources
|
11-9
|
|
Figure 13‑1:
|
Cross Section and Plan Showing Mineral Reserves and Mining Zones
|
13-2
|
|
Figure 13‑2:
|
Open Pit Overview
|
13-6
|
|
Figure 13‑3:
|
Ventilation Schematic
|
13-15
|
|
Figure 14‑1:
|
Process Flow Sheet
|
14-2
|
|
Figure 15‑1:
|
Mine Infrastructure Layout Map
|
15-2
|
|
Figure 15‑2:
|
TMA Layout Plan
|
15-5
|
APPENDICES
Appendix A: Detailed Mineral Tenure Tables and Figures
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 1 |
EXECUTIVE SUMMARY
|
| 1.1 |
Introduction
|
Mr. Corey Kamp, P.Eng., Mr. Michael Kontzamanis, P.Eng., Ms. Caroline Daoust, P.Geo., Mr. Vincent Nadeau-Benoit, P.Geo., Ms. Emily O’Hara, P.Eng., Mr. Mohammad Taghimohammadi, P.Eng., and Mr. Travis
Pastachak, P.Geo., prepared this technical report summary (the Report) on the Rainy River Operations in northwestern Ontario (ON), Canada. Coeur Mining, Inc. (Coeur) holds a 100% interest in the Project.
The Rainy River Operations consist of the currently operating open-pit, and underground mines, processing facility, and associated infrastructure.
| 1.2 |
Terms of Reference
|
The Report was prepared to be attached as an exhibit to support mineral property disclosure, including mineral resource and mineral reserve estimates, for the Rainy River Operations in Coeur’s
Current Report on Form 8-K.
Mineral resources and mineral reserves are reported for the Rainy River open pit, underground, and surface stockpiles.
Unless otherwise indicated, all financial values are reported in United States dollars (US$). Metric units are primarily used for mineral resources, reserves, and grades (e.g., tonnes and g/t),
although some US customary units may appear where applicable. The Report uses US English.
Mineral resources and mineral reserves are reported using the definitions in Item 1300 of Regulation S–K (17 CFR Part 229) (S-K 1300) of the United States Securities and Exchange Commission.
| 1.3 |
Property Setting
|
The Rainy River Operations are in northwestern Ontario, Canada, approximately 50 km northwest of Fort Frances. The approximate center of the property is located at 48° 50' latitude north and 94° 01'
longitude west, or 5409500N and 425500E using NAD83, Zone 15 North Universal Transverse Mercator (UTM) coordinates. The elevation of the property is approximately 360 masl.
The area is accessed by a network of paved provincial roads and highways, as well as by commercial airlines flying into International Falls, Minnesota. Access from Thunder Bay to the property is
approximately 415 km and access from Winnipeg is approximately 369 km through Kenora. Sealed roads provide year-round access. The Canadian National Railway is situated 21 km south of the property, running east-west just north of the Minnesota
border. The nearby towns and villages of Fort Frances, Emo, and Rainy River are located along this railway line.
Hydroelectricity is generated north of Kenora at several locations, as well as to the west and east of Thunder Bay. The major drainage system includes Rainy Lake to the southeast, which is drained by
the Rainy River flowing west along the Minnesota border into Lake of the Woods, eventually feeding into the Lake Winnipeg watershed.
The region has a continental climate, with extreme temperatures ranging from +35°C in summer to -40°C in winter. The area receives an average annual precipitation of 710 mm, with about 670 mm of
rainfall and 142 cm of snowfall. The heaviest monthly precipitation occurs in June and July. The mine operates year-round.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 1.4 |
Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements
|
Coeur holds mineral title under patented claims, surface rights, Crown lands, and unpatented claims (cell claims, multi-cell claims (both staked online), and boundary cell claims (staked prior to
online staking).
Coeur divides the patented titles associated with the mine into three areas:
| • |
“Project Lands”. A term used for the tenures that host the Rainy River Mine, and adjacent lands intended for mining. This category includes 117 separate parcels covering approximately 5,787 ha;
|
| • |
“Infrastructure Lands”. A term used for the tenures that are leased or owned for the transmission line corridor. This category includes 22 parcels that cover approximately 2,800.22 ha, of which six parcels, totaling 419.23 ha, overlap
with the Project Lands. Tenures are either owned by Coeur or leased;
|
| • |
“Regional Lands”. A term used for the broader land holdings associated with the Project. This category includes 75 parcels covering approximately 3,698.44 ha. A total of 31 parcels are designated as Species at Risk (SAR) Habitat
Compensation Lands. Tenures are either owned by Coeur or leased.
|
Coeur holds all the surface rights required for its mining leases and concessions, including those covering the mineral resource and mineral reserve estimate areas of the Rainy River deposit.
Additional exploration claims within the property are situated on either Crown land or private land. For these claims, Coeur retains the first right to acquire surface rights by advancing the claims to mining lease status.
A portion of the mineral lands are covered by either a 1–2% net smelter return (NSR) royalty or a 10% net profits interest (NPI) royalty. Coeur has agreed to financial participation in the mine in
the form of royalties to certain First Nations with Impact Benefit Agreements.
In 2015, Coeur entered into a streaming agreement with Royal Gold A.G., a subsidiary of Royal Gold Inc. (Royal Gold), to assist with the development of the Rainy River Operations. Through this
arrangement, Royal Gold provided funding in exchange for a share of the mine’s future gold and silver production, with the percentages adjusted based on production levels. Additionally, Royal Gold committed to paying a portion of the current spot
price for gold or silver at the time of delivery for each ounce supplied under the agreement.
| 1.5 |
Geology and Mineralization
|
The Rainy River Operations are located within the 2.7 billion years (Ga) old Neoarchean Rainy River Greenstone Belt, which forms part of the Wabigoon Subprovince of the Superior Province. The
Wabigoon Subprovince is a 900 km long, east–west-trending lenticular volcano–plutonic terrane subdivided into two domains, the Eastern Wabigoon and the Western Wabigoon domains. The Rainy River Operations are located in the Western Wabigoon Domain.
|
Rainy River Operations
Ontario
Technical Report Summary
|
The Rainy River property covers a 50 km long segment of the 70 km long Rainy River Greenstone Belt. The geology of the property is dominated by tholeiitic mafic volcanic rocks cored by a younger
sequence of calc-alkaline felsic volcaniclastic rocks (which hosts the Rainy River deposit) and their intrusive equivalents. Later post-mineral granitic intrusions also occur and intrude both the mafic and felsic rocks. A sequence of
metasedimentary rocks bounds the volcanic rocks to the south of the property.
The Rainy River deposit is interpreted to be a gold-silver rich volcanogenic massive sulfide (VMS) deposit with a primary synvolcanic source and a secondary syn-tectonic mineralization event that
deformed and enriched primary mineralization. The initial stage of mineralization at Rainy River has been interpreted as coeval deposition of base metal and gold mineralization. Subsequently, the deposit experienced protracted deformation
associated with northeast–southwest D1 compression, later transitioning to northwest–southeast D2 transpression, resulting in the deformation and transposition of mineralization along steep southeast plunges. These mineralizing and deformation
events account for the current geometry and distribution of mineralization at the Rainy River deposit.
The Rainy River deposit consists of multiple distinct zones of mineralization and alteration that are grouped into the Main Zone, Intrepid Zone and Other Zones.
The Main Zone comprises the ODM, 17 Zone, 433 Zone, HS, Cap, and NW Trend, and constitutes the bulk of the deposit. The styles of mineralization can vary between the different zones and typically
include arrays of foliation parallel and tightly folded sulfide stringers, disseminated sulfides, and to a lesser degree variably deformed quartz, carbonate–sulfide, and gold-bearing veinlets. Alteration styles vary from sericite-dominant (ODM, 17,
NW Trend) to chlorite-dominant (433, HS, Cap). The main sulfides associated with gold and silver mineralization include pyrite and sphalerite with local occurrences of chalcopyrite and galena.
The Intrepid Zone is located approximately 800 m east of the eastern extension of the Main Zone. Typical Intrepid gold mineralization occurs as sulfide stringers, stockwork, and disseminations, with
high-grade gold and silver mineralization associated with deformed quartz–pyrite veinlets that overprint other mineralization styles. Iron-poor sphalerite stringers are commonly associated with high-grade gold mineralization.
Exploration potential exists within the Rainy River deposit area and surrounding property. Within the mine, exploration potential includes the down-plunge extension of multiple mineralized lenses
within the Main Zone, as these zones are all open at depth. Additional in-mine opportunities include testing between known zones for additional mineralization. Beyond the mine, multiple early-stage prospects occur throughout the Rainy River
Greenstone Belt, including VMS-style mineralization in the Off Lake area, soil and till anomalies throughout the property, and electromagnetic anomalies southeast of the mine.
| 1.6 |
History and Exploration
|
Exploration in the Rainy River region began in 1967, with various companies and government organizations conducting geological and geophysical activities. In 1990, Nuinsco Resources Limited (Nuinsco)
acquired the property and launched extensive exploration efforts that included geological mapping, geochemical grid sampling, and geophysical surveys and that continued through 2004. In June 2005, Rainy River Resources Ltd. (Rainy River Resources)
acquired a 100% interest in the Rainy River Operations. Rainy River Resources advanced exploration by relogging historical drill core, establishing a GIS database, and conducting additional geophysical surveys to refine the mineralization model.
|
Rainy River Operations
Ontario
Technical Report Summary
|
In 2013, New Gold Inc. (New Gold) acquired the Rainy River Operations through the purchase of Rainy River Resources. New Gold released an updated feasibility study (as defined in Canada), integrating
previous exploration results. In 2015, New Gold expanded its land position through the acquisition of Bayfield Ventures Ltd., which owned several adjacent mining claims.
Open-pit stripping activities commenced in 2016. Ore processing commenced in September 2017 and commercial production in mid-October 2017. Underground development started in June 2021, with
processing of the first underground ore in September 2022.
| 1.7 |
Drilling and Sampling
|
Drilling activities on the Rainy River property have evolved significantly over the past three decades, reflecting advancements in exploration techniques and resource definition strategies. A total
of 2,938 diamond drill holes from surface, 829 diamond drill holes from underground and 6,062 reverse circulation (RC) drill holes, totaling 1,481,957 m of combined surface and underground drilling, were completed between 1993 and 2025.
Drilling for reserve definition mostly used NQ core (97% of drill core), targeting a spacing of 30–60 m. RC grade control drilling for the open pit targeted a spacing of 10–12 m, while delineation
drilling for the underground (BQ diamond drilling) targeted a spacing of 15 m. Core recoveries collected since 2013 show average recoveries of 99.9%.
Sampling methods varied between the different drilling purposes and methods. For RC grade control drilling, chip samples are collected every 2 m. Samples for core drilling for exploration and reserve
definition were halved, with half of the sample kept as reference. Sample length varied from 0.5–1.5 m. For underground delineation drilling, the entire core is sampled with average length of 0.5–1.5 m.
| 1.8 |
Data Verification
|
Data verification programs have historically been carried out by independent consultants and Coeur operations personnel. Coeur implements a series of routine verification procedures to ensure the
reliable collection of exploration data. All work is conducted by appropriately qualified personnel under the supervision of qualified geologists.
Internal validations of the block model were conducted using several methods, including a thorough visual review of the model grades in relation to the underlying drill hole assays and composite
grades, comparisons with previous mineral resource estimates and the grade control model, and analyses using other estimation methods through statistics and swath plots.
The QP is of the opinion that the data verification programs for Project data adequately support the geological interpretations, the analytical and database quality, and therefore support the use of
the data in mineral resource and mineral reserve estimation, and in mine planning.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 1.9 |
Metallurgical Testwork
|
Metallurgical testwork was conducted over multiple phases to support plant design, technical evaluations, and LOM planning for both open-pit and underground operations. Early testwork established the
selected flowsheet and design parameters, while subsequent programs expanded to cover mineralogy, comminution, gravity concentration, leaching, rheology, environmental performance, variability, and carbon-in-pulp (CIP) behavior. This work provided
a robust understanding of ore variability, metallurgical response, and process performance across the principal ore zones.
Since plant start-up in 2017, metallurgical testwork has focused on validation and optimization using actual operating data. Independent audits and targeted studies confirmed the suitability of the
original design assumptions, identified opportunities for throughput and efficiency improvements, and supported operational decisions such as discontinuing routine use of the acid wash circuit. Ongoing optimization of grinding, leaching,
thickening, and reagent usage has confirmed that the leach and CIP circuits operate near optimal conditions for most ore types.
Recent underground metallurgical testwork completed in 2025 further validated leach performance and recovery assumptions for underground ore, confirming favorable kinetics and recoveries for most
zones and identifying the Cap Zone as the most metallurgically challenging due to higher sulfide content and partially refractory mineralization.
Grade–recovery formulas were developed to forecast LOM plan gold and silver recoveries. Gold recoveries are capped to a maximum of 94%.
There are no known processing factors or deleterious elements that could have a significant effect on economic extraction.
Overall, the metallurgical testwork is considered adequate and appropriate for the level of study, supports the derivation of recovery factors used in LOM planning, and indicates no material
metallurgical risks to the economic extraction of the mineral reserves.
| 1.10 |
Mineral Resource Estimation
|
| 1.10.1 |
Estimation Methodology
|
Mineral resources are estimated for the Main and Intrepid Zones. There are three separate block models, two block models for the Main Zone (ODM, 17EL, 433, HS, NW Trend, and Cap): one for the open
pit portion and one for the underground portion of the Main Zone and, finally, one block model for the Intrepid Zone.
The Main Zone open pit model is estimated at a parent block size of 5 x 5 x 5 m, not rotated, and sub-blocked down to 1.250 x 1.250 x 0.625 m at the domain boundaries.
The Main underground model is estimated at a parent block size of 8 x 3 x 8 m, rotated at an azimuth of 0˚ and a dip of 34.75˚. The model is sub-blocked down to 1.00 x 0.75 x 1.00 m at the domain
boundaries. The Intrepid Zone block model is estimated at a parent block size of 3 x 3 x× 8 m, rotated at an azimuth of 350˚ and a dip of 30˚. The model is sub-blocked down to 0.75 x 0.75 x 1.00 m at the domain boundaries.
The 2025 database closeout date for the estimate was October 1, 2025.
Mineral resource estimation followed a structured process, beginning with database review, validation, and compilation. This was followed by the validation of topographic surfaces and the creation of
three-dimensional (3D) solids to represent faults and stratigraphic units, forming the litho-structural model.
|
Rainy River Operations
Ontario
Technical Report Summary
|
Subsequently, 3D resource domains (Low-grade, discrete and sub-domains) were developed, Various grade thresholds were used to generate these domains and capture different styles of gold
mineralization.
A variogram model was completed on gold and silver capped composites from a representative domain for each zone. The variogram model was then applied to the other domains of the same zone. These
variograms were calculated along the mean dip and dip directions of each selected domain.
Compositing was completed on capped assays. A composite length of 3.0 m, cut at domain boundaries, was used for the open pit model of the Main Zone. A composite length of 1.5 m, cut at domain
boundaries, was used for the underground models of the Main and Intrepid Zones.
Gold and silver grade interpolations were completed using composites. For the Main Zone, grade interpolation was completed using ordinary kriging (OK) in four successive passes. For the Intrepid
Zone, grade interpolation was first completed using OK in three successive passes and subsequently, within a boundary where coverage of underground infill drilling and chip sampling is sufficient (the ‘short-term boundary’), grade interpolation
using inverse distance weighting to the second power (ID2) was completed in two successive short passes.
Mineral resources potentially amenable to open pit mining methods are reported at a cut-off grade of 0.20 g/t gold equivalent (AuEq). Mineral resources potentially amenable to underground mining are
reported at a cut-off grade of 1.24 g/t AuEq. The following gold-equivalency formulas are used for open-pit and underground mining scenarios:
| • |
Open pit gold equivalency in g/t = (Au in g/t) + ((Ag in g/t) ÷ 125);
|
| • |
Underground gold equivalency in g/t = (Au in g/t) + ((Ag in g/t) ÷ 131.944);
|
The calculations are based on the following: gold price of US$2,500/oz Au; gold recovery of 90% for open pit and 95% for underground; silver price of US$30/oz Ag; and silver recovery of 60% for open
pit and underground.
| 1.10.2 |
Mineral Resource Statement
|
Mineral resources are reported using the mineral resource definitions set out in S-K 1300 and are reported exclusive of those mineral resources converted to mineral reserves. Mineral resources that
are not mineral reserves do not have demonstrated economic viability. Estimates are current as at December 31, 2025. The reference point for the estimate is in situ.
Vincent Nadeau-Benoit P.Geo., Corey Kamp, P.Eng., and Michael Kontzamanis, P.Eng are the Qualified Persons for the estimates. All are Coeur employees.
Measured, indicated, and inferred mineral resources are summarized in Table 1‑1.
| 1.10.3 |
Factors That May Affect the Mineral Resource Estimate
|
Factors that may affect the mineral resource estimates include: metal price and exchange rate assumptions; changes to the assumptions used to generate the gold cut-off grade; changes in local
interpretations of mineralization geometry and continuity of mineralized zones; changes to geological and mineralization shape and geological and grade continuity assumptions; density and domain assignments; changes to geotechnical, mining and
metallurgical recovery assumptions; changes to the input and design parameter assumptions that pertain to the conceptual pit shell constraining the estimates; and assumptions as to the continued ability to access the site, retain mineral and
surface rights titles, maintain environment and other regulatory permits, and maintain the social license to operate.
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
Table 1‑1:
|
Mineral Resources Statement at December 31, 2025
|
| Area | Category |
Tonnes
(kt)
|
Grade | Contained
Metal
|
Metallurgical
Recovery
|
||||||||||||||
|
Au
(g/t)
|
Ag
(g/t)
|
Cutoff
(g/t
AuEq)
|
Au
(koz)
|
Ag
(koz)
|
Au
(%)
|
Ag
(%)
|
|||||||||||||
|
Open pit
|
Measured
|
19
|
0.87
|
5.21
|
0.20
|
1
|
3
|
90
|
60
|
||||||||||
|
Indicated
|
41,447
|
0.58
|
2.84
|
0.20
|
767
|
3,782
|
90
|
60
|
|||||||||||
|
Subtotal measured and indicated
|
41,465
|
0.58
|
2.84
|
0.20
|
767
|
3,785
|
90
|
60
|
|||||||||||
|
Inferred
|
987
|
0.52
|
1.24
|
0.20
|
16
|
39
|
90
|
60
|
|||||||||||
|
Underground
|
Measured
|
285
|
2.38
|
18.27
|
1.24
|
22
|
167
|
95
|
60
|
||||||||||
|
Indicated
|
14,951
|
1.75
|
5.22
|
1.24
|
841
|
2,508
|
95
|
60
|
|||||||||||
|
Subtotal measured and indicated
|
15,236
|
1.76
|
5.46
|
1.24
|
863
|
2,676
|
95
|
60
|
|||||||||||
|
Inferred
|
6,542
|
1.91
|
4.58
|
1.24
|
402
|
964
|
95
|
60
|
|||||||||||
|
Total open pit and underground
|
Measured
|
304
|
2.29
|
17.46
|
variable
|
22
|
171
|
variable
|
variable
|
||||||||||
|
Indicated
|
56,397
|
0.89
|
3.47
|
variable
|
1,607
|
6,290
|
variable
|
variable
|
|||||||||||
|
Total measured and indicated
|
56,701
|
0.89
|
3.54
|
variable
|
1,630
|
6,461
|
variable
|
variable
|
|||||||||||
|
Inferred
|
7,529
|
1.73
|
4.14
|
variable
|
418
|
1,003
|
variable
|
variable
|
|||||||||||
Notes to accompany mineral resource tables:
| 1. |
The mineral resource estimates are current as of December 31, 2025, and are reported using the definitions in Item 1300 of Regulation S–K (17 CFR Part 229) (S-K 1300).
|
| 2. |
The reference point for the mineral resource estimate is in situ. The Qualified Persons for the estimate are Vincent Nadeau-Benoit P.Geo., Corey Kamp, P.Eng., and Michael Kontzamanis, P.Eng , all Coeur employees.
|
| 3. |
Mineral resources are reported exclusive of the mineral resources converted to mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
|
| 4. |
The estimate for the mineral resources considered potentially amenable to open pit mining methods uses the following key input parameters: assumption of conventional open pit mining; gold price of US$2,500/oz Au and silver price of
US$30/oz Ag; gold selling cost of US$3.54/oz Au; reported above a gold equivalent cut-off grade of 0.20 g/t AuEq; variable metallurgical recoveries; royalty burden of 1.4%; variable pit slope angles by litho-structural domain; overburden
mining cost of US$3.18/t mined, base mining cost at 300 m bench of US$4.38/t mined and incremental mining cost of US$0.025/t mined per 10 m bench; processing cost of US$10.40/t processed, and general and administrative costs of US$4.49/t
processed.
|
| 5. |
The estimate for the mineral resources considered potentially amenable to underground mining methods uses the following key input parameters: assumption of an underground mining method applicable to moderate to steeply dipping deposits;
gold price of US$2,500/oz Au and silver price of US$30/oz Ag; gold selling cost of US$4.10/oz Au; reported above a gold equivalent cut-off grade of 1.24 g/t AuEq; variable metallurgical recoveries; royalty burden of 1.4%; 14% dilution;
underground mining cost of US$52.49/t mined and surface haul costs of US$2/t mined; processing cost of US$11.21/t processed, and general and administrative costs of US$10.49/t processed.
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 6. |
The following gold-equivalency formulas are used for open-pit and underground mining scenarios: open pit gold equivalency in g/t = (Au in g/t) + ((Ag in g/t) ÷ 125); underground gold equivalency in g/t = (Au in
g/t) + ((Ag in g/t) ÷ 131.94). The calculations are based on the following: gold price: US$2,500/oz Au; gold recovery: 90% for open-pit and 95% for underground; silver price: US$30/oz Ag; silver recovery: 60% for open-pit and underground.
|
| 7. |
Rounding of tonnes, grades, and troy ounces, as required by reporting guidelines, may result in apparent differences between tonnes, grades, and contained metal contents.
|
| 1.11 |
Mineral Reserve Estimation
|
| 1.11.1 |
Estimation Methodology
|
Mineral reserves are estimated for the open-pit and underground mines, both currently in operation, and the surface stockpiles. Measured and indicated mineral resources were converted to proven and
probable mineral reserves, respectively.
Mineral reserve tonnes and grades are stated at a mill feed reference point, allowing for dilution and mining recovery, and are reported accounting for depletion as at December 31, 2025 for both open
pit and underground. Cut-off grades of 0.30 g/t AuEq and 1.41 g/t AuEq are applied to open-pit and underground mineral reserves, respectively. Mineral reserves are supported by mine designs, development and production schedules, and cost estimates
completed as part of the life of mine (LOM) planning process.
| 1.11.1.1 |
Open Pit
|
Open-pit mineral reserves are estimated using the 2025 Main Zone resource model, regularized to a block size of 10 x 10 x 10 m. Additional mining recovery and dilution parameters are applied to
create a diluted open-pit Reserve block model .
Pit optimization was conducted in Deswik Pseudoflow software (Pseudoflow), using the open-pit Reserve block model, to determine the optimal economic shape of the open pit. Pseudoflow is a network
flow algorithm that determines pit shells at varying revenue factors for a deposit, using specific input parameters including slope dependencies, costs, and revenues.
Cost parameters are aligned with LOM average estimates. Metallurgical recoveries used in the pit optimization are based on predictive gold and silver recovery formulas and geotechnical parameters
respect the recommended inter-ramp angles. The overall slope angles used in the optimization process account for final ramps and geotechnical catch berms requirements. Only measured and indicated mineral resources were considered in the pit
optimization. Pit optimizations were run with and without surface constraints including the Pinewood Creek and mine rock stockpiles.
The results of the Pseudoflow pit optimization served as the basis for engineered final pit and phase pit designs, including detailed bench and berm designs, operational and geotechnical
considerations, and haulage ramps. Pit shell selection for guiding the design of the final mineral reserves pit is based on cash flow analysis at a range of revenue factors, waste and overburden stripping requirements, minimum pushback width,
permitting requirements, and the opportunity for in-pit waste storage.
The final pit was interrogated against the open-pit Mineral Reserves block model to estimate Mineral Reserves. In-pit inferred and unclassified blocks are considered as wase in the Mineral Reserves
estimate and LOM plan. An economic analysis of the open-pit LOM plan was then conducted to confirm that each open-pit phase generates a positive cash flow using the Mineral Reserves parameters.
|
Rainy River Operations
Ontario
Technical Report Summary
|
The regularized open-pit Mineral Reserves model has block dimensions of 10 m × 10 m × 10 m, representing the dimensions of a selective mining unit (SMU), the smallest volume of material that can be
used to determine whether it contains ore or waste. The SMU dimensions are based on the bench height and size of the loading equipment in operation at Rainy River.
Dilution and ore loss skins are then applied to each regularized block using a script in Hexagon’s HxGN MinePlan software. The parameters used in the dilution and ore loss calculations are based on a
study undertaken in 2021. In summary, a 3.3 m dilution skin is applied to each block, on the sides of the block that are bordered by lower-grade blocks. Dilution is applied at the grades of the adjacent block. On the sides where a block is bordered
by a higher-grade block, a 0.2 m ore loss skin is applied. Regularized and diluted blocks are capped to a maximum gold grade of 3 g/t.
| 1.11.1.2 |
Underground
|
Underground Mineral Reserve estimates are reported from stope shapes generated using Deswik Stope Optimizer software, and development shapes used to access the stoping horizons. Main and Intrepid
year-end 2025 Resource models were used for Reserve estimations.
A development mine design was created for the underground mine and stope shapes were analyzed to validate the economic viability of each zone for inclusion into the Mineral Reserve inventory. This
was done by analyzing development costs, considering the capital and auxiliary development required to enable mining of the stopes, such as the cost of ramps, ventilation, materials handling, and development of access and infrastructure. Isolated,
marginal, and discontinuous stope panels were excluded from the Mineral Reserve estimate.
Mineral Reserves from underground stoping incorporate both internal and external dilution. Internal dilution consists of sub–cut‑off grade material contained within the designed stope shapes that
must be extracted due to geometric and geotechnical constraints. External dilution is applied to production stopes using dilution factors derived from average equivalent linear overbreak and slough assumptions of 0.5 m on the hanging wall and 0.25
m on the footwall. Dilution grades are assigned based on the average grades estimated from analysis of dilution skins relative to the block model. Development ore assumes 15% overbreak at zero diluting grade and a mining recovery of 100%.
Parallel stopes are separated by an 8 m boundary pillar, which is required to maintain geotechnical stability. Sill pillars with a nominal height of 10 m are incorporated at planned intervals to
separate mining horizons, control stress redistribution, and provide regional stability. Stopes located below sill pillars are constrained to a maximum width of 6 m to limit induced stress and manage dilution and ground control risks beneath the
sill.
A mining recovery factor of 95% is applied to stope tonnes to account for expected losses associated with unblasted material, ore remaining on the stope floor, and rock mechanics limitations. Stope
shapes are adjusted (“cut”) against development designs using the Deswik Interactive Scheduler to remove overlapping volumes, and the resulting solids are evaluated against the Mineral Resource model.
|
Rainy River Operations
Ontario
Technical Report Summary
|
A cut-off grade of 1.41 g/t AuEq was used for reporting stoping Mineral Reserves. Incremental ore from development shapes are included in Mineral Reserves with an estimated cut-off grade of 0.90 g/t.
Development material above 0.90 g/t AuEq is hauled to the surface as ore, and mineralized material below cut-off grade is used as backfill material when backfill sites are available or delivered to surface as waste.
| 1.11.2 |
Mineral Reserve Statement
|
Mineral reserves were classified using the mineral reserve definitions set out in S-K 1300. The reference point for the mineral reserve estimate is the point of delivery to the mill. Mineral reserves
are current as at December 31, 2025.
Mineral reserves are reported in Table 1‑2.
The Qualified Person for the estimate is Corey Kamp, P.Eng. and Michael Kontzamanis, P.Eng., both of whom are Coeur employees.
| 1.11.3 |
Factors That May Affect the Mineral Reserve Estimate
|
Factors that may affect the mineral reserve estimates include variations to the following assumptions: the commodity price; metallurgical recoveries; operating cost estimates, including assumptions
as to equipment leasing agreements; geotechnical conditions; hydrogeological conditions; geological and structural interpretations; and the inability to maintain, renew, or obtain environmental and other regulatory permits, to retain mineral and
surface right titles, to maintain site access, and to maintain the social license to operate.
| 1.12 |
Mining Methods
|
The Rainy River Operations employ open-pit and underground mining methods; these are divided into multiple phases and zones:
| • |
The open-pit mine is divided into phases, of which Phase 4 and Phase 5 are currently in operation. The NW Trend is a planned satellite pit to the west of Phase 5.
|
| • |
The underground mine is divided into mining zones, of which the Intrepid zone is currently in production. The ODM Main, ODM East, ODM West, ODM Lower, 433, 17 East and Cap zones, are located beneath the open-pit and are collectively
referred to as Underground Main. Development from Intrepid to Underground Main commenced in 2023 and stope production from Underground Main began in 2025.
|
| 1.12.1 |
Open Pit
|
Open-pit mining uses a conventional truck-and-shovel mining method. After the removal of overburden, rock is mined in a series of horizontal benches accessed by haulage ramps. The mining sequence
involves drilling, blasting, loading and hauling.
Surface-mined ore is hauled either directly to the primary crusher, to the ROM pad, or to one of several ore stockpiles on surface, depending on ore type and grade. Waste rock is hauled to either the
west mine rock stockpile, east mine rock stockpile, or the in-pit mine rock stockpile, depending on the haulage distance and whether the rock is classified as non-acid generating (NAG) or potentially acid generating (PAG). Mine waste rock is also
used for construction of the tailings management area (TMA) raises.
|
Rainy River Operations
Ontario
Technical Report Summary
|
Open-pit benches are accessed via haulage ramps, which facilitate movement of ore and waste to the surface using 220-tonne capacity mine haul trucks. Access ramps are designed at a nominal width of
33 m and a maximum gradient of 10%, except for the lower benches, where ramp widths were reduced to accommodate one-way traffic (20 m wide) and a gradient of 12%.
|
Table 1‑2:
|
Mineral Reserves Statement at December 31, 2025
|
|
Area
|
Category
|
Tonnes
(kt)
|
Grade |
Metal |
Metallurgical
Recovery
|
||||||||||||||
|
Au
(g/t)
|
Ag
(g/t)
|
Cut-off
(g/t)
|
Au (koz)
|
Ag (koz)
|
Au
(%)
|
Ag
(%)
|
|||||||||||||
|
Open pit
|
Proven
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||
|
Probable
|
17,008
|
0.70
|
2.36
|
0.30
|
382
|
1,289
|
90
|
60
|
|||||||||||
|
Sub-total proven and probable
|
17,008
|
0.70
|
2.36
|
0.30
|
382
|
1,289
|
90
|
60
|
|||||||||||
|
Underground
|
Proven
|
123
|
2.29
|
21.46
|
1.41
|
9
|
85
|
95
|
60
|
||||||||||
|
Probable
|
20,587
|
2.42
|
4.63
|
1.41
|
1,604
|
3,067
|
95
|
60
|
|||||||||||
|
Sub-total proven and probable
|
20,709
|
2.42
|
4.73
|
1.41
|
1,613
|
3,151
|
95
|
60
|
|||||||||||
|
Stockpile
|
Proven
|
16,792
|
0.43
|
2.09
|
231
|
1,131
|
90
|
60
|
|||||||||||
|
Probable
|
—
|
—
|
—
|
variable |
—
|
—
|
—
|
—
|
|||||||||||
|
Sub-total proven and probable
|
16,792
|
0.44
|
2.09
|
variable
|
231
|
1,131
|
90
|
60
|
|||||||||||
|
Totals
|
Proven
|
16,914
|
0.44
|
2.23
|
variable
|
240
|
1,215
|
variable
|
variable
|
||||||||||
|
Probable
|
37,594
|
1.64
|
3.60
|
variable
|
1,986
|
4,356
|
variable
|
variable
|
|||||||||||
|
Total proven and probable
|
54,508
|
1.27
|
3.18
|
variable
|
2,226
|
5,571
|
variable
|
variable
|
|||||||||||
Notes to accompany mineral reserve table:
| 1. |
The Mineral Reserve estimates are current as of December 31, 2025, and are reported using the definitions in Item 1300 of Regulation S–K (17 CFR Part 229) (S-K 1300).
|
| 2. |
The reference point for the mineral reserve estimate is delivery to the mill. The Qualified Person for the estimate is Corey Kamp, P.Eng. and Michael Kontzamanis, P.Eng., both of whom are Coeur employees.
|
| 3. |
The estimate for the open pit mineral reserves uses the following key input parameters: conventional open pit mining; gold price of US$2,200/oz Au and silver price of US$26/oz Ag; gold selling cost of US$4.10/oz
Au and silver selling cost of US$1/oz Ag; reported above a gold equivalent cut-off grade of 0.30 g/t AuEq; variable metallurgical recoveries; royalty burden of 1.4%; variable pit slope angles by litho-structural domain; overburden mining
cost of US$3.18/t mined, base mining cost at 300 m bench of US$4.38/t mined and incremental mining cost of US$0.025/t mined per 10 m bench; processing cost of US$10.40/t processed, and general and administrative costs of US$4.49/t
processed.
|
| 4. |
The estimate for the underground mineral reserves uses the following key input parameters: assumption of Underground Modified Avoca mining; gold price of US$2,200/oz Au and silver price of US$26/oz Ag; gold
selling cost of US$4.10/oz Au; reported above a gold equivalent cut-off grade of 1.41 g/t AuEq; variable metallurgical recoveries; royalty burden of 6.1%; 14% dilution; underground mining cost of US$52.49/t mined and surface haul costs of
US$2/t mined; processing cost of US$11.21/t processed, and general and administrative costs of US$10.49/t processed.
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 5. |
The following gold-equivalency formulas are used for open-pit and underground mining scenarios: open pit gold equivalency in g/t = (Au in g/t) + ((Ag in g/t) ÷ 126.92); underground gold equivalency in g/t = (Au
in g/t) + ((Ag in g/t) ÷ 133.97). The calculations are based on the following: gold price: US$2,200/oz Au; gold recovery: 90% for open-pit and 95% for underground; silver price: US$26/oz Ag; silver recovery: 60% for open-pit and
underground.
|
| 6. |
Rounding of tonnes, grades, and troy ounces, as required by reporting guidelines, may result in apparent differences between tonnes, grades, and contained metal contents.
|
Pit design parameters are based on a slope stability assessment and design update conducted by SRK in December 2021. Since then, SRK has performed annual site visits to monitor performance and
support refinements to the design as needed. Phase 5 geotechnical design parameters are based on an extension of the SRK 2021 litho-structural domains conducted by Coeur, and informed by additional rock mass data gathered from the excavated Phase
4 rock slopes. This dataset includes digital and visual mapping of exposed pit walls and oriented drill hole data.
Surface mine equipment requirements were developed from the LOM production schedule. Equipment availability, utilization, and productivity assumptions are based on historical operating parameters.
Haul truck productivity is also dependent on haulage distances. Required production hours were calculated for all primary equipment and support equipment.
| 1.12.2 |
Underground
|
The underground mine uses the Modified Avoca mining method, a longitudinal long-hole open-stoping method commonly used for ore bodies that are moderately to steeply dipping. The method has been
successfully used at the Intrepid Zone. It involves the development of drifts along the strike of the orebody at regular level intervals, followed by drilling and blasting of stopes between levels, and mucking the broken ore from the lower level
using load-haul-dump (LHD) vehicles. After completion of ore extraction, stopes are filled from the access side of the stope using rockfill to provide support to the hanging wall and footwall. Typically, a portion of the rockfill is then mucked
from the lower level to create a void prior to blasting the adjacent stope. Avoca mining is a relatively high-recovery, low-cost mining method, as minimal pillars are required, and cement is not required in the backfill.
Underground ore handling is hauled by articulated dump trucks to stockpile at either the Intrepid portal or pit portal from where it is hauled to the primary crusher using open-pit dump trucks.
Development waste is mostly kept within the underground mine and used to backfill depleted stopes.
Underground operations are accessed by ramp from two portals on surface, the Intrepid portal located near the underground offices, and the pit portal located on the 140-bench in the eastern wall of
the open pit to access the Main Zone. A future third portal is planned for the western side of the underground mine.
Underground development tunnels are designed to accommodate the size of the largest equipment using the heading. Remucks are used to maintain development efficiency and positioned every 150 m along
declines and on level accesses. Each level access will contain an escapeway access drive, escapeway raise, electrical cutouts, level access, remuck, level sump, vent raise access, and ventilation raise. Emergency egress is provided through a
system of ladderways to surface. Given the continuous longitudinal mining sequence, the levels are mostly identical, with some cases where lenses are present and additional ore drives splay off the main access.
|
Rainy River Operations
Ontario
Technical Report Summary
|
The fleet requirements for all major underground equipment was estimated for each period as part of the mine planning process, based on mine physicals and equipment availability and utilization
assumptions.
| 1.13 |
Recovery Methods
|
The process plant uses conventional crushing, grinding, and recovery methods. Ore processing began in September 2017, with commercial production starting in mid-October 2017.
The processing plant has been optimized to increase processing capacity, maintain metallurgical recoveries, and facilitate the processing of different ore types. Major plant infrastructure and
processes are listed as follows:
| • |
Crushing: a 600 kW gyratory crusher processes direct-dumped haul truck ore to a P80 of approximately 120 mm and feeds a coarse ore
stockpile with about 85,700 t total capacity;
|
| • |
Grinding: ore is reclaimed from the coarse ore stockpile and processed through a 15,000 kW semi-autogenous grind (SAG) mill with pebble crushing and hydrocyclone classification, followed by a 15,000 kW ball
mill producing a target grind of approximately 80 µm;
|
| • |
Gravity concentration: slurry is treated through gravity screens and dual 48-inch Knelson concentrators for gold recovery, with concentrate processed in an Acacia intensive cyanide leach circuit and tailings
returned to the milling circuit;
|
| • |
Leaching and CIP: thickened cyclone overflow is treated in an eight-tank cyanide leach circuit with oxygen and air addition, followed by a seven-tank CIP carousel system for gold adsorption and recovery;
|
| • |
Carbon desorption and regeneration: gold and silver are stripped from activated carbon using a high-temperature Zadra process with electrowinning recovery, after which the carbon is thermally reactivated in a
rotary kiln and returned to the CIP circuit;
|
| • |
Electrowinning: pregnant solutions are treated in parallel electrowinning cells where gold and silver are plated onto cathodes, recovered as sludge, and smelted into doré bars;
|
| • |
Tailings: CIP tailings are treated in a cyanide destruction circuit using SO₂, lime, and copper catalyst before being pumped to the TMA.
|
The grinding circuit consumes an average of approximately 9.5 kWh/t in the SAG mill and 13 kWh/t in the ball mill, with total site energy consumption in 2025 of 341 GWh, corresponding to a
site-wide specific energy of 36.9 kWh/t and 22.5 kWh/t attributable to grinding. Process water is supplied through low and medium pressure pumping systems from a process water tank replenished by multiple internal return streams, mine water
sources, and tailings reclaim, with the Tailings Management Area providing up to 11.6 Mm3 of storage and reclaim capacity via vertical turbine pumps to meet a
process demand of approximately 1,200 m³/h.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 1.14 |
Infrastructure
|
All required infrastructure to support the operations is in place. The Rainy River Operations are located in the District of Rainy River, northwestern Ontario, Canada, approximately 50 km northwest
of Fort Frances. The mine site access and onsite roads make use of existing roads and easements, which are upgraded and extended as required. The main entrance to the site is via Korpi Road and Roen Road from Highway 71. A network of roads
connects the open-pit and underground mines with the processing plant, TMA, and other site infrastructure. Haul roads connect the open-pit mine to waste and ore stockpiles, the primary crusher pad, mine facilities, and to the TMA.
Surface infrastructure supporting the Rainy River Operation includes: A processing facility for ore treatment and gold recovery with water circulation for process water recycling. The site contains
truck shops, a truck wash, fuel storage, explosives storage, a warehouse, security and medical facilities, and administration buildings for both surface and underground operations. Bottled potable water is supplied to the site by a local vendor.
Mine dry facilities and a mill dry and office building support operational staff. The internal assay laboratory processes samples for metal analysis, and a camp facility that busses staff to and from site provides accommodations and amenities for
workers.
Electricity is supplied by a 16.7 km long, 230 kV power line from the Hydro One power line currently connecting Fort Frances and Kenora. Two generator sets provide emergency power.
The TMA is located northwest of the open pit and processing plant. The TMA is contained by several dams, including the TMA North Dam, TMA West Dam (comprising Dam 4 and Dam 5), and TMA South Dam.
Additionally, the water management pond, which is part of the water treatment system, is bordered by water management pond Dam 1, water management pond Dam 2, water management pond Dam 3, and water management pond Dam 4.
Tailings are deposited throughout the year using sub-aerial spigots located on the crests of the perimeter TMA dams and along a northern ring road. Deposition takes place while maintaining a pond
around the fixed reclaim, located between TMA West Dam 4 and West Dam 5. A flood protection berm has been constructed at a topographic low located northwest of the TMA to maintain containment within the Ontario Endangered
Species Act boundary up to the maximum operating water level .
The TMA is designed to provide sufficient containment for the projected tailings storage requirements in addition to in-pit tailings deposition within the future NW Trend pit, which will account
for approximately 7.3 Mt of tailings. An estimated 90.4 Mm3 of tailings will be stored over the mine life.
Over 400 piezometers, 30 slope inclinometers, and numerous settlement plates and magnetic extensometers installed at the TMA are used for monitoring and surveillance. Displacements and excess pore
water pressures are observed throughout the year in response to construction activities and tailings deposition. Instrumentation data review is completed by both Coeur and the Engineer of Record. Dam performance has been acceptable to date.
The TMA undergoes thorough review and oversight from qualified professionals including, at minimum, the following evaluations:
| • |
Monthly inspections from the designated responsible person at site;
|
| • |
Annual inspections from facility Engineers of Record;
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| • |
Twice annual technical review from the Independent Tailings Review Board;
|
| • |
Dam safety reviews performed every five years;
|
| • |
Third-party reviews as required by regulators.
|
| 1.15 |
Markets and Contracts
|
| 1.15.1 |
Markets
|
Gold and silver output is in the form of doré containing an average of approximately one-third gold and two-thirds silver by weight. Silver credits are received from the refiner. The doré is
shipped to either Asahi Refining Canada Ltd. in Brampton, Ontario, or to the Royal Canadian Mint in Ottawa, Ontario. Transportation of the doré to either refinery is contracted out by the respective refineries. Responsibility for the doré
changes hands at the gold room gate upon signed acceptance by the refiner or its transport provider. Coeur sells its gold production into the market at spot prices.
| 1.15.2 |
Commodity Pricing
|
Coeur uses a combination of analysis of three-year rolling averages, long-term consensus pricing, and benchmarks to pricing used by industry peers over the past year, when considering long-term
commodity price forecasts.
Higher metal prices are used for the mineral resource estimates to ensure the mineral reserves are a sub-set of, and not constrained by, the mineral resources, in accordance with
industry-accepted practice.
The long-term gold price forecasts are:
| • |
Mineral reserves:
|
| o |
US$2,200/oz Au;
|
| o |
US$26/oz Ag;
|
| • |
Mineral resources:
|
| o |
US$2,500/oz Au;
|
| o |
US$30/oz Ag.
|
The economic analysis in Chapter 1.19 uses a reverting price curve.
| 1.15.3 |
Contracts
|
Coeur has a number of contracts, agreements, and purchase orders in place for goods and services that are required for the operation of the mine. Contract terms are considered to be within
industry norms and typical of similar contracts in Canada. All contracts and agreements are negotiated with vendors and have contractual scopes, terms, and conditions. The most significant of those contracts cover the maintenance services,
fuel, explosives, grinding media, milling reagents, and concentrate haulage.
|
Rainy River Operations
Ontario
Technical Report Summary
|
Commodity pricing assumptions, marketing assumptions, and current major contract areas are acceptable for use in estimating mineral reserves and in the economic analysis that supports the mineral
reserves. Coeur does not engage in forward metal sales or hedging.
| 1.16 |
Environmental, Permitting and Social Considerations
|
| 1.16.1 |
Environmental Studies and Monitoring
|
Coeur is dedicated to adhering to all necessary permits, licences, authorizations, approvals, and assessments to prevent and/or minimize environmental impacts related to activities at the Rainy
River Operations. The mine has obtained all required permits and authorizations for the construction of major infrastructure and ongoing operations. An extensive baseline monitoring program was completed as part of the Environmental
Assessment. An ongoing monitoring program is in place that is appropriate to identify and mitigate any environmental impacts should they occur.
| 1.16.2 |
Closure and Reclamation Considerations
|
Coeur submitted an amendment to the Closure Plan in December 2024 that listed an estimated cost of closure of C$136.9 million. This Closure Plan was filed in April 2025, and the surety bond was
C$136.9 million. The current financial asset retirement obligation, based on disturbances as at December 31, 2025, is C$151.8 million.
| 1.16.3 |
Permitting
|
The Rainy River Operations comply with applicable Canadian federal and provincial permitting requirements. The approved permits outline the authority’s requirements for operation of the surface
and underground mines, tailings management area, waste rock storage facilities (WRSFs), process plant, water usage, habitat destruction and compensation, and effluents discharge. The operations have received all the permits and authorizations
needed to construct major infrastructure and operate.
Permit amendments are required for the following additions included in this Technical Report Summary:
| • |
NW Trend open pit expansion;
|
| • |
Underground expansion;
|
| • |
Tailings storage utilizing the NW Trend open pit.
|
| 1.16.4 |
Social Considerations, Plans, Negotiations and Agreements
|
Coeur’s Human Rights Policy and Indigenous Peoples Policy set forth the expectation to respect the rights and
traditions of Indigenous people where it operates by proactively seeking, engaging, and supporting meaningful dialogue regarding its operations. Coeur, through its New Gold subsidiary, signed Impact Benefit Agreements with 8 Indigenous nations.
The agreements affirm mutual commitment to the vision of a consent-based, stable, and environmentally responsible relationship regarding Rainy River’s operations and its activities that is respectful of Indigenous title and rights.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 1.17 |
Capital Cost Estimates
|
Capital cost estimates are at a minimum at a pre-feasibility level of confidence, having an accuracy level of ±25% and a contingency range not exceeding 15%.
Capital costs are based on budget estimates from supplier and contractor quotes, engineering designs, maintenance strategies, production plans, and recent operating history.
Total LOM capital is expected to be approximately US$685 million, including US$239 million of sustaining capital and US$446 million of growth capital. Total capital spending significantly
declines after three years of the remainder of the LOM plan as shown in Table 1‑3.
| 1.18 |
Operating Cost Estimates
|
Operating cost estimates are at a minimum at a pre-feasibility level of confidence, having an accuracy level of ±25% and a contingency range not exceeding 15%.
Operating costs are based on actual costs incurred at the site and current budget and LOM plan. The production plan drove the calculation of the mining and processing costs, as the mining mobile
equipment fleet, workforce, contractors, power, and consumables requirements were calculated based on specific consumption rates. Operating cost estimates are acceptable to support the mineral reserve estimate.
The LOM plan estimated total operating cost is US$2,673 million, averaging US$61.80/t processed (Table 1‑4).
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 1.19 |
Economic Analysis
|
| 1.19.1 |
Forward-Looking Information
|
Results of the economic analysis represent forward- looking information that is subject to several known and unknown risks, uncertainties and other factors that may cause actual results to differ
materially from those presented here.
Other forward-looking statements in this Report include, but are not limited to: statements with respect to future metal prices and concentrate sales contracts; the estimation of mineral reserves
and mineral resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; costs and timing of the development of new ore zones; permitting time lines;
requirements for additional capital; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; title disputes or claims; and, limitations on insurance coverage.
Factors that may cause actual results to differ from forward-looking statements include: actual results of current reclamation activities; results of economic evaluations; changes in Project
parameters as mine and process plans continue to be refined, possible variations in mineral reserves, grade or recovery rates; geotechnical considerations during mining; failure of plant, equipment or processes to operate as anticipated;
shipping delays and regulations; accidents, labor disputes and other risks of the mining industry; and, delays in obtaining governmental approvals.
|
Table 1‑3:
|
LOM Capital Cost Estimate (US$ M)
|
|
Category
|
2026
|
2027
|
2028
|
2029
|
2030
|
2031
|
2032
|
2033
|
2034
|
2035
|
Total
|
||||||||||||
|
Sustaining Capital (US$ milions)
|
|||||||||||||||||||||||
|
Underground development
|
19.0
|
16.7
|
10.6
|
14.6
|
7.7
|
8.1
|
9.3
|
45.5
|
15.7
|
—
|
147.1
|
||||||||||||
|
Tailings management
|
21.4
|
18.6
|
2.7
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
42.7
|
||||||||||||
|
Other
|
30.1
|
10.1
|
—
|
—
|
4.7
|
—
|
1.9
|
0.9
|
—
|
—
|
47.7
|
||||||||||||
|
Working Capital
|
(0.1)
|
0.6
|
(1.2)
|
0.1
|
0.4
|
0.6
|
(0.5)
|
(2.0)
|
3.8
|
—
|
1.8
|
||||||||||||
|
Total sustaining capital
|
70.4
|
46.0
|
12.1
|
14.7
|
12.8
|
8.7
|
10.8
|
44.3
|
19.5
|
—
|
239.3
|
||||||||||||
|
Growth Capital (US$ millions)
|
|||||||||||||||||||||||
|
Underground development
|
42.7
|
31.7
|
26.5
|
50.9
|
32.0
|
34.1
|
39.3
|
—
|
—
|
—
|
257.1
|
||||||||||||
|
Underground equipment
|
8.3
|
3.6
|
3.3
|
3.4
|
3.0
|
3.0
|
—
|
—
|
—
|
—
|
24.6
|
||||||||||||
|
Open Pit Stripping
|
—
|
76.4
|
49.7
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
126.0
|
||||||||||||
|
Other
|
6.1
|
2.9
|
1.8
|
2.4
|
1.9
|
2.0
|
—
|
—
|
—
|
—
|
17.1
|
||||||||||||
|
Working Capital
|
4.3
|
0.6
|
10.0
|
(3.2)
|
3.4
|
(0.4)
|
—
|
6.6
|
—
|
—
|
21.2
|
||||||||||||
|
Total growth capital
|
61.4
|
115.1
|
91.3
|
53.5
|
40.3
|
38.6
|
39.3
|
6.6
|
—
|
—
|
446.0
|
||||||||||||
|
Total capital (US$ millions)
|
131.8
|
161.2
|
103.4
|
68.2
|
53.0
|
47.3
|
50.0
|
50.9
|
19.5
|
—
|
685.4
|
||||||||||||
Note: Numbers have been rounded.
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
Table 1‑4:
|
LOM Operating Cost Estimate
|
|
2026
|
2027
|
2028
|
2029
|
2030
|
2031
|
2032
|
2033
|
2034
|
2035
|
Total/
Average
|
|||||||||||||
|
Total Operating Costs (US$ millions)
|
|||||||||||||||||||||||
|
Open-pit mining
|
140.7
|
29.1
|
49.2
|
58.9
|
18.1
|
12.9
|
9.9
|
9.8
|
8.4
|
7.1
|
344.1
|
||||||||||||
|
Underground mining
|
128.1
|
135.6
|
141.1
|
111.8
|
136.0
|
132.9
|
123.1
|
117.4
|
92.5
|
72.7
|
1,191.2
|
||||||||||||
|
Processing
|
102.9
|
97.8
|
97.2
|
90.8
|
65.5
|
27.0
|
25.7
|
24.9
|
25.0
|
16.1
|
572.8
|
||||||||||||
|
G&A
|
58.2
|
47.4
|
34.8
|
27.9
|
25.9
|
23.4
|
23.8
|
22.1
|
21.4
|
18.4
|
303.3
|
||||||||||||
|
Other
|
25.6
|
40.0
|
46.1
|
38.9
|
27.0
|
20.7
|
19.8
|
20.2
|
13.5
|
9.6
|
261.2
|
||||||||||||
|
Total
|
455.4
|
349.9
|
368.3
|
328.2
|
272.4
|
216.9
|
202.3
|
194.4
|
160.8
|
123.9
|
2,672.6
|
||||||||||||
|
Unit Operating Cost (US$/t mined)
|
|||||||||||||||||||||||
|
Open-pit mining
|
19.74
|
8.50
|
21.79
|
14.01
|
—
|
—
|
—
|
—
|
—
|
—
|
16.01
|
||||||||||||
|
Underground mining
|
72.72
|
67.35
|
62.90
|
56.41
|
61.33
|
59.25
|
57.93
|
54.02
|
37.50
|
41.44
|
57.08
|
||||||||||||
|
Unit Operating Costs (US$/t processed)
|
|||||||||||||||||||||||
|
Mining
|
29.30
|
17.75
|
20.50
|
18.97
|
21.16
|
65.02
|
62.57
|
58.55
|
40.90
|
45.52
|
38.02
|
||||||||||||
|
Processing
|
11.21
|
10.54
|
10.47
|
10.09
|
8.99
|
12.03
|
12.10
|
11.44
|
10.14
|
9.19
|
10.62
|
||||||||||||
|
G&A
|
6.34
|
5.11
|
3.75
|
3.10
|
3.56
|
10.42
|
11.19
|
10.18
|
8.68
|
10.46
|
7.28
|
||||||||||||
|
Other
|
2.79
|
4.31
|
4.96
|
4.32
|
3.70
|
9.24
|
9.32
|
9.29
|
5.45
|
5.44
|
5.88
|
||||||||||||
|
Total
|
49.64
|
37.70
|
39.67
|
36.48
|
37.42
|
96.70
|
95.18
|
89.44
|
65.18
|
70.62
|
61.80
|
||||||||||||
Note: Numbers have been rounded.
| 1.19.2 |
Methodology and Assumptions
|
The financial costs used for this analysis are based on the 2026 life of mine budget model, which was built on a zero-based budgeting process that was validated through a historical cost comparison
from the previous financial year. Production figures in this Chapter are based on predicted equipment hours and manpower requirements needed to execute the mine plan using actual unit costs, labor rates and may vary from year to year depending on
capital and production needs.
Consumables are based upon market projections and contract pricing. Experts and bids are used for capital purchases to ensure that all costs are included in the project to avoid any unbudgeted
expenditures.
All financial results are communicated to the site management team. This process results in refinements and agreements as to the validity of the cost, capital and cash flow results. This is an
ongoing process throughout the budget and provides consistency of the results and acceptance of both short- and long-term goals.
Capitalized exploration is determined annually through the corporate office, is discretionary, and therefore not included in the economic analysis. Management fees assessed
through the corporate office are not included in the economic analysis.
The economic model metal price assumptions are outlined in Table 1‑5.
|
Rainy River Operations
Ontario
Technical Report Summary
|
Royalties included in the cash flow analysis are based upon gold ounces mined or produced depending upon the agreement.
The tax rates used are set by governmental agencies, and Rainy River Operations remains in compliance. Currently, Coeur pays no federal income tax due to historic net operating losses.
| 1.19.3 |
Economic Analysis
|
The NPV at 5% is $2,635 million. As the cash flow is based on existing operations, considerations of payback and internal rate of return are not relevant.
A summary of the financial results is provided in Table 1‑6.
The active mining operation ceases in 2035; however, closure costs are estimated to be paid out through 2036. For the purposes of the financial model, all costs incurred beyond 2035 are included in
the cash flow in the year 2035.
| 1.19.4 |
Sensitivity Analysis
|
The sensitivity of the Project to changes in metal prices, gold grade, sustaining capital costs and operating cost assumptions was tested using a range of 30% above and below the base case values.
Recovery is not shown as the sensitivity to recovery mirrors the sensitivity to metal price.
The operations are most sensitive to gold price and gold grade changes, less sensitive to increases in operating costs, and least sensitive to changes in capital expenditure (Table 1‑7). The
primary sensitivity is to the world economy and its effect on gold pricing.
|
Table 1‑5:
|
Metal Price Assumptions
|
|
Metal
|
Unit
|
2026
|
2027
|
2028
|
2029
|
2030+
|
|||||||
|
Gold price
|
US$/oz
|
4,550
|
4,000
|
3,800
|
3,600
|
3,100
|
|||||||
|
Silver price
|
US$/oz
|
60.00
|
48.00
|
44.00
|
42.00
|
38.00
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
Table 1‑6:
|
Cashflow Summary Table
|
|
Item
|
Units
|
Value
|
|||
|
Revenue
|
US$ M
|
7,800.3
|
|||
|
Production costs
|
US$ M
|
3,738.5
|
|||
|
Exploration
|
US$ M
|
24.4
|
|||
|
Accretion liability
|
US$ M
|
86.9
|
|||
|
Total costs and expenses
|
US$ M
|
3,849.8
|
|||
|
Interest income
|
US$ M
|
9.9
|
|||
|
Intercompany
|
US$ M
|
8.7
|
|||
|
EBITDA
|
US$ M
|
3,931.8
|
|||
|
Depreciation, Depletion, and AmortizationDA
|
US$ M
|
2,485.6
|
|||
|
Income before taxes
|
US$ M
|
1,446.2
|
|||
|
Income tax expense (benefit)
|
US$ M
|
660.1
|
|||
|
Net income
|
US$ M
|
786.1
|
|||
|
Add back amortization
|
US$ M
|
2,485.6
|
|||
|
Add back accretion
|
US$ M
|
(110.0)
|
|||
|
Add back other non-cash items
|
US$ M
|
510.4
|
|||
|
Operating cash flow before working capital changes
|
US$ M
|
3,672.1
|
|||
|
Working Capital
|
US$ M
|
57.1
|
|||
|
Operating cash flow
|
US$ M
|
3,729.3
|
|||
|
Investing Activities
|
US$ M
|
(685.4)
|
|||
|
Payments on capital leases
|
US$ M
|
(3.8)
|
|||
|
Total cash flow
|
US$ M
|
3,040.0
|
|||
|
Free Cash Flow
|
US$ M
|
3,043.9
|
|||
|
NPV Pre-Tax/After-Tax @5%
|
US$ M
|
3,180/2,635.4
|
Note: AFE = authorization for expenditure; EBITDA = earnings before interest, taxes, depreciation and amortization. DDA = Depletion, Depreciation and Amortization. Numbers have been rounded.
|
Table 1‑7:
|
Sensitivity Table (US$ M)
|
|
Parameters
|
-30%
|
-20%
|
-10%
|
-5%
|
0%
|
5%
|
10%
|
20%
|
30%
|
||||||||||
|
Metal price
|
696
|
1,341
|
1,986
|
2,309
|
2,632
|
2,954
|
3,277
|
3,922
|
4,567
|
||||||||||
|
Operating costs
|
3,607
|
3,282
|
2,957
|
2,794
|
2,632
|
2,469
|
2,306
|
1,981
|
1,656
|
||||||||||
|
Capital costs
|
2,813
|
2,753
|
2,692
|
2,662
|
2,632
|
2,601
|
2,571
|
2,510
|
2,450
|
||||||||||
|
Gold grade
|
696
|
1,341
|
1,986
|
2,309
|
2,632
|
2,954
|
3,277
|
3,922
|
4,567
|
Note: Numbers have been rounded.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 1.20 |
Risks and Opportunities
|
| 1.20.1 |
Risks
|
| • |
The mineral reserve estimates are most sensitive to metal prices. Coeur’s current strategy is to sell most of the metal production at spot prices, exposing Coeur to both positive and negative changes in the
market, both of which are outside of the company’s control;
|
| • |
Geotechnical and hydrological assumptions used in mine planning are based on historical performance, and to date historical performance has been a reasonable predictor of current conditions. Any changes to
the geotechnical and hydrological assumptions could affect mine planning, affect capital cost estimates if any major rehabilitation is required due to a geotechnical or hydrological event, affect operating costs due to mitigation
measures that may need to be imposed, and impact the economic analysis that supports the mineral reserve estimates;
|
| • |
Additional dilution or ore losses due to overbreak or underbreak from underground stoping;
|
| • |
Shortfall of underground workforce due to a lack of human resources in northern Ontario;
|
| • |
Maintenance of site water volumes and the TMA construction schedule is contingent on the ability to treat water at forecasted rates. If water treatment does not meet the efficiencies required, additional
costs for water treatment or water storage may be required.
|
| 1.20.2 |
Opportunities
|
Opportunities include:
| • |
Conversion of some or all of the measured and indicated mineral resources currently reported exclusive of mineral reserves to mineral reserves, with appropriate supporting studies;
|
| • |
Upgrade of some or all of the inferred mineral resources to higher-confidence categories, such that such better-confidence material could be used in mineral reserve estimation;
|
| • |
Additional open-pit pushbacks and satellite pits, with the potential to extend open-pit mine life, keep the mill operating at full capacity for longer, and deferring reclaim of the low-grade stockpile;
|
| • |
In-pit waste rock and tailings storage.
|
| 1.21 |
Conclusions
|
Under the assumptions in this Report, the operations evaluated show a positive cash flow over the remaining LOM. The mine plan is achievable under the set of
assumptions and parameters used.
| 1.22 |
Recommendations
|
As Rainy River is an operating mine, the QPs have no material recommendations to make.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 2 |
INTRODUCTION
|
Mr. Corey Kamp, P.Eng., Mr. Michael Kontzamanis, P.Eng., Ms. Caroline Daoust, P.Geo., Mr. Vincent Nadeau-Benoit, P.Geo., Ms. Emily O’Hara, P.Eng., Mr. Mohammad Taghimohammadi, P.Eng., and Mr.
Travis Pastachak, P.Geo., prepared this technical report summary (the Report) on the Rainy River Operations in northwestern Ontario (ON), Canada (Figure 2‑1).
Coeur Mining, Inc. (Coeur) holds a 100% interest in the mine.
The Rainy River Operations consist of the currently operating open-pit, and underground mines, processing facility, and associated infrastructure.
| 2.1 |
Registrant
|
Coeur acquired the Rainy River Operations in March 2026 through its acquisition of New Gold Inc. (New Gold).
| 2.2 |
Terms of Reference
|
| 2.2.1 |
Report Purpose
|
The Report was prepared to be attached as an exhibit to support mineral property disclosure, including mineral resource estimates, for the Rainy River Operations in Coeur’s Current
Report on Form 8-K.
Mineral resources and mineral reserves are reported for the Rainy River open pit, underground, and in surface stockpiles.
| 2.2.2 |
Terms of Reference
|
Unless otherwise indicated, all financial values are reported in United States dollars (US$). The local currency is the Canadian dollar (C$).
Metric units are primarily used for mineral resources, reserves, and grades (e.g., tonnes and g/t), although some US customary units may appear where applicable.
The Report uses US English.
Mineral resources and mineral reserves are reported using the definitions in Item 1300 of Regulation S–K (17 CFR Part 229) (S-K 1300) of the United States Securities and Exchange Commission.
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
Figure 2‑1:
|
Project Location Plan
|
| 2.3 |
Qualified Person Responsibility
|
This technical report summary was prepared by the following Qualified Persons, all full-time Coeur employees:
| • |
Mr. Corey Kamp, P.Eng., Director, Mining and Rock Mechanics at Coeur;
|
| • |
Mr. Michael Kontzamanis, P.Eng., Senior Underground Long Range Planner at the Rainy River Operations;
|
| • |
Ms. Caroline Daoust, P.Geo., Exploration Manager at the Rainy River Operations;
|
| • |
Mr. Vincent Nadeau-Benoit, P.Geo., Director, Mineral Resources at Coeur;
|
| • |
Ms. Emily O’Hara, P.Eng., Manager, Water Strategy and Stewardship at Coeur;
|
| • |
Mr. Mohammad Taghimohammadi, P.Eng., Mill Manager at Coeur;
|
| • |
Mr. Travis Pastachak, P.Geo., Senior Director, Project Development at Coeur.
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
Coeur acquired the Rainy River Operations in March 2026 through its acquisition of New Gold Inc. (New Gold).
The QPs are responsible for, or co-responsible for, the Report Chapters set out in Table 2‑1.
|
Table 2‑1:
|
QP Chapter Responsibilities
|
|
QP Name
|
Chapter Responsibility
|
|||
|
Mr. Corey Kamp
|
1.1, 1.2, 1.10.2, 1.10.3, 1.11.1, 1.11.1.1, 1.11.2, 1.11.3, 1.12, 1.12.1, 1.20, 1.21, 1.22, 2, 2.1, 2.2, 2.3, 2.4.1, 2.5, 2.6, 2.7, 7.4, 11.13.2, 11.13.4, 11.13.5, 11.13.6, 11.14, 11.15, 12.1, 12.2, 12.3,
12.4, 12.6, 12.7, 13.1, 13.2, 13.4, 21, 22.1, 22.7, 22.8, 22.9, 22.17, 22.18, 23, 24, 25.1, 25.2, 25.3, 25.4, 25.5, 25.6, 25.7
|
|||
|
Mr. Kontzamanis
|
1.1, 1.2, 1.10.2, 1.10.3, 1.11.1, 1.11.1.2, 1.11.2, 1.11.3, 1.12, 1.12.2, 1.15, 1.17, 1.18, 1.19, 1.20, 1.21, 1.22, 2, 2.1, 2.2, 2.3, 2.4.2, 2.5, 2.6, 2.7, 11.13.3, 11.13.4, 11.13.5, 11.13.6, 11.14, 11.15,
12.1, 12.2, 12.3 12.5, 12.6, 12.7, 13.1, 13.3, 13.4, 16.1, 16.2, 16.3, 18.1, 18.2, 18.3, 19.1, 19.2, 19.3, 19.4, 19.5, 21, 22.1, 22.7, 22.8, 22.9, 22.12, 22.14, 22.15, 22.16, 22.17, 22.18, 23, 24, 25.1, 25.2, 25.3, 25.4, 25.5, 25.6,
25.7
|
|||
|
Ms. Caroline Daoust
|
1.1, 1.2, 1.5, 1.6, 1.7, 1.20, 1.21, 1.22, 2, 2.1, 2.2, 2.3, 2.4.3, 2.5, 2.6, 2.7, 5.0, 6.1, 6.2, 6.3, 6.4, 7.1, 7.2, 8.1, 8.2, 8.3, 8.4, 8.5, 8.6, 8.7, 8.8, 8.9, 21, 22.1, 22.3, 22.4, 22.17, 22.18, 23, 24,
25.1
|
|||
|
Mr. Vincent Nadeau-Benoit
|
1.1, 1.2, 1.8, 1.10.1, 1.20, 1.21, 1.22, 2, 2.1, 2.2, 2.3, 2.4.4, 2.5, 2.6, 2.7, 9.1, 9.2, 9.3, 9.4. 11.1, 11.2, 11.3, 11.4, 11.5, 11.6, 11.7, 11.8, 11.9, 11.10, 11.11, 11.12, 11.13.1, 11.14, 11.15, 21, 22.1,
22.5, 22.7, 22.17, 22.18, 23, 24, 25.1, 25.2, 25.3, 25.4, 25.5, 25.6, 25.7
|
|||
|
Ms. Emily O’Hara
|
1.1, 1.2, 1.3, 1.4, 1.16, 1.20, 1.21, 1.22, 2, 2.1, 2.2, 2.3, 2.4.5, 2.5, 2.6, 2.7, 3.1, 3.2, 3.3, 3.4, 3.5, 3.6, 3.7, 3.8, 3.9, 3.10, 3.11, 4.1, 4.2, 4.3, 4.4, 7.3, 15.6, 15.7, 17.1, 17.2, 17.3, 17.4, 17.5,
17.6, 20, 21, 22.1, 22.2, 22.13, 22.17, 22.18, 23, 24, 25.1, 25.4, 25.5, 25.6, 25.7
|
|||
|
Mr. Mohammad Taghimohammadi
|
1.1, 1.2, 1.9, 1.13, 1.20, 1.21, 1.22, 2, 2.1, 2.2, 2.3, 2.4.6, 2.5, 2.6, 2.7, 10.1, 10.2, 10.3, 10.4, 10.5, 10.6, 13.4,14.1, 14.2, 14.3, 14.4, 14.5, 21, 22.1, 22.6, 22.10, 22.17, 22.18, 23, 24, 25.1
|
|||
|
Mr. Travis Pastachak
|
1.1, 1.2, 1.14, 1.20, 1.21, 1.22, 2, 2.1, 2.2, 2.3, 2.4.7, 2.5, 2.6, 2.7, 15.1, 15.2, 15.3, 15.4, 15.5, 15.8, 15.9, 21, 22.1, 22.11, 22.17, 22.18, 23, 24, 25.1
|
| 2.4 |
Site Visits and Scope of Personal Inspection
|
| 2.4.1 |
Mr. Corey Kamp
|
Mr. Kamp’s most recent site visit was November 26, 2025. During this visit he focused on surface and underground discussions with the operational and technical teams to review the open pit
planning assumptions for year-end mineral resources and reserves.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 2.4.2 |
Mr. Michael Kontzamanis
|
Mr. Kontzamanis’ most recent site visit occurred from December 15–19, 2025, focusing on discussions with operational and technical teams to validate long‑term planning assumptions for year-end
mineral reserves. His most recent underground inspection took place during an October 20–23, 2025 visit, with attention directed toward development progress, stope sequencing, ground conditions, and key performance metrics.
| 2.4.3 |
Ms. Caroline Daoust
|
Ms. Daoust’s most recent site visit was from December 3–16, 2025, as part of her routine monthly presence at the site. In her role as Exploration Manager for the Exploration department, Ms.
Caroline Daoust maintains a regular onsite schedule of two weeks per month to inspect and oversee the exploration work. Her main work at the site includes managing contractor compliance, daily review of the drill core, supervising Coeur
employees, regular field visits, reviewing drilling results, and monitoring drilling and other field activities.
| 2.4.4 |
Mr. Vincent Nadeau-Benoit
|
Mr. Nadeau-Benoit’s most recent site visit was from September 8 to September 11, 2025, and focused on the open pit grade control model and reconciliation. Mr. Nadeau-Benoit also visited the core
shack and inspected and reviewed drill core from the 2024 and 2025 exploration programs, and from previous exploration campaigns. In preparation of the year-end model updates, discussion with on-site geologists QA/QC results, sampling and
logging procedure, and other protocols regarding the data collection for the drill hole database.
| 2.4.5 |
Ms. Emily O’Hara
|
Ms. O’Hara’s most recent site visit was September 9 to September 11, 2025, and focused on an internal audit of the water stewardship program and tailings management system. During this site
visit, Ms. O’Hara completed a site tour which inspected the water treatment system, discharge location (which was not operating due to low flows) and the open pit.
| 2.4.6 |
Mr. Mohammad Taghimohammadi
|
Mr. Taghimohammadi's most recent site visit to the Rainy River operation was from December 11 to December 22, 2025, as part of his routine monthly presence at the site. In his role as Mill
Manager for the Rainy River processing plant, Mr. Taghimohammadi maintains a regular on-site schedule of approximately two weeks per month to inspect and oversee process plant operations. During this visit, activities included direct oversight
of plant performance, engagement with operations, metallurgical, and Projects teams, and review of process control, throughput, and recovery performance in support of ongoing operational and planning objectives.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 2.4.7 |
Mr. Travis Pastachak
|
Mr. Pastachak’s most recent site visit to the Rainy River operation was December 15–17, focusing on a site inspection and review of the completed Stage 7 tailings dam raise and the execution and
safety compliance of ongoing construction projects. In preparation for the execution of 2026 projects and refinement of budgets, Mr. Pastachak held meetings with various site staff during his visit.
| 2.5 |
Report Date
|
The Report is current as at December 31, 2025.
| 2.6 |
Information Sources and References
|
The reports and documents listed in Chapter 24 and Chapter 25 of this Report were used to support Report preparation.
| 2.7 |
Previous Technical Report Summaries
|
Coeur has not previously filed a technical report summary on the Project under S-K 1300.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 3 |
PROPERTY DESCRIPTION
|
| 3.1 |
Property Location
|
The Rainy River Operations are in northwestern Ontario, Canada. The mine is located in the District of Rainy River, approximately 50 km northwest of Fort Frances, and about 370 km southeast of
Winnipeg as shown in
Figure 2‑1.
The approximate center of the property is located at 48° 50' N, 94° 01' W (WGS 84).
| 3.2 |
Ownership
|
Coeur wholly owns the Rainy River Operations. Coeur acquired the operations as the result of a takeover in March 2026, whereby a wholly-owned Coeur subsidiary acquired all the issued and
outstanding New Gold shares.
| 3.3 |
Mineral Title
|
The mineral titles are in the townships of Fleming, Mather, Menary, Patullo, Potts, Richardson, Senn, Sifton, and Tait.
| 3.3.1 |
Tenure Holdings
|
Coeur holds mineral title under patented claims, surface rights, Crown lands, and unpatented claims (cell claims, multi-cell claims (both staked online), and boundary cell claims (staked prior to
online staking).
Coeur divides the patented titles associated with the mine into three areas (Figure 3‑1):
| • |
“Project Lands”. A term used for the tenures that host the Rainy River Mine, and adjacent lands intended for mining. This category includes 117 separate parcels covering approximately 5,787 ha (Table 3‑1).
The Project Lands are shown in blue on Figure 3‑1;
|
| • |
“Infrastructure Lands”. A term used for the tenures that are leased or owned for the transmission line corridor. This category includes 22 parcels that cover approximately 2,800.22 ha, of which six parcels,
totaling 419.23 ha, overlap with the Project Lands. These lands are listed as owned unless specified as leased (Table 3‑2). They are shown in orange in Figure 3‑1;
|
| • |
“Regional Lands”. A term used for the broader land holdings associated with the Project. This category includes 75 parcels covering approximately 3,698.44 ha. A total of 31 parcels are designated as Species
at Risk (SAR) Habitat Compensation Lands. These rights are owned by Coeur unless marked as leased (Table 3‑3). Regional Lands are shown in yellow in Figure 3‑1.
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Figure 3‑1: |
Mineral Tenure Location Map
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Table 3‑1: |
Patented Claims, Project Lands
|
|
PIN Surface Rights
|
PIN Mining Rights
|
Tenure Type
|
Area
(ha)
|
||||
|
56042-0061
|
56042-0100
|
01: surface rights and mineral rights
|
62.87
|
||||
|
56042-0018
|
56042-0018
|
01: surface rights and mineral rights
|
64.64
|
||||
|
56042-0162
|
56042-0163
|
01: surface rights and mineral rights
|
63.09
|
||||
|
56042-0058
|
56042-0058
|
01: surface rights and mineral rights
|
32.26
|
||||
|
56042-0101
|
56042-0128
|
01: surface rights and mineral rights
|
64.25
|
||||
|
56042-0037
|
56042-0037
|
01: surface rights and mineral rights
|
32.38
|
||||
|
56042-0077
|
56042-0077
|
01: surface rights and mineral rights
|
31.30
|
||||
|
56042-0203
|
56042-0203
|
21: surface rights and mineral rights lease
|
454.05
|
||||
|
56042-0090
|
56042-0090
|
01: surface rights and mineral rights
|
0.18
|
||||
|
56035-0178
|
56035-0178
|
01: surface rights and mineral rights
|
64.36
|
||||
|
56042-0114
|
56042-0114
|
01: surface rights and mineral rights
|
63.24
|
||||
|
56042-0212
|
56042-0212
|
01: surface rights and mineral rights
|
81.00
|
||||
|
56042-0122
|
56042-0140
|
15: surface rights and mineral rights leased
|
31.64
|
||||
|
56042-0047
|
56042-0047
|
01: surface rights and mineral rights
|
65.49
|
||||
|
56042-0089
|
56042-0089
|
01: surface rights and mineral rights
|
0.32
|
||||
|
56042-0052
|
56042-0052
|
01: surface rights and mineral rights
|
32.44
|
||||
|
56042-0224
|
56042-0224
|
01: surface rights and mineral rights
|
10.21
|
||||
|
56042-0053
|
56042-0053
|
01: surface rights and mineral rights
|
32.38
|
||||
|
56042-0113
|
56042-0102
|
01: surface rights and mineral rights
|
32.28
|
||||
|
56036-0084
|
56036-0084
|
01: surface rights and mineral rights
|
72.59
|
||||
|
56042-0014
|
56042-0141
|
15: surface rights and mineral rights leased
|
62.81
|
||||
|
56042-0147
|
56042-0146
|
01: surface rights and mineral rights
|
0.95
|
||||
|
56042-0021
|
56042-0021
|
01: surface rights and mineral rights
|
64.91
|
||||
|
56042-0006
|
56042-0006
|
01: surface rights and mineral rights
|
1.17
|
||||
|
56042-0151
|
56042-0150
|
01: surface rights and mineral rights
|
63.33
|
||||
|
56042-0133
|
56042-0133
|
01: surface rights and mineral rights
|
64.39
|
||||
|
56042-0043
|
56042-0043
|
01: surface rights and mineral rights
|
32.41
|
||||
|
56042-0103
|
56042-0142
|
15: surface rights and mineral rights leased
|
63.60
|
||||
|
56042-0164
|
56042-0165
|
01: surface rights and mineral rights
|
32.35
|
||||
|
56042-0157
|
56042-0156
|
01: surface rights and mineral rights
|
64.42
|
||||
|
56042-0059
|
56042-0059
|
01: surface rights and mineral rights
|
31.27
|
||||
|
56042-0108
|
56042-0140
|
15: surface rights and mineral rights leased
|
64.10
|
||||
|
56042-0184
|
56042-0185
|
01: surface rights and mineral rights
|
31.71
|
||||
|
56042-0030
|
56042-0140
|
15: surface rights and mineral rights leased
|
63.29
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
PIN Surface Rights
|
PIN Mining Rights
|
Tenure Type
|
Area
(ha)
|
||||
|
56042-0168
|
56042-0169
|
01: surface rights and mineral rights
|
82.69
|
||||
|
56042-0033
|
56042-0099
|
01: surface rights and mineral rights
|
64.17
|
||||
|
56042-0166
|
56042-0167
|
01: surface rights and mineral rights
|
63.49
|
||||
|
56042-0038
|
56042-0038
|
01: surface rights and mineral rights
|
31.94
|
||||
|
56042-0055
|
56042-0055
|
01: surface rights and mineral rights
|
64.48
|
||||
|
56042-0192
|
56042-0192
|
21: surface rights and mineral rights lease
|
236.01
|
||||
|
56042-0208
|
56042-0171
|
01: surface rights and mineral rights
|
42.48
|
||||
|
56042-0065
|
56042-0065
|
01: surface rights and mineral rights
|
32.45
|
||||
|
56042-0078
|
56042-0078
|
01: surface rights and mineral rights
|
33.47
|
||||
|
56042-0088
|
56042-0088
|
01: surface rights and mineral rights
|
1.11
|
||||
|
56042-0002
|
56042-0002
|
01: surface rights and mineral rights
|
64.31
|
||||
|
56042-0121
|
56042-0121
|
01: surface rights and mineral rights
|
63.91
|
||||
|
56042-0046
|
56042-0046
|
01: surface rights and mineral rights
|
62.73
|
||||
|
56035-0242
|
56035-0243
|
12: surface rights, no mineral rights option
|
64.44
|
||||
|
56042-0172
|
56042-0173
|
01: surface rights and mineral rights
|
64.53
|
||||
|
56042-0190
|
56042-0191
|
01: surface rights and mineral rights
|
31.88
|
||||
|
56042-0182
|
56042-0183
|
01: surface rights and mineral rights
|
30.34
|
||||
|
56042-0086
|
56042-0086
|
01: surface rights and mineral rights
|
0.33
|
||||
|
56042-0176
|
56042-0177
|
01: surface rights and mineral rights
|
32.23
|
||||
|
56042-0155
|
56042-0154
|
01: surface rights and mineral rights
|
32.86
|
||||
|
56042-0085
|
56042-0085
|
01: surface rights and mineral rights
|
0.27
|
||||
|
56042-0145
|
56042-0145
|
01: surface rights and mineral rights
|
32.08
|
||||
|
56042-0116
|
56042-0116
|
01: surface rights and mineral rights
|
59.95
|
||||
|
56042-0204
|
56042-0204
|
21: surface rights and mineral rights lease
|
193.78
|
||||
|
56042-0131
|
56042-0131
|
01: surface rights and mineral rights
|
65.44
|
||||
|
56042-0083
|
56042-0141
|
15: surface rights and mineral rights leased
|
31.90
|
||||
|
56035-0098
|
56035-0098
|
01: surface rights and mineral rights
|
64.12
|
||||
|
56042-0180
|
56042-0181
|
01: surface rights and mineral rights
|
64.33
|
||||
|
56042-0117
|
56042-0117
|
01: surface rights and mineral rights
|
63.39
|
||||
|
56042-0029
|
56042-0029
|
01: surface rights and mineral rights
|
82.90
|
||||
|
56042-0104
|
56042-0139
|
01: surface rights and mineral rights
|
32.65
|
||||
|
56042-0024
|
56042-0024
|
01: surface rights and mineral rights
|
31.87
|
||||
|
56042-0036
|
56042-0036
|
01: surface rights and mineral rights
|
64.72
|
||||
|
56042-0195
|
56042-0195
|
21: surface rights and mineral rights lease
|
198.77
|
||||
|
56042-0060
|
56042-0060
|
01: surface rights and mineral rights
|
64.02
|
||||
|
56042-0063
|
56042-0063
|
01: surface rights and mineral rights
|
33.29
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
PIN Surface Rights
|
PIN Mining Rights
|
Tenure Type
|
Area
(ha)
|
||||
|
56042-0206
|
56042-0161
|
01: surface rights and mineral rights
|
63.96
|
||||
|
56042-0062
|
56042-0062
|
01: surface rights and mineral rights
|
32.42
|
||||
|
56042-0012
|
56042-0012
|
01: surface rights and mineral rights
|
64.92
|
||||
|
56035-0090
|
56035-0090
|
01: surface rights and mineral rights
|
63.57
|
||||
|
56042-0044
|
56042-0044
|
01: surface rights and mineral rights
|
31.42
|
||||
|
56042-0005
|
56042-0005
|
01: surface rights and mineral rights
|
63.11
|
||||
|
56042-0223
|
56042-0223
|
21: surface rights and mineral rights lease
|
54.88
|
||||
|
56042-0111
|
56042-0193
|
15: surface rights and mineral rights leased
|
32.39
|
||||
|
56042-0026
|
56042-0026
|
01: surface rights and mineral rights
|
40.49
|
||||
|
56042-0027
|
56042-0027
|
01: surface rights and mineral rights
|
63.92
|
||||
|
56042-0112
|
56042-0112
|
01: surface rights and mineral rights
|
64.46
|
||||
|
56042-0050
|
56042-0050
|
01: surface rights and mineral rights
|
64.05
|
||||
|
56042-0174
|
56042-0175
|
01: surface rights and mineral rights
|
32.72
|
||||
|
56042-0025
|
56042-0025
|
01: surface rights and mineral rights
|
31.83
|
||||
|
56042-0202
|
56042-0202
|
21: surface rights and mineral rights lease
|
97.39
|
||||
|
56035-0194
|
56035-0194
|
01: surface rights and mineral rights
|
64.93
|
||||
|
56042-0016
|
56042-0016
|
01: surface rights and mineral rights
|
64.97
|
||||
|
56042-0186
|
56042-0187
|
01: surface rights and mineral rights
|
31.81
|
||||
|
56042-0011
|
56042-0098
|
01: surface rights and mineral rights
|
63.00
|
||||
|
56035-0176
|
56035-0176
|
01: surface rights and mineral rights
|
64.95
|
||||
|
56035-0255
|
56035-0255
|
21: surface rights and mineral rights lease
|
63.95
|
||||
|
56042-0178
|
56042-0179
|
01: surface rights and mineral rights
|
40.98
|
||||
|
56042-0153
|
56042-0152
|
01: surface rights and mineral rights
|
32.24
|
||||
|
56042-0056
|
56042-0056
|
01: surface rights and mineral rights
|
31.89
|
||||
|
56035-0066
|
56035-0066
|
01: surface rights and mineral rights
|
65.99
|
||||
|
56042-0188
|
56042-0189
|
01: surface rights and mineral rights
|
32.17
|
||||
|
56042-0068
|
56042-0068
|
01: surface rights and mineral rights
|
1.75
|
||||
|
56042-0221
|
56042-0221
|
01: surface rights and mineral rights
|
3.16
|
||||
|
56041-0240
|
56041-0240
|
01: surface rights and mineral rights
|
2.73
|
||||
|
56042-0220
|
56042-0220
|
01: surface rights and mineral rights
|
0.47
|
||||
|
56042-0215
|
56042-0215
|
01: surface rights and mineral rights
|
0.09
|
||||
|
56042-0219
|
56042-0219
|
01: surface rights and mineral rights
|
0.02
|
||||
|
56041-0268
|
56041-0268
|
01: surface rights and mineral rights
|
0.05
|
||||
|
56042-0213
|
56042-0213
|
01: surface rights and mineral rights
|
0.14
|
||||
|
56042-0222
|
56042-0222
|
01: surface rights and mineral rights
|
2.69
|
||||
|
56042-0218
|
56042-0218
|
01: surface rights and mineral rights
|
0.00
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
PIN Surface Rights
|
PIN Mining Rights
|
Tenure Type
|
Area
(ha)
|
||||
|
56042-0217
|
56042-0217
|
01: surface rights and mineral rights
|
2.56
|
||||
|
56042-0092
|
56042-0092
|
01: surface rights and mineral rights
|
0.04
|
||||
|
56042-0091
|
56042-0091
|
01: surface rights and mineral rights
|
0.01
|
||||
|
56042-0084
|
56042-0084
|
01: surface rights and mineral rights
|
0.07
|
||||
|
56042-0214
|
56042-0214
|
01: surface rights and mineral rights
|
1.28
|
||||
|
56042-0082
|
56042-0141
|
15: surface rights and mineral rights leased
|
32.32
|
||||
|
56042-0081
|
56042-0081
|
01: surface rights and mineral rights
|
64.67
|
||||
|
56042-0034
|
56042-0097
|
01: surface rights and mineral rights
|
62.64
|
||||
|
56042-0148
|
56042-0149
|
01: surface rights and mineral rights
|
63.83
|
||||
|
56042-0110
|
56042-0110
|
01: surface rights and mineral rights
|
64.82
|
||||
|
56042-0093
|
56042−0223
|
14: mineral rights, no surface rights
|
10.24
|
||||
|
Total hectares
|
5,786.94
|
||||||
Note: PIN = property identification number.
| Table 3‑2: |
Patented Claims, Infrastructure Lands and Project Overlap Lands
|
|
PIN Surface Rights
|
PIN Mining Rights
|
Tenure Type
|
Area
(ha)
|
|||||
|
56046-0159
|
56046-0159
|
Infrastructure
|
01: surface rights and mineral rights
|
|||||
|
56046-0135
|
56046-0135
|
Infrastructure
|
01: surface rights and mineral rights
|
|||||
|
56046-0128
|
56046-0028
|
Infrastructure
|
12: surface rights (no mineral rights option)
|
|||||
|
56046-0178
|
56046-0178
|
Infrastructure
|
01: surface rights and mineral rights
|
|||||
|
56042-0129
|
56042-0129
|
Infrastructure, Project
|
01: surface rights and mineral rights
|
|||||
|
56042-0206
|
56042-0158
|
Infrastructure, Project
|
01: surface rights and mineral rights
|
|||||
|
56042-0194
|
56042-0194
|
Infrastructure, Project
|
21: surface rights and mineral rights Lease
|
|||||
|
56042-0064
|
56042-0064
|
Infrastructure, Project
|
01: surface rights and mineral rights
|
|||||
|
56042-0196
|
56042-0197
|
Infrastructure, Project
|
01: surface rights and mineral rights
|
|||||
|
56035-0256
|
56035-0256
|
Infrastructure
|
21: surface rights and mineral rights Lease
|
|||||
|
56035-0249
|
56035-0248
|
Infrastructure
|
01: surface rights and mineral rights
|
|||||
|
56035-0247
|
56035-0246
|
Infrastructure
|
01: surface rights and mineral rights
|
|||||
|
56035-0015
|
|
Infrastructure
|
13: easement
|
|||||
|
56035-0195
|
56035-0195
|
Infrastructure
|
01: surface rights and mineral rights
|
|||||
|
56042-0205
|
56042-0205
|
Infrastructure
|
21: surface rights and mineral rights Lease
|
|||||
|
56042-0198
|
56042-0199
|
Infrastructure, Project
|
01: surface rights and mineral rights
|
|||||
|
56034-0003
|
56034-0003
|
Infrastructure
|
21: surface rights and mineral rights Lease
|
|||||
|
56032-0285
|
56032-0285
|
Infrastructure
|
21: surface rights and mineral rights Lease
|
|||||
|
56035-0253
|
56035-0253
|
Infrastructure
|
21: surface rights and mineral rights Lease
|
|||||
|
56035-0254
|
56035-0254
|
Infrastructure
|
21: surface rights and mineral rights Lease
|
|||||
|
56034-0002
|
56034-0002
|
Infrastructure
|
21: surface rights and mineral rights Lease
|
|||||
|
56046-0175
|
56046-0175
|
Infrastructure
|
01: surface rights and mineral rights
|
|||||
| Total hectares: | 2,380.99 |
Note: PIN = property identification number.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Table 3‑3: |
Patented Claims, Regional Lands
|
|
PIN Surface Rights
|
PIN Mining Rights
|
Tenure Type
|
Area (ha)
|
||||
|
56032-0281
|
56032-0280
|
22: surface rights and mineral rights option
|
4.18
|
||||
|
56035-0009
|
56035-0009
|
01: surface rights and mineral rights
|
64.69
|
||||
|
56035-0042
|
56035-0042
|
01: surface rights and mineral rights
|
64.80
|
||||
|
56035-0187
|
56035-0187
|
01: surface rights and mineral rights
|
32.03
|
||||
|
56035-0245
|
56035-0244
|
02: mineral rights (no surface rights)
|
9.04
|
||||
|
56036-0077
|
56036-0077
|
01: surface rights and mineral rights
|
76.02
|
||||
|
56036-0118
|
56036-0019
|
12: surface rights (no mineral rights option)
|
78.42
|
||||
|
56036-0233
|
56036-0234
|
12: surface rights (no mineral rights option)
|
0.44
|
||||
|
56041-0159
|
56041-0159
|
01: surface rights and mineral rights
|
64.73
|
||||
|
56041-0164
|
56041-0164
|
01: surface rights and mineral rights
|
59.59
|
||||
|
56041-0215
|
56041-0220
|
01: surface rights and mineral rights
|
10.09
|
||||
|
56041-0219
|
56041-0220
|
02: mineral rights (no surface rights)
|
53.79
|
||||
|
56041-0222
|
56041-0221
|
01: surface rights and mineral rights
|
62.70
|
||||
|
56041-0223
|
56041-0224
|
01: surface rights and mineral rights
|
64.09
|
||||
|
56041-0225
|
56041-0226
|
01: surface rights and mineral rights
|
65.52
|
||||
|
56041-0230
|
56041-0229
|
02: mineral rights (no surface rights)
|
68.35
|
||||
|
56041-0233
|
56041-0233
|
21: surface rights and mineral rights lease
|
63.20
|
||||
|
56041-0234
|
56041-0234
|
21: surface rights and mineral rights lease
|
214.77
|
||||
|
56041-0235
|
56041-0235
|
21: surface rights and mineral rights lease
|
29.04
|
||||
|
56041-0239
|
56041-0239
|
21: surface rights and mineral rights lease
|
222.58
|
||||
|
56041-0247
|
56041-0246
|
02: mineral rights (no surface rights)
|
64.76
|
||||
|
56041-0253
|
56041-0253
|
01: surface rights and mineral rights
|
3.31
|
||||
|
56041-0254
|
56041-0254
|
01: surface rights and mineral rights
|
28.27
|
||||
|
56041-0256
|
56041-0256
|
01: surface rights and mineral rights
|
6.45
|
||||
|
56041-0257
|
56041-0257
|
01: surface rights and mineral rights
|
55.89
|
||||
|
56041-0271
|
56041-0270
|
02: mineral rights (no surface rights)
|
16.53
|
||||
|
56041-0273
|
56041-0272
|
02: mineral rights (no surface rights)
|
64.22
|
||||
|
56041-0275
|
56041-0274
|
02: mineral rights (no surface rights)
|
70.29
|
||||
|
56041-0277
|
56041-0276
|
02: mineral rights (no surface rights)
|
31.16
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
PIN Surface Rights
|
PIN Mining Rights
|
Tenure Type
|
Area (ha) | ||||
|
56041-0278
|
56041-0278
|
01: surface rights and mineral rights
|
0.59
|
||||
|
56041-0279
|
56041-0279
|
01: surface rights and mineral rights
|
0.23
|
||||
|
56041-0281
|
56041-0281
|
01: surface rights and mineral rights
|
0.28
|
||||
|
56041-0283
|
56041-0283
|
01: surface rights and mineral rights
|
0.04
|
||||
|
56044-0003
|
18: species at risk habitat compensation lands
|
64.77
|
|||||
|
56044-0006
|
18: species at risk habitat compensation lands
|
65.69
|
|||||
|
56044-0007
|
18: species at risk habitat compensation lands
|
32.62
|
|||||
|
56044-0008
|
18: species at risk habitat compensation lands
|
64.01
|
|||||
|
56044-0014
|
18: species at risk habitat compensation lands
|
64.44
|
|||||
|
56044-0016
|
18: species at risk habitat compensation lands
|
32.70
|
|||||
|
56044-0017
|
18: species at risk habitat compensation lands
|
63.05
|
|||||
|
56044-0020
|
18: species at risk habitat compensation lands
|
63.98
|
|||||
|
56044-0030
|
18: species at risk habitat compensation lands
|
31.81
|
|||||
|
56044-0037
|
18: species at risk habitat compensation lands
|
31.75
|
|||||
|
56044-0041
|
18: species at risk habitat compensation lands
|
63.21
|
|||||
|
56044-0052
|
18: species at risk habitat compensation lands
|
32.97
|
|||||
|
56044-0054
|
18: species at risk habitat compensation lands
|
31.19
|
|||||
|
56044-0055
|
18: species at risk habitat compensation lands
|
31.82
|
|||||
|
56044-0059
|
18: species at risk habitat compensation lands
|
32.12
|
|||||
|
56044-0063
|
18: species at risk habitat compensation lands
|
32.72
|
|||||
|
56044-0067
|
18: species at risk habitat compensation lands
|
61.57
|
|||||
|
56044-0068
|
18: species at risk habitat compensation lands
|
63.28
|
|||||
|
56044-0071
|
18: species at risk habitat compensation lands
|
65.03
|
|||||
|
56044-0077
|
18: species at risk habitat compensation lands
|
31.59
|
|||||
|
56044-0078
|
18: species at risk habitat compensation lands
|
32.50
|
|||||
|
56044-0103
|
18: species at risk habitat compensation lands
|
62.13
|
|||||
|
56044-0105
|
18: species at risk habitat compensation lands
|
56.57
|
|||||
|
56044-0111
|
18: species at risk habitat compensation lands
|
32.61
|
|||||
|
56044-0118
|
18: species at risk habitat compensation lands
|
64.05
|
|||||
|
56044-0124
|
56044-0125
|
18: species at risk habitat compensation lands
|
64.27
|
||||
|
56045-0014
|
18: species at risk habitat compensation lands
|
63.72
|
|||||
|
56045-0052
|
18: species at risk habitat compensation lands
|
31.95
|
|||||
|
56045-0086
|
18: species at risk habitat compensation lands
|
31.77
|
|||||
|
56045-0099
|
18: species at risk habitat compensation lands
|
129.35
|
|||||
|
56045-0103
|
18: species at risk habitat compensation lands
|
33.29
|
|||||
|
56045-0171
|
56045-0172
|
01: surface rights and mineral rights
|
65.68
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
PIN Surface Rights
|
PIN Mining Rights
|
Tenure Type
|
Area (ha) | ||||
|
56045-0173
|
56045-0174
|
01: surface rights and mineral rights
|
30.47
|
||||
|
56045-0175
|
56045-0176
|
01: surface rights and mineral rights
|
65.60
|
||||
|
56045-0177
|
56045-0178
|
01: surface rights and mineral rights
|
64.35
|
||||
|
56045-0179
|
56045-0180
|
01: surface rights and mineral rights
|
65.16
|
||||
|
56045-0181
|
56045-0182
|
01: surface rights and mineral rights
|
0.56
|
||||
|
56045-0183
|
56045-0184
|
01: surface rights and mineral rights
|
0.05
|
||||
|
56045-0185
|
56045-0186
|
01: surface rights and mineral rights
|
64.22
|
||||
|
56045-0196
|
56045-0188
|
02: mineral rights (no surface rights)
|
63.64
|
||||
|
56045-0196
|
56045-0188
|
02: mineral rights (no surface rights)
|
0.59
|
||||
|
56045-0198
|
56045-0197
|
02: mineral rights (no surface rights)
|
65.48
|
||||
|
Total hectares:
|
3,698.44
|
Note: PIN = property identification number.
In addition to the Project, Infrastructure and Regional Lands, Coeur holds a regional tenure package consisting of 1,581 unpatented claims, including 1,040 unencumbered Single Cell Mining
Claim/Multiple Cell Mining Claim claims (23,073.7 ha), 447 encumbered Single Cell Mining Claim/Multiple Cell Mining Claim claims (10,745.48 ha), and 94 Boundary Cell Mining Claim claims (961.18 ha), covering an aggregate area of
approximately 34,780.36 ha. These are shown in grey on Figure 3‑1 and a full list is provided in Appendix A.
| 3.3.2 |
Patented Claims
|
Patented titles secure mining rights and/or surface rights. They are identified with a property identification number (PIN) in the Ontario Land Registry System. Mining rights give the title
owner the right to explore and extract minerals.
Patented lands do not have assessment work obligations but require payment of both municipal realty and provincial mining taxes. Crown Leases are unpatented mining claims that have been
converted to leases. All patented lands for surface rights and mining rights on the property are either owned or leased by Coeur.
Patented titles cover the mine property and some of the adjacent lands; they consist of 213 parcels consisting of mining rights, surface rights, and Crown Lease properties. Parcels can have
either surface rights or mining rights or both. There are also an additional four residential surface rights parcels owned by Coeur in Emo, Ontario which do not fall into the categories of Project Lands, Infrastructure Lands or Regional
Lands.
| 3.3.3 |
Unpatented Claims
|
These claims give the right to carry out mineral exploration and development under the Mining Act. Unpatented claims are valid for either one or two years.
All unpatented claims are in good standing and assessment work credits are sufficient to maintain that standing for several years. The claims have varied expiration dates, and are all
currently active, as recorded in the Mining Lands Administration System (MLAS). They are listed in Appendix A.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 3.4 |
Property Agreements
|
The Rainy River Operations signed a Site Plan Agreement with the Township of Chapple on March 24, 2016. The agreement covers areas such as the proposed mine development, operation and
reclaim, zoning by-laws, road maintenance, permitting and letters of commitments.
The Rainy River Operations signed a Property Access and Co-Operation Agreement with Richard and Linda Neilson on December 24, 2015. The agreement covers access rights, species at risk
mitigation work, research into flora and fauna, and research into social, environmental, and scientific matters.
The Rainy River Operations entered into agreements with former landowners to maintain hay fields in such a manner as described in Endangered Species Act
permit FF-C-001-14. 380 hectares of hay fields are maintained as such and are not harvested until after August 1 each year in keeping with the Endangered Species Act permit and the breeding bird
window. As per the agreements, former landowners pay C$7 per round bale back to the Rainy River Operations for the hay they have harvested. These funds are to be used for the maintenance of these fields. The field maintenance, and
therefore the “haying agreements”, will remain in place for as long as the Endangered Species Act permit is in effect (into post-closure).
| 3.5 |
Surface Rights
|
Surface rights holdings are discussed in Chapter 3.3.
Coeur currently controls all the surface rights necessary for its mining leases and mining concessions, which include the areas with estimated mineral resources and mineral reserves. Other
exploration claims included in the Project area are either located on Crown land or on private land. Coeur has the first right to acquire the surface rights by taking the relevant claims to mining lease status.
Coeur owns the land that encompasses all existing surface infrastructure related to the Rainy River Operations.
There are sufficient rights held to support the life-of-mine (LOM) plan.
| 3.6 |
Water Rights
|
Coeur maintains two Permits to Take Water for Mine Dewatering (1538-BXNN49) and Pit Dewatering (6832-C2RLAD). Water rights are sufficient for the LOM.
| 3.7 |
Royalties
|
A portion of the mineral lands are covered by either a 1–2% net smelter return (NSR) royalty or a 10% net profits interest (NPI) royalty summarized in Table 3‑4 and shown in Figure 3‑2.
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
Table 3‑4:
|
Rainy River Royalty Summary
|
|
Royalty
Zone
|
PIN_SR
|
PIN_MR
|
Ownership
|
Royalty
Type
|
Royalty
Acquired From
|
Date
Acquired
|
Buy-Down Right
or Buy-Out
Provision
|
||||||||
|
Intrepid
|
56042-0164
|
56042-0165
|
NGI / NGI
|
1% NSR
|
Doug Teeple
|
6/1/2011
|
Teeple buydown Royalty from 2% 1% October 31, 2024
|
||||||||
|
Open Pit
|
56042-0033
|
56042-0099
|
NGI / NGI
|
10% NPI
|
Nuinsco Resources Limited (NOTE: Nuinsco acquired property from Jack Eldon Franklin Morrison)
|
6/28/2005
|
Agreement and Amending Agreement are SILENT as to a buy-down right or a buy-out
|
||||||||
|
Open Pit
|
56042-0088
|
56042-0088
|
NGI / NGI
|
2% NSR
|
Bertram James Robinson
|
2/1/2012
|
Can purchase ½ of Royalty via one-time payment of CAD$1 million reducing Royalty from 2% to 1%
|
||||||||
|
Intrepid
|
56042-0190
|
56042-0191
|
NGI / NGI
|
2% NSR
|
Bayfield Ventures Corp.
|
1/19/2015
|
Can purchase ½ of Royalty via one-time payment of CAD$1 million reducing NSR from 2% to 1%
|
||||||||
|
Intrepid
|
56042-0176
|
56042-0177
|
NGI / NGI
|
2% NSR
|
Nancy Lynn Gibb & Douglas George Gibb
|
10/13/2011
|
Can purchase ½ of Royalty via one-time payment of CAD$1 million reducing Royalty from 2% to 1%
|
||||||||
|
Open Pit
|
56042-0060
|
56042-0060
|
NGI / NGI
|
10% NPI
|
Nuinsco Resources Limited (NOTE: Nuinsco acquired property from David L. Lafever & Joseph E. Lafever & Wendel R. Kistler & Gordon G. Pape)
|
6/28/2005
|
Agreement is SILENT to a buy-down right or a buy-out
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
Royalty
Zone
|
PIN_SR | PIN_MR | Ownership |
Royalty
Type
|
Royalty
Acquired From
|
Date
Acquired
|
Buy-Down Right
or Buy-Out
Provision
|
||||||||
|
Open Pit
|
56042-0148
|
56042-0149
|
NGI / NGI
|
2% NSR
|
Alice Wepruk & Paul Wepruk
|
3/29/2010
|
Can purchase ½ of Royalty via one-time payment of CAD$1 million reducing Royalty from 2% to 1%
|
||||||||
|
Open Pit
|
56042-0011
|
56042-0098
|
NGI / NGI
|
2% NSR (formerly 10% NPI)
|
Nuinsco Resources Limited
|
6/28/2005
|
Can purchase ½ of Royalty via one-time payment of CAD$1 million reducing NSR from 2% to 1%
|
||||||||
|
Open Pit
|
56042-0034
|
56042-0097
|
NGI / NGI
|
10% NPI
|
Nuinsco Resources Limited (NOTE: Nuinsco acquired property from Shahin Sedaghat)
|
6/28/2005
|
Agreement and Amending Agreement are SILENT as to a buy-down right or a buy-out
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Figure 3‑2: |
Project Royalty Overview
|
Note: Figure prepared by Coeur, 2026.
|
3.8
|
Streaming Agreements
|
In July 2015, Coeur entered into a streaming agreement with Royal Gold A.G., a wholly-owned subsidiary of Royal Gold Inc. (Royal Gold), in which Royal Gold agreed to provide Coeur with an upfront
deposit of $175 million which was used for the development of the Rainy River Operations. In return, Royal Gold is provided 6.5% of the Rainy River Operation’s gold production up to a total of 230,000 ounces of gold, and 3.25% of the Rainy
River Operation’s gold production thereafter; and 60% of the Rainy River Operation’s silver production up to a total of 3.1 million ounces of silver, and 30% of the Rainy River Operation’s silver production thereafter.
In addition to the upfront deposit, Royal Gold will pay 25% of the average spot gold or silver price when each ounce of gold or silver is delivered under the stream.
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
3.9
|
First Nations
|
Coeur agreed to financial participation in the Rainy River Operations in the form of royalties to certain First Nations with Impact Benefit Agreements. The operations are party to an Impact
Benefit Agreement (discussed further in Chapter 17.5) with the following First Nations:
| • |
Fort Frances Chief’s Secretariat;
|
| • |
Naicatchewenin/Rainy River First Nations;
|
| • |
Big Grassy First Nations;
|
| • |
Anishinaabeg of Naongashiing;
|
| • |
Onigaming;
|
| • |
Naotkamegwanning;
|
| • |
Animikee Wa Zhing;
|
| • |
Metis Nation of Ontario.
|
|
3.10
|
Encumbrances
|
| 3.10.1 |
Permitting Requirements
|
Rainy River permitting considerations are discussed in Chapter 17.4.
| 3.10.2 |
Violations and Fines
|
There are no major violations or fines as understood in the United States mining regulatory context that have been reported for the Rainy River Operations.
|
3.11
|
Significant Factors and Risks That May Affect Access, Title or Work Programs
|
To the extent known to the QP, there are no other known significant factors and risks that may affect access, title, or the right or ability to perform work on the properties that comprise the
Rainy River Operations that are not discussed in this Report.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 4 |
ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY
|
|
4.1
|
Physiography
|
The topography forms two distinct physiographic regions which are separated by the Rainy Lake–Lake of the Woods Moraine, a prominent northwest to southeast topographic feature located just north
of Richardson Township. North and east of this moraine, the bedrock exposure is significant, with topographic relief reaching up to 90 m, primarily due to the variable erosion of granitic batholiths compared to the adjacent supracrustal rocks
of the Canadian Shield. This area has been shaped by the Whiteshell glacial event, originating from the Labradorean ice centre, located to the northeast.
South and west of the moraine, the landscape is characterized by lowlands with minimal topographic relief. Here, glacial overburden is typically 20–40 m thick, drainage is poor, and bedrock
outcrops are scarce, covering <1% of the surface. Bedrock cover consists of till, lacustrine silts and clays, and clayey carbonate- rich tills, with local thick peat in some poorly drained areas.
Elevations range from 340–400 masl.
Vegetation in the region is part of the northeastern hardwood zone, located near the southern edge of the boreal forest.
|
4.2
|
Accessibility
|
The area is accessed by a network of paved provincial roads and highways, as well as by commercial airlines flying into International Falls, Minnesota. Access from Thunder Bay to the property is
approximately 415 km and access from Winnipeg is approximately 370 km through Kenora. Sealed roads provide year-round access.
The Canadian National Railway is situated 21 km south of the operations area, running east–west just north of the Minnesota border. The nearby towns and villages of Fort Frances, Emo, and Rainy
River are located along this railway line.
|
4.3
|
Climate
|
The region has a continental climate, with extreme temperatures ranging from +35°C in summer to -40°C in winter. The area receives an average annual precipitation of 710 mm, with about 670 mm of
rainfall and 142 cm of snowfall. The heaviest monthly precipitation typically occurs in June and July.
Mining operations are conducted year-round.
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
4.4
|
Infrastructure
|
The area is well served by existing infrastructure. Human resources are available from three small towns within easy driving distance of the Rainy River Operations:
Emo (34 km by road, population 1,333), Rainy River (79 km by road, population 752), and Fort Frances (68 km by road, population 7,466). These population figures are based on the 2021 census.
Hydroelectricity is generated north of Kenora at several locations, as well as to the west and east of Thunder Bay. The major drainage system includes Rainy Lake to the southeast, which is
drained by the Rainy River flowing west along the Minnesota border into Lake of the Woods, eventually feeding into the Lake Winnipeg watershed.
The area surrounding the Rainy River Operations is sparsely populated. Farm stations consisting of one to a few houses dot the countryside, the majority occurring several kilometres apart.
Traditionally, the main source of income in the area has been derived from agriculture, forestry, and tourism.
The Rainy River Operations currently have all infrastructure in place to support mining and processing activities (see also discussions in Chapter 13, Chapter 14, and Chapter 15 of this Report).
These Report Chapters also discuss water sources, electricity, personnel, and supplies.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 5 |
HISTORY
|
Exploration in the Rainy River region began in 1967, with various companies and government organizations conducting geological and geophysical activities. In 1990, Nuinsco Resources Limited
(Nuinsco) acquired the property and launched extensive exploration efforts that included geological mapping, geochemical grid sampling, and geophysical surveys and that continued through 2004. In June 2005, Rainy River Resources Ltd. (Rainy
River Resources) acquired a 100% interest in the Rainy River property. Rainy River Resources advanced exploration by relogging historical drill core, establishing a geographic information system (GIS) database, and conducting additional
geophysical surveys to refine the mineralization model.
In 2013, New Gold acquired the Rainy River property through the purchase of Rainy River Resources. New Gold released an updated feasibility study (as defined in Canada), which integrated
previous exploration results. In 2015, New Gold expanded its land position through the acquisition of Bayfield Ventures Ltd., which owned several adjacent mining claims.
Open-pit stripping activities commenced in 2016. Ore processing commenced in September 2017 and commercial production in mid-October 2017. Underground development started in June 2021, with
processing of the first underground ore in September 2022.
A summary of the exploration and development activities is provided in Table 5‑1.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Table 5‑1: |
Exploration and Development History Summary
|
|
Year
|
Operator
|
Comment
|
|||
|
1967
|
Noranda
|
Registered claims and conducted geophysical surveys
|
|||
|
1971
|
Ontario Division of Mines and the Ministry of Natural Resources
|
Mapped the north-central part of the Rainy River Greenstone Belt
|
|||
|
1972
|
INCO
|
Completed ground geophysics and two drill holes in 1972 but did not disclose results
|
|||
|
1972–1973
|
Hudbay
|
Conducted airborne and ground geophysics in 1972, drilled 54 holes in 1973 near the current Rainy River Operations, then halted exploration due to discouraging results
|
|||
|
1988
|
Ontario Geological Survey
|
Produced a regional geological map (Map P.3140) based on aeromagnetic data and geological mapping. This mapping was supported by an Ontario Geological Survey rota-sonic drilling program that led to the
discovery of a “gold-grains-in-till” anomaly in Richardson Township
|
|||
|
1988
|
Mingold Resources
|
Followed up on the Ontario Geological Survey till anomaly by staking 85 claims and optioning patented lands in Richardson Township and neighboring areas. Despite employing various sampling methods, including
reverse circulation (RC) drilling, sampling results were considered inconclusive
|
|||
|
1990–2004
|
Nuinsco Resources Limited (Nuinsco)
|
Collated a land package and began exploration in 1990.
Conducted reconnaissance mapping and sampling, more detailed grid-based geological mapping, geochemical sampling (soil and enzyme leach), airborne geophysical surveys (electromagnetic (EM) and magnetic) ground
geophysical surveys (magnetic, induced polarization (IP), EM, University of Toronto electro-magnetic (UTEM)), drill hole EM, and magnetotelluric), trenching and stripping, Landsat remote sensing studies, and roto-sonic drilling from
1993–2004.
Completed 597 reverse circulation (RC) holes and 217 diamond drill holes (for a total of 49,515 m). The program resulted in the discovery of three significant zones of gold mineralization: the 17 Zone in 1994,
the 34 Zone in 1995, and the 433 Zone in 1997. Nuinsco later drilled eight diamond drill holes (1,549 m) in 2004 to test the depth continuity of the 34 Zone.
|
|||
|
2005–2013
|
Rainy River Resources Ltd. (Rainy River Resources)
|
Acquired the Rainy River Project from Nuinsco in June 2005.
Work completed included geochemical sampling (mobile metal ion soil, soil gas hydrocarbon orientation), age dating, re-logging of portions of historical core, establishing a GIS database, petrographic studies,
airborne geophysical surveys (versatile time domain electromagnetic (VTEM) and Titan), ground geophysical surveys (high-sensitivity potassium magnetometer, gravity and EM), drill hole geophysical surveys (EM, IP, 3D conductivity
inversion), core drilling, metallurgical testwork, mineral resource and mineral reserve estimation, and supporting studies (socio-economic scoping study, pit slope design and waste management assessment).
Discovered the Intrepid Zone situated 1 km east of the proposed open pit and drilled 225 core drill holes (77,969 m) in 2012–June 2013 to define the Intrepid Zone. Several zones of significant gold
mineralization defined over a 3.5 km strike length.
Completed 688,645 m of drilling in 1,407 core holes overall from 2007–2013.
A preliminary economic assessment, as defined in Canada, was completed in 2011, and updated in 2012. A feasibility study, as defined in Canada, was completed in 2013, and envisaged an open-pit and underground
mine and a processing plant with conventional crushing, grinding, and recovery circuits.
|
|||
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
Year
|
Operator
|
Comment
|
|||
|
2007–2013
|
Bayfield Ventures Ltd. (Bayfield)
|
Optioned the Burns Block, a single patented claim located East of the ODM Zone, and extending to the western side of the Intrepid Zone in 2007.
Completed airborne geophysical survey (VTEM, caesium vapour).
Completed 102,380 m in 317 core holes from 2012–2013, focusing on eastern extension of the ODM mineralization and western extension of Intrepid Zone.
|
|||
|
2013–2025
|
New Gold
|
Acquired Rainy River Resources in 2013.
Completed geochemical sampling (3,235 mobile metal ion soil, 2,439 conventional soil, and 573 rock chips), 5,000 sample Corescan hyperspectral alteration survey, 1,992 sample shortwave infrared (SWIR) spectral alteration survey,
geophysical surveys (drone-mounted and magnetic), and 158,380 m of core re-logging. Updated mineral resource and mineral reserve estimates. Completed an updated feasibility study(as defined in Canada) in 2014.
Acquired Bayfield, which held a 100% interest in six patented mining rights claims and six unpatented claims, covering approximately 11 km2, adjacent to
the current Rainy River Operations.
Commenced mine construction in 2015. Commercial production from the open pit was reached in 2017. Underground development started in June 2021, with processing of the first underground ore in September 2022.
Renewed exploration took place from 2024–2025, including extensive drilling focused within the mine footprint and regional exploration work in the northeast portion of land package, including geological mapping and the collection of
299 grab samples, 17 channel samples, 305 soil samples, and 74 till samples.
Completed 583,501 meters of diamond and RC drilling
|
|||
|
2025
|
Coeur
|
Coeur acquired the Rainy River Operations in March 2026 through its acquisition of New Gold
|
|||
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 6 |
GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT
|
|
6.1
|
Deposit Type
|
The Rainy River deposit is interpreted to be an auriferous volcanogenic massive sulphide (VMS) deposit with a primary synvolcanic source and a secondary syn-tectonic mineralization event that
deformed and enriched primary mineralization (Pelletier, 2016; Mercier-Langevin et al., 2015).
VMS mineralization typically occurs within submarine environments at spreading centres where circulating hydrothermal fluids collect, enrich and transport the metals, and precipitate them as
massive- to semi-massive sulphide mineralization at or below the seafloor (Franklin et al., 2005). VMS-style mineralization primarily comprises base metal sulphide minerals such as pyrite, chalcopyrite, galena and sphalerite, varying amounts of
precious metals (gold and silver), and commonly exhibit zonation of both metals and associated alteration. Mineralization often occurs as semi-massive to massive lenses at or near the seafloor, at times underlain by a network of sulfide
stringers. VMS deposits can range in size from tens of metres to multiple kilometres, often occurring in clusters.
|
6.2
|
Regional Geology
|
The Rainy River Operations are located within the 2.7 billion years (Ga) old Neoarchean Rainy River Greenstone Belt, which forms part of the Wabigoon Sub-province of the Superior Province (Figure
6‑1).
The Superior Province is the largest geological province of the Canadian Shield and forms the core of the present-day North American continent. It is interpreted to have formed through the
successive accretion and docking of multiple terranes (Percival et al., 2006).
The Wabigoon Sub-province is a 900 km long, east–west-trending, lenticular, volcano–plutonic terrane located in the west part of the Superior Province. It is subdivided into two domains, the
Eastern Wabigoon and the Western Wabigoon domains, which are separated by the Winnipeg River Terrane (Percival et al., 2006). The Rainy River Operations are located in the Western Wabigoon Domain.
The Western Wabigoon Domain mainly consists of mafic volcanic rocks deposited between ca. 2.74 Ga and 2.72 Ga. They are tholeiitic and calc-alkalic in composition and are interpreted to represent
oceanic crust and volcanic arc sequences, respectively (Percival et al. 2006). These rocks were intruded by 2.74 Ga to 2.66 Ga plutonic rocks which include synvolcanic tonalite–diorite–granodiorite batholiths, sanukitoid (high-magnesium)
monzodiorite intrusions, and monzogranite batholiths and plutons (Percival et al. 2006). The volcanic and intrusive sequences are overlain by ca. 2.71 Ga to 2.70 Ga volcano–sedimentary sequences, and are locally unconformably overlain by
immature clastic sedimentary sequences derived from local granite–greenstone belt rocks.
In the vicinity of the Rainy River deposit, the Wabigoon Sub-province is bounded to the south by the Late-Archean Seine River‒Rainy Lake Fault and the Quetico Fault. The Quetico Fault splays off
the sub-province boundary and trends west through the Western Wabigoon Domain.
Regional metamorphic grade of Archean rocks is typically greenschist to lower-middle amphibolite facies, although upper amphibolite facies mineral assemblages locally occur adjacent to
batholiths.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Figure 6‑1: |
Regional Geology Map
|
Three phases of glaciation are recorded in the far Western Wabigoon–Rainy River area (Barnett 1992). The initial phase of glaciation comprises till of the Labrador Sector of the Laurentide Ice
Sheet derived from and deposited directly on Archean basement rocks. As the Labradorean ice sheet retreated, a thick, electrically conductive, barren glaciolacustrine clay and silt horizon originating eastward from glacial Lake Agassiz was
deposited. The Keewatin Sector of the Laurentide Ice Sheet then advanced over the area and deposited an argillaceous till of western provenance on top of the clay and silt horizon.
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
6.3
|
Local Geology
|
| 6.3.1 |
Lithological Units
|
The Rainy River property covers a 50 km long segment of the 70 km long Rainy River Greenstone Belt (refer to Figure 6‑1). In this area, the greenstone belt is bounded by granitic batholiths to
the north and to the east, and by the Quetico Fault to the south. In the northeast portion of the Project area, the Rainy River Greenstone Belt is contiguous and merges with the Kakagi–Rowan Lakes Greenstone Belt.
The geology is dominated by tholeiitic mafic volcanic rocks cored by a younger sequence of calc- alkaline felsic volcaniclastic rocks (which host the Rainy River deposit) and by the Off Lake Dyke
Complex which represents their intrusive equivalents. The Off Lake Dyke Complex, and other distinctive felsic dikes that cut through the mafic volcanic rocks north of the Rainy River Operations, are interpreted as feeder dikes to the felsic
volcanic–intrusive system linked to mineralization. Later post-mineral granitic intrusions also occur and intrude both the mafic and felsic rocks (Figure 6‑2 and Figure 6‑3).
A sequence of metasedimentary rocks bounds the volcanic rocks to the south of the Project area. The southwest part of the Project area is covered by extensive overburden derived from the
Labradorean and Keewatin ice sheets. In this area, the bedrock geology is interpreted exclusively from available drilling and geophysical interpretation.
Three major glaciation events impacted the Rainy River area including the initial glaciation associated with the southeast advancement of the Labradorean ice sheet that deposited a layer of stony
till directly overlying all bedrock throughout the property (Averill, 2013; Dyke et al., 1989). This till was derived from the underlying bedrock and therefore consisted of glacially-scoured portions of all exposed rock at the time, including
clasts of gold-rich mineralization of the Rainy River deposit. As a result of the scouring of the bedrock and advancing of the ice sheet, a greater than 15 km long southwest-oriented dispersal train of anomalous gold grains, auriferous pyrite,
and copper-zinc sulfides in till was generated originating from the Rainy River deposit (Averill, 2013).
Following the deposition of the Labradorean bedrock derived till, the Rainy River area was partially flooded by meltwater spreading eastward from glacial Lake Agassiz (Nielsen et al., 1981), and
an ice lobe related to the Keewatin ice center west of Hudson Bay that advanced eastward through this lake resulting in the deposition of a thick conductive layer of clay-rich Keewatin till. This till overlies the bedrock-derived Labradorean
till, can be >40 m in thickness, and covers the entire southwest portion of the Rainy River tenure, including the mine site area.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Figure 6‑2: |
Bedrock Geology, Rainy River Deposit Area
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Figure 6‑3: |
Stratigraphic Column, Rainy River Deposit Area
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 6.3.2 |
Structure
|
The Rainy River Greenstone Belt experienced early thrusting and folding associated with north–south oriented D1
shortening, followed by strike-slip D2 deformation localized along east to east-southeast-trending shear zones and north–northeast-trending shear zones (Siddorn,
2007; Hrabi and Vos, 2010; Rankin, 2013; Pelletier, 2016).
D2 deformation also resulted in a penetrative steep east–southeast- to northeast-striking foliation, which remains
the dominant fabric observed throughout the Project area. Late northeast–southwest-oriented D3 compression resulted in broad open folding of the greenstone belt and
of pre-existing structures.
Key structural features of the general deposit area are summarized in Table 6‑1.
| 6.3.3 |
Mineralization
|
The Rainy River deposit consists of gold-rich VMS mineralization. Gold and silver mineralization are associated with lenticular zones of pyrite–sphalerite ± chalcopyrite and galena stringers and
disseminations, hosted in calc-alkaline felsic to mafic volcanic rocks. Host rocks are pervasively sericite, silica, and chlorite altered. Primary VMS-style gold mineralization was later deformed by
subsequent tectonic events that folded, transposed, and sheared mineralized lenses into their current geometry.
|
6.4
|
Property Geology
|
The Rainy River deposit comprises multiple distinct zones of mineralization and alteration. The mineralized zones can be grouped into the Main Zone (ODM, 17, 433, HS, NW Trend, and Cap Zone),
Intrepid Zone, and Other Zones (34 and other zones), which are minor. Previous open-pit mining focused on the ODM, 433, and HS Zones. All of the zones occur within felsic volcanic rocks, apart from the Cap Zone that is hosted in mafic volcanic
rocks.
| 6.4.1 |
Deposit Dimensions
|
The zone dimensions are summarized in Table 6‑2.
All mineralized lenses plunge moderately to the southwest (aligned with the L2 stretching lineation).
| 6.4.2 |
Lithological Units
|
The stratigraphic lithological units are summarized, from north to south, in Table 6‑3, and the intrusive units in Table 6‑4.
In the deposit area, the host volcano–sedimentary rocks are intruded by felsic to ultramafic rocks, and to the east of the deposit by the post-mineralization Black Hawk monzonitic stock.
The local geology was outlined as a schematic stratigraphic column in Figure 6‑3 and is represented in Figure 6‑4 as a plan view, thick slice, through the 3D geological model.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Table 6‑1: |
Key Structural Features
|
|
Deformation/Structure
|
Note
|
|||
|
D1
|
The Wabigoon Sub-province collided with and was thrust northerly over the Winnipeg River Sub-province during the Kenoran Orogeny. Within the Rainy River area, this north-directed compression resulted in
north-trending upright folds and associated thrusts; it was responsible for juxtaposing older volcanic rocks on top of younger units. D1 folding and
thrusting are largely responsible for the current broad-scale distribution of lithological units throughout the Rainy River Greenstone Belt.
|
|||
|
D2
|
As the orogeny progressed, north-south compression transitioned to northwest-southeast transpression, resulting in belt-scale conjugate east- to east-southeast-trending and northeast-trending sub-vertical strike-slip-dominated
shear zones, tight isoclinal folding, east- to northeast-trending penetrative foliation, and a steep southwest- plunging stretching lineation. These structures overprint stratigraphy, mineralization, and D1 structures, and represent the main fabrics observed throughout the Rainy River deposit and property.
Orogenic-style gold mineralization occurred during this period and was superimposed on pre-existing mineralization.
|
|||
|
D3
|
The Rainy River greenstone belt was subsequently folded into broad open belt-scale folds with north–northeast trending axial planes. No penetrative foliation is associated with this event, although
subvertical brittle-ductile faults and emplacement of coeval late granitic intrusions (Blackhawk Intrusion) were focused along D3 axial planes.
|
|||
|
D4
|
The final stage of deformation is characterized by the late- to post-tectonic emplacement of northwest-trending Paleoproterozoic diabase dykes and associated brittle faults.
|
| Table 6‑2: | Zone Dimensions |
|
Zone
|
Sub-Zone
|
Dimensions
|
||||
|
Main
|
ODM and 17
|
A series of mineralized lenses with individual strike lengths from 50–500 m. Individual lenses occur over a collective strike length of 1,800 m and a true width of approximately 200 m. These lenses
have been defined to vertical depths up to 1,200 m, and remain open at depth.
|
||||
|
433
|
A series of mineralized lenses with individual strike lengths from 50–350 m. Individual lenses occur over a collective strike length of 350 m and a true width of approximately 125 m. These lenses have
been defined to vertical depths up to 1,000 m, and remain open at depth.
|
|||||
|
HS
|
A series of mineralized lenses with individual strike lengths from 50–550 m. Individual lenses occur over a collective strike length of 750 m and a true width of approximately 150 m. These lenses have
been defined to vertical depths up to 1,000 m, and remain open at depth
|
|||||
|
NW Trend
|
A series of mineralized lenses with individual strike lengths from 90–450 m. Individual lenses occur over a collective strike length of 1,200 m and a true width of up to 300 m. These lenses have been
defined to vertical depths up to 500 m, and remain open at depth.
|
|||||
|
Cap Zone
|
A series of mineralized lenses with individual strike lengths from 50–550 m. Individual lenses occur over a collective strike length of 700 m and a true width of up to 150 m. These lenses have been
defined to vertical depths up to 800 m, and remain open at depth.
|
|||||
|
Intrepid
|
A series of tightly spaced stacked mineralized lenses with a collective strike length of 410 m, and a vertical depth of 720 m. The width of the zone is variable, ranging from 10–60 m.
|
|||||
|
Other
|
34
|
Nickel copper sulfide mineralization within discontinuous 5–50 m thick pods occurring over a strike length of 500 m, and a down-dip plunge of 100 m.
|
||||
|
Beyond the Rainy River deposit, VMS-style mineralization also occurs to the northeast of the mine, within and along the margins of the Off Lake Dyke Complex. In addition, orogenic-style vein and
shear-hosted gold mineralization are observed in the north and northeast portion of the property, within the mafic volcanic rocks and adjacent granitic rocks.
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Table 6‑3: | Stratigraphic Units |
|
Rock Units
|
Description
|
|||
|
Mafic volcanic rocks
|
Bound the felsic volcanic rocks to the north and south. Comprise high-iron and high-magnesium coarse-grained massive lava flows, pillow lava flows, and flow breccias. The southern mafic rock sequence is not as well documented
but is interpreted to be analogous to the northern sequence.
Subordinate dacitic tuff and intrusive quartz–feldspar porphyry dikes and sills are common intrusions.
|
|||
|
Pyritic sedimentary
rocks |
Overlies the northern mafic package. Consists of pyrite-bearing siliceous to chloritic greywacke units, interpreted to be derived predominantly from intermediate to mafic volcanic rocks. Upper portions
of these units are interbedded with quartz-eye dacitic tuff units.
|
|||
|
Felsic volcanic rocks
|
Form the main mine host rocks but also occur as an overlying upper felsic sequence. Overlie the pyritic sedimentary rocks. Consist of a complex succession of fine-grained quartz-eye dacite and
fine-grained ash tuff units interbedded with subordinate heterolithic volcaniclastic layers, coarse-grained lapilli tuff units, and local sedimentary and exhalative units. A high proportion of what appear to be coarse
volcaniclastic rocks may in fact be massive flows or tuff units overprinted by strong anastomosing foliation and sericite alteration. The upper felsic succession is several hundred-meters-thick and extends east and west beyond the
deposit area for multiple kilometers.
|
|||
|
Massive
intermediate flows
and other mafic
volcanic rocks
|
A series of intermediate to mafic volcanic lava flows immediately overlying the felsic fragmental volcanic rocks; ranging from fine-grained porphyritic quartz dacite to homogenous massive
magnetite-bearing mafic volcanic rocks, locally with pillowed mafic flows.
|
|||
|
Pinewood
sedimentary rocks
|
Predominantly composed of greywacke and argillite. The sequence conformably overlies massive mafic volcanic rocks, where a pyritic metal-bearing graphitic unit marks the contact. The upper contact of the
succession is interbedded with the upper felsic succession.
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Table 6‑4: | Intrusive Units |
|
Rock Units
|
Description
|
|||
|
Felsic
porphyritic
dikes
|
Swarms of porphyritic felsic dikes intrude the northern mafic volcanic succession. They range in thickness up to several tens of meters. It has been suggested that these dikes represent the conduits that
fed the overlying felsic volcanic rocks that host mineralization. They have been variably interpreted and often described as dacitic tuff units due to their similar composition and appearance within the overlying felsic volcanic
succession. Historically, these intrusive units were referred to as the Georgeson/Feeder Porphyries.
|
|||
|
Ultramafic–
mafic dikes
and sills
|
Ultramafic to mafic dikes and sills cut through the volcanic stratigraphy. These units include dunite, pyroxenite, pyroxene gabbro, and gabbro; they locally can contain significant sulfide mineralization
enriched in copper, nickel, gold, and platinum group metals. One such example is the historical 34 Zone which is hosted in a mafic–ultramafic intrusion that crosscuts the ODM and 17 Zones.
|
|||
|
Black Hawk
intrusion
|
A quartz monzonite to granodiorite stock that comprises two phases. An early phase forms the rim of the intrusion, and consists of a weakly foliated, notably magnetic, massive to pegmatitic quartz
monzonite with minor granodiorite. A later phase, consisting of equigranular coarse-grained granodiorite, forms the central core of the stock. Associated magnetic aplitic to pegmatitic dikes, compositionally similar to the early
phase, intrude the surrounding metavolcanic rocks. This intrusion defines a topographic high to the east of the Rainy River deposit.
|
|||
|
Proterozoic
diabase dikes
|
A northwest-trending and steeply dipping diabase dike crosscuts the entire stratigraphy and mineralized zones in the Rainy River deposit.
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Figure 6‑4: | Deposit Geology Map |
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 6.4.3 |
Mineralization
|
| 6.4.3.1 |
Main Zone
|
The Main Zone is the overall term for the mineralized system that includes the ODM, 17, 433, HS, NW Trend, and Cap Zones. A cross-section through this zone is included as Figure 6‑5.
| 6.4.3.2 |
ODM and 17 Zones
|
The ODM and 17 Zones form a series of continuous east–west-trending, south-dipping lenticular domains, with the ODME Zone to the west and the 17 Zone to the east. They are hosted within
calc-alkaline dacite of the felsic volcanic succession.
Three styles of gold mineralization occur in the ODM and 17 Zones:
| • |
Low-grade intervals are characterized by tightly folded pyrite stringers and disseminated pyrite in sericite–quartz–chlorite-altered host rocks;
|
| • |
Moderate-grade intervals are characterized by tightly folded and foliation-parallel pyrite ± sphalerite stringers, commonly associated with stronger silica and weak garnet alteration;
|
| • |
High-grade gold mineralization is associated with deformed quartz–pyrite–gold veinlets that overprint other styles of mineralization.
|
| 6.4.3.3 |
433 Zone
|
The 433 Zone is located approximately 500 m north of the ODM Zone. It is hosted in strongly sericitized calc-alkaline dacite rocks and minor tholeiitic basalts, and forms a cigar-shaped
lens that plunges steeply to the southwest.
Gold mineralization is similar to that of the ODM and 17 Zones but with minor differences:
| • |
Host rocks are more chlorite altered in 433 Zone in contrast to the ODM and 17 Zones;
|
| • |
The 433 Zone includes the presence of altered heterolithic conglomerate;
|
| • |
Chalcopyrite and chlorite are locally associated with high-grade quartz–pyrite–gold veinlets.
|
| 6.4.3.4 |
HS Zone
|
The HS Zone, located between the ODM and 433 Zones, comprises a series of small, discontinuous southwest-plunging and flattened mineralized shoots.
Discontinuous, irregular gold mineralization is hosted within the felsic volcanic rocks and is associated with <2 cm thick sulfide-rich veinlets composed of pyrite and traces of
chalcopyrite and iron-poor sphalerite. Veinlets are typically parallel to the main foliation and strongly deformed, showing flattening, folding, and transposition of veins parallel to the main foliation.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Figure 6‑5: | Geological Cross-Section, Main Zone |
| 6.4.3.5 |
NW Trend
|
The NW Trend occurs west of the ODM Zone, and consists of stockworks of discrete centimetre-scale anastomosing and folded quartz and quartz–carbonate veinlets, and sulfide stringers.
Mineralization is hosted predominantly in strongly deformed felsic to intermediate volcanic rocks (analogous to the ODM and 17 Zones) and adjacent mafic volcanic flows. The NW Trend is characterized by intense sericitic alteration and
much stronger deformation than that in the core of the deposit, with a strong pervasive shear fabric that is locally mylonitic in texture. The veinlets and stringers are variably mineralized with pyrite, iron-poor sphalerite,
chalcopyrite, galena, native silver, electrum, and native gold.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 6.4.3.6 |
Cap Zone
|
The Cap Zone, located approximately 200 m to the south of the ODM Zone, is hosted in both tholeiitic basalt and calc-alkaline volcanic rocks of the southern mafic volcanic succession.
Typical Cap Zone gold mineralization occurs as sulfide bands, stockwork, and disseminations, with higher-grade gold mineralization associated with deformed quartz–ankerite–pyrite shear and
extensional veins. Mineralization is hosted in quartz–ankerite–pyrite-altered mafic volcanic rocks. The Cap Zone has a higher pyrite and chalcopyrite content than the ODM, 17, and 433 Zones.
| 6.4.3.7 |
Intrepid Zone
|
The Intrepid Zone is located approximately 800 m east of the ODM and 17 Zones within dacitic tuff and breccia units of the felsic volcanic succession.
Typical Intrepid gold mineralization occurs as sulfide bands, stockwork, and disseminations, with high-grade gold and silver mineralization associated with deformed quartz–pyrite veinlets
that overprint other mineralization styles. Iron-poor sphalerite stringers are commonly associated with the high-grade gold mineralization.
A cross-section through the Intrepid Zone is provided as Figure 6‑6.
| 6.4.3.8 |
34 Zone
|
The 34 Zone comprises magmatic nickel–copper sulfide mineralization associated with precious metals (gold, platinum group metals) within a tubular, approximately 100 m thick, pyroxenite
gabbro intrusion which crosscuts the ODM and 17 Zones and postdates the main gold-mineralizing event. The host pyroxenite–gabbro intrusion is not metamorphosed but is locally altered to serpentine and talc. Magmatic sulfide textures vary
from massive to net-textured to disseminated.
| 6.4.3.9 |
Other Zones
|
VMS-style mineralization also occurs to the northeast of the mine, within and along the margins of the Off Lake Dyke Complex. In addition, orogenic-style vein and shear-hosted gold
mineralization styles are observed in the north and northeast portion of the regional property, within the mafic volcanic rocks and adjacent granitic rocks. This mineralization is classified as Other Zones.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Figure 6‑6: | Geological Cross-Section, Intrepid Zone |
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 7 |
EXPLORATION
|
|
7.1
|
Exploration
|
| 7.1.1 |
Grids and Surveys
|
The control network uses NAD83/UTM Zone 15N (EPSG:26915) for horizontal control and CGVD28 (HT 2) for vertical elevations, producing orthometric heights consistent with Canadian standards
and internal survey guidance.
| 7.1.2 |
Geological Mapping
|
During the summer of 2025, a targeted mapping program was conducted in the northeastern portion of the land package to evaluate priority exploration areas. The program focused on
establishing the geological context and prospectivity of these areas, including the identification of lithology, structure, alteration, and mineralization assemblages.
Outcomes of the mapping program included updated geological interpretation of the northeast portion of the property and identification of priority areas to explore for gold mineralization,
including the Off Lake and NE intrusion areas. Various sampling campaigns including channel sampling, conventional soil sampling, and gold-in-till sampling were conducted following the geological mapping.
| 7.1.3 |
Mobile Metal Ion Sampling
|
Mobile metal ion (MMI) surveys were completed prior to New Gold taking ownership in 2013; however, information on these surveys is limited.
New Gold completed surveys in 2013, 2014, and 2022. A total of 2,085 samples were collected in 2013, 862 samples collected in 2014, and 288 samples in 2022. The combined programs included
various size sampling areas, covering from 3.7 to 7.7 km2, comprising 100 m spaced reconnaissance lines with a 25 m sample spacing. The sampling grids
targeted prospective satellite mineralization around the actual pit, no substantial mineralization was outlined in these areas.
Sample locations are shown on Figure 7‑1.
| 7.1.4 |
Rock Chip, and Conventional Soil and Till Sampling
|
From 2019–2022, 573 rock chip and 2,439 conventional soil samples were collected. Sample locations were shown on Figure 7‑1.
Soil sampling grids were planned based on historic surface and geophysical anomalies. Samples were taken at 50 m intervals along 100 m spaced lines. Soil samples targeted the B horizon and
were taken at an average depth of 25–50 cm. Results revealed a single gold anomaly that was followed up with two drill holes; however, drilling did not return significant results.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Figure 7‑1: | Coeur Exploration Program Location Plan |
|
Rainy River Operations
Ontario
Technical Report Summary
|
During the 2025 geology mapping program, 188 grab samples were collected. Results showed that both orogenic vein-style and Rainy River VMS-style mineralization occur in the area. Other grab
sample results showed the presence of anomalous gold in the NE intrusion and Off Lake prospect areas.
Following recommendations of the 2025 geological mapping program, a soil sampling campaign was completed in September 2025 over the NE intrusion prospect located in the northernmost part of
the property (refer to Figure 7-1). This campaign comprised 580 soils samples targeting the B horizon at 100 m line spacing and 50 m sample spacing over an area of approximately 1 x 1 km. This area included a higher definition grid of 450
x 500 m sampled at 50 m line spacing and 25 m sample spacing. Results from this soil survey supported the presence of a gold anomaly in the area. Further evaluation of the results and additional sampling are required to determine the
potential of this target and if drilling is warranted.
In September 2025, 21 grab samples and 17 channel samples were collected from a previously stripped outcrop (Burnell’s showing) in the Off Lake area. Sample results are consistent with VMS
style mineralization. Additional work will be performed to define the extent of the mineralized system and to explore for higher-grade mineralization.
In September 2025, a 74 sample surface till program was completed in the Off Lake area (refer to Figure 7-1) to follow up on historic anomalous gold in till sampling and evaluate the
exploration potential of the area. Till samples were taken by digging a surface pit and collecting several kilograms of material from the identified till horizon (typically the C horizon). Processing of the tills included separating the
heavy minerals and picking out and classifying the gold grains, and multi-element analysis of the fine fractions. Multiple samples yielded anomalous gold in till results Further till sampling is planned identify a potential source of the
gold grains.
An additional grab sampling program was conducted north of the mine (refer to Figure 7-1) in September 2025 to test for gold potential and favorable alteration. This program consisted of 90
grab samples collected from exposed bedrock. Results showed low concentration of disseminated sulfides and no gold anomalies. Additional follow up of geochemical results is warranted to assess for subtle alteration.
| 7.1.5 |
Short-Wavelength Infrared Alteration Study
|
New Gold completed a 1,992-sample short-wave infrared (SWIR) program in 2015–2016 (see locations in Figure 7‑1). Core samples taken from the top of drill holes within the deposit area were
analyzed using oreXpress to identify white mica and chlorite compositions to determine vectors for mineralization.
The program results were inconclusive and suggested that the spectral signature of the rocks was affected by thermal overprinting associated with emplacement of the adjacent Black Hawk
stock, and therefore not useful as mineralization vector.
| 7.1.6 |
Corescan Hyperspectral Alteration Study
|
This 2016 program consisted of the scanning of approximately 5 km of drill core from the Rainy River deposit and surrounding exploration areas (refer to locations in Figure 7‑1) using the
Corescan hyperspectral system provided by SGS Analytical Services.
|
Rainy River Operations
Ontario
Technical Report Summary
|
Corescan mineral logs and spectral parameters were compared against sample assays, geochemistry, lithology, and magnetic susceptibility logs. Based upon these observations, refinements were
made to logging protocols and core was relogged where required.
The Corescan study showed that white micas transition from predominantly phengite peripheral to mineralization zones, to slightly sodic muscovite proximal to mineralization. Chlorite also
exhibited a transition from Fe-rich to Mg-rich towards the mineralization core.
| 7.1.7 |
Geochemistry Data Review
|
In 2025, a litho-geochemistry and alteration study was completed on all modern and historic multi-element data. The goal of the study was to validate the multi-element data, characterize
lithology based upon geochemistry, and determine key geochemical vectors that can be applied to exploration targeting.
Results from the alteration study identified key pathfinder elements, thresholds, and other mineralization vectors that can be applied to determine intensity and proximity to
mineralization. The lithogeochemistry study successfully assigned lithologies based upon their geochemistry and demonstrated that many lithologies cannot be differentiated geochemically, and that their ability to host gold mineralization
appears tied to secondary features like brecciation and permeability rather than primary composition.
| 7.1.8 |
Geophysics
|
High-resolution drone-mounted magnetic surveys were completed by Abitibi Geophysics for New Gold in 2017 and 2018 (refer to locations in Figure 7‑1). A total of 2,041 line-kilometres were
flown on 50 m spaced lines over four separate regional targets. The drone surveys improved the understanding of geological framework within target areas, including distribution of lithological units and location of major tectonic
features.
In 2024 and 2025 historic geophysical data were reviewed and re-processed to generate updated products for geological interpretation and evaluate methods to image bedrock below vast areas
of thick conductive overburden. Key outcomes included Maxwell plate models for priority EM anomalies, and re-inversions of Quantec TITAN-24 surveys in an area of thick conductive overburden revealing spatial correlation between lower MT
resistivity features and mineralized domains.
| 7.1.9 |
Qualified Person’s Interpretation of the Exploration Information
|
Exploration work performed in the Rainy River land package over the years employed a variety of exploration tools such as geological mapping, prospecting, and various geochemistry and
geophysics surveys. The procedures followed for each technique are in accordance with industry standard practices. The compiled data in combination with the most recent geological interpretation are deemed reliable to demonstrate the
potential of the current exploration targets and to generate new exploration targets.
| 7.1.10 |
Exploration Potential
|
Exploration potential exists within the Rainy River deposit area and surrounding property.
|
Rainy River Operations
Ontario
Technical Report Summary
|
Within the mine, exploration potential includes the down-plunge extension of multiple mineralized lenses within the Main Zone (refer to
Table 6‑2; ODM, Zone 17, HS, 433), as these zones are all open at depth. Additional in-mine opportunities include testing between known zones for additional mineralization.
Beyond the mine, multiple early-stage prospects occur throughout the Rainy River Greenstone Belt, including VMS-style mineralization in the Off Lake area, soil and till anomalies throughout
the property, and EM anomalies southeast of the mine.
|
7.2
|
Drilling
|
| 7.2.1 |
Overview
|
A total of 2,938 core from surface, 829 core from underground, and 6,062 RC drill holes have been completed in the Project area from 1993 to December 31, 2025. Between 1972 and 1988, other
types of drilling such as rota-sonic and RC drilling were performed, but limited information is available about these drilling campaigns. Drilling includes drill holes completed for geotechnical, hydrogeological, metallurgical,
condemnation, and exploration purposes. A summary of this drilling is included in Table 7‑1 (property-wide) and Table 7‑2 (drilling used in estimation). Property wide and project area drill collar location maps are shown in Figure 7‑2
and Figure 7‑3, respectively.
Minimal exploration drilling was carried out from 2018 to 2023 as New Gold was focused on construction and production activities. 2024 was the first major drilling campaign at Rainy River
since 2017.
The database used for estimation purposes was closed at October 1, 2025.
No drilling from the blastholes and geotechnical programs (if not sampled, otherwise counted as exploration diamond drill holes) supports estimation. Other drilling that is not used
includes abandoned holes and grade control RC drill holes that were not sampled.
From 1994–2017, drilling targeted a spacing of 40–60 m to support the estimation and reporting of indicated mineral resources. In addition, a small infill program in 2019 was conducted on
the western edge of the ODM Zone at a spacing of 10–15 m. The 1994–2017 surface diamond drilling provides the majority of data included in the resource database used for the 2025 mineral resource estimate.
Core and RC drilling during 2023–2025 were completed on variable spacings. Depending on the objective; a drill spacing of 30–50 m was targeted to support potential conversion of inferred
mineral resources to indicated mineral resources, while 80–100 m spacing was targeted for potential inferred mineral resource estimation and testing for down-plunge mineralization extensions.
Starting in 2018, RC drilling was used in combination with blast hole sampling for grade control and ore definition purposes in the open pit. The RC drill holes are typically drilled at
50–60° to a depth of three benches (30 m vertical coverage for 45 m holes), with a target spacing of 10–12 m. These drill holes are included in the resource database and used for statistical analysis and modelling of the resource domains.
As the main purpose of this drilling is to support short-term production, these benches have since been mined out.
|
Rainy River Operations
Ontario
Technical Report Summary
|
Underground delineation drilling started in 2022 in the Intrepid Zone and in 2024 in the Main Zone, targeting a spacing of 15 m. The purpose of underground delineation drilling is to better
define the ore contacts for stope placement and design. The delineation drilling data are included in the resource database and used for the estimation of mineral resources.
| Table 7‑1: |
Property Drill Summary Table
|
|
Year
|
Operator
|
Drill Type
|
Number of Drill Holes
|
Meters
|
|||||
|
1972
|
INCO
|
Unknown
|
2
|
Unknown
|
|||||
|
1972
|
Hudbay
|
Unknown
|
54
|
Unknown
|
|||||
|
1988
|
Ontario Geological Survey
|
Rota-sonic
|
Unknown
|
Unknown
|
|||||
|
1988
|
Mingold Resources
|
RC
|
Unknown
|
Unknown
|
|||||
|
1993–2004
|
Nuinsco
|
RC
|
597
|
15,288
|
|||||
|
Core
|
217
|
49,515
|
|||||||
|
2005–2013
|
Rainy River Resources
|
Core
|
1,597
|
731,273
|
|||||
|
2010–2014
|
Bayfield
|
Core
|
317
|
102,380
|
|||||
|
2013–2025
|
New Gold/Coeur
|
Core
Geotechnical
|
242
|
13,169
|
|||||
|
RC
(Grade control)
|
5,335
|
225,028
|
|||||||
|
RC
(Exploration)
|
130
|
18,630
|
|||||||
|
Core (surface)
|
565
|
205,389
|
|||||||
|
Core
(underground, delineation)
|
792
|
112,635
|
|||||||
|
Core
(underground, exploration)
|
37
|
8,650
|
|||||||
|
Total
|
9,885
|
1,481,957
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Table 7‑2: |
Drill Summary Table Supporting Mineral Resource Estimates
|
|
Operator
|
Type
|
Count
|
Meters
|
||||
|
Pre-Production
|
Core (exploration)
|
2,247
|
859,719.51
|
||||
|
RC (exploration)
|
217
|
329.30
|
|||||
|
Sub-total
|
2,464
|
860,048.81
|
|||||
|
Production
|
Chip
|
760
|
4,626.11
|
||||
|
Core (exploration)
|
184
|
67,779.41
|
|||||
|
Core (underground delineation)
|
640
|
59,900.63
|
|||||
|
Core (underground exploration)
|
23
|
4,654.89
|
|||||
|
RC (exploration)
|
130
|
13,208.00
|
|||||
|
RC (grade-control)
|
5,263
|
212,677.00
|
|||||
|
Sub-total
|
7,000
|
364,846.04
|
|||||
|
Total
|
9,464
|
1,224,894.85
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Figure 7‑2: | Property Drill Collar Locations |
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Figure 7‑3: | Drill Collar Location Map, Drilling Supporting Estimation |
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 7.2.2 |
Drill Methods
|
Drill contractors were not generally recorded for the pre-New Gold drill programs.
New Gold used Bradley Bros. Ltd, Naicatchewenin Development Corporation in partnership with C3 Drilling, Major Drilling Group International Inc., Rodren Drilling Ltd., Orbit Garant
Drilling, and Cyr Drilling.
Approximately 97% of core holes were drilled using NQ (47.6 mm core diameter), 2.75% using HQ (63.5 mm), and 0.25% using PQ (85 mm).
The underground delineation program initiated in 2022 was performed by Boart Longyear. Drilling occurred from both exploration drifts (Intrepid) and from re-muck bays along the development
ramps (Intrepid and UG Main). The delineation program consists of BQ drill core (36.5 mm). The delineation drilling data are included in the resource database and used for the estimation of mineral resources.
In 2023–2025, the exploration RC drilling program in the near-mine and mine-adjacent target was performed by FTE Drilling. Due to lower costs, RC drilling was preferred over core drilling
when the drill holes would be <200 m in depth, and where available geological information (lithology, alteration, mineralization) was considered sufficient for geological interpretation and modelling purposes. The same drilling
contractor, FTE Drilling, was used for all grade control RC drilling programs.
Except for underground delineation drilling, RC and diamond drill holes on the Rainy River site were drilled predominantly on northerly directed azimuths at inclinations of between 50° and
82°.
| 7.2.3 |
Logging
|
There is limited logging protocol information for drill programs prior to 2014.
Since 2014, core processing included the collection of core recovery data, magnetic susceptibility, geotechnical data, and geological logging. Core recovery and detailed geotechnical
logging protocols include the characterization of rock quality designation (RQD), joint/fracture analysis, material type, and rock strength. Magnetic susceptibility readings were recorded every 3 m.
Geological logging consisted of the collection of lithology, alteration, mineralization, and structural data.
Core was not routinely photographed prior to 2024, although significant intersections and features were periodically photographed. Since 2024, dry and wet pictures of the diamond drill core
have been taken systematically and kept as reference.
| 7.2.4 |
Recovery
|
Recovery data on cores samples have been collected since 2013. Core recoveries from Coeur/New Gold drill programs vary from 2.33–100%, averaging 99.9%. A total of 301 of the 26,443
intervals in the database have recoveries of <90%.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 7.2.5 |
Collar Surveys
|
Prior to 2023, a hand-held global positioning system (GPS) was used to locate and prepare drilling pads in the field. At the completion of each drill hole a differential GPS (DGPS) was used
to survey the casing collar. DGPS accuracy was validated using the location of a known control station.
Since 2023, the location of each exploration surface RC and diamond drill hole collar has been positioned and final drill hole collar recorded using a Leica GR30 high precision global
navigation satellite system real time kinematic differential global positioning system (GNSS RTK DGPS), along with Leica GS14 receivers in the field. Collar surveying has been under the responsibility of trained geologists or geological
technicians.
For underground delineation drilling, the location of each underground drill hole collar is established using a Leica TS16 total station instrument. The collar position is typically
recorded at the middle point of the designated collar location, which may be on the ground, walls, or back of the drift, depending on the specific requirements and geometry of the area.
| 7.2.6 |
Down Hole Surveys
|
Downhole survey instrumentation for core drilling varies by drill campaign and operator and has included acid tests, Sure Shot, Sperry-SunReflex, EZ-SHOT, gyroscopic tools, and IMDEX Survey
Tech Devigyro OX (Overshot Express).
Readings were collected at 3, 5, 6, 12, 30 or 50 m intervals.
To address drill hole deviation in deeper holes in 2011, Rainy River Resources used Tech Directional Drilling to ensure that deeper drill holes intersected planned targets.
A DeviGyro tool was used for all RC downhole surveys from 2023–2025. Multi-shot measurements were taken at every 3 m upon completion of the hole.
| 7.2.7 |
Drilling Since Database Close-out Date
|
Since the database close-out, a total of 189 diamond drill holes, comprising 45,927 m, were completed as at December 31, 2025. The breakdown by drilling purpose is summarized below:
| • |
Surface diamond drilling for mine expansion: 19 drill holes (14,714 m);
|
| • |
Surface diamond drilling for near-mine exploration: 19 drill holes (6,915 m);
|
| • |
Underground delineation drilling: 136 drill holes (20,053 m);
|
| • |
Underground exploration drilling: 15 drill holes (4,245 m).
|
The post–close-out drilling is not expected to have a material impact on the overall average grade. The underground delineation drilling may introduce localized grade variability within
the resource model; however, it is not anticipated to be material. Both the underground and surface diamond drilling for mine expansion may have a positive impact by supporting potential upgrades in the mineral resource confidence
categories and potentially identifying additional areas of mineralization that could support mineral resource estimates, subject to final validation and modelling. The surface near-mine exploration drilling will have no impact on the
current resource estimates.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 7.2.8 |
Comment on Material Results and Interpretation
|
Mineralized zones in the Rainy River Operations are generally striking east-west and dipping in average 60º to the south. With most of the drill holes drilled predominantly on northerly
directed azimuths at inclinations of between 50° and 82°, it is considered that mineralization has been intercepted as perpendicular as possible. Core recovery is deemed reasonable throughout the deposit.
Drilling and surveying were conducted in accordance with industry standard practices at the time, and provide suitable coverage of the mineralization. The collar and downhole survey methods
used provide reliable sample locations. Logging procedures provide consistency in descriptions.
These data are considered to be suitable for mineral resource and mineral reserve estimation. There are no drilling factors known to the QP that could materially impact the accuracy and
reliability of the results.
|
7.3
|
Hydrogeology
|
The local geology consists of relatively tight metamorphic or granitic bedrock overlain in large areas by thick layers of low-permeability clay, referred to as Pleistocene Aquitard (PA).
The bedrock is generally exposed in the ground, while low-lying areas are overlain by clay. Only one aquifer has been identified in the area, consisting of a thin layer of stony till and sand, primarily known as the Whiteshell Till. This
layer, located between the clay and bedrock, is called the Pleistocene Lower Granular Deposits (PLGD) (AMEC, 2013). While the PLGD serves as a water source for several local wells, it has minimal influence on maintaining the base flow in
the Pinewood River and nearby creeks, which are separated from the aquifer by a layer of clay.
Groundwater is monitored regularly by site personnel using 45 monitoring wells and three vibrating wire piezometer arrays. Groundwater level measurements and field chemical parameters are
recorded manually. Continuous groundwater-level measurements using transducers are recorded for 15 monitoring wells, as per permit requirements.
Sampling for groundwater chemistry is conducted three times per year, as required by permit conditions. Water samples are collected by site personnel and sent to ALS Global for chemical
tests. All QA/QC requirements are followed to preserve the quality of water samples. Water samples are analyzed for a complete suite of parameters with key parameters including: copper, nickel, lead, arsenic, zinc, total phosphorous,
ammonia, and cyanide. The 2024 groundwater quality monitoring results are very similar to 2016 baseline results, indicating minimal change in conditions. Results from neighbouring private wells showed generally good water quality, with
occasional exceedances of some parameters which are attributed to natural background conditions. Monitoring wells between the mine facilities and neighbouring private wells indicate no mine influence on neighbouring private wells.
Condition 12(11) of the ECA requires that the Coeur prepare and submit an annual monitoring report for the Groundwater Monitoring Program (i.e., an Annual Groundwater Monitoring Report) to
the District Manager annually by March 31 of every year. In 2024, the field pH values observed for the monitoring wells at RRM are above the established pH 6.5 threshold, except for MW14. The pH trends are generally consistent,
demonstrating some seasonal variability. Field temperature and conductivity readings were typically consistent, with some anomalous results.
|
Rainy River Operations
Ontario
Technical Report Summary
|
Rainy River groundwater wells show some limited exceedances of parameters, including; ammonia, sulphate, cobalt, manganese, and phosphorus. These exceedances have not triggered any
remedial mitigation measures, and the groundwater monitoring program complies with the Environmental Compliance Approval and Permit to Take Water licenses. The groundwater quality monitoring in 2016 is considered representative of
background conditions. The 2024 groundwater quality monitoring showed very similar results to the 2016 monitoring with some exceptions, indicating a minimal change in conditions from baseline.Under the conditions of the Environmental
Compliance Approval (ECA) permit, the hydrogeological model (groundwater flow model) is to be updated every three years during mine operations, incorporating measured pumping, flow and water level data. Wood PLC (Wood) provided the
first update in 2017. Klohn Crippen Berger developed the 1D and 3D transient groundwater models in 2020 as part of the first regulatory update, and AtkinsRéalis completed the second regulatory update to the 3D model in 2023
(AtkinsRéalis, 2024 ). The updated 3D model was reported to the regulator in March 2024 as part of the annual groundwater monitoring report.
Based on assessments by Klohn Crippen Berger (Klohn Crippen Berger, 2021) and AtkinsRéalis (AtkinsRéalis, 2024), the extent of the zone of influence (ZOI) from the open pit has changed
from the previous steady-state model predictions by Wood (2017). Although the 2021 model (Klohn Crippen Berger, 2021) determined that the ZOI would extend further to the west and southeast of the open pit but not to the east and south,
the 2024 model update (AtkinsRéalis, 2024) found that the ZOI extends further north, northeast and northwest of the open pit and does not extend to the east and southeast of the open pit. Site-wide groundwater monitoring wells will
continue to monitor groundwater levels to validate model predictions and confirm any changes to the predicted drawdown cone resulting from the dewatering of the open pit.
The groundwater monitoring program is sufficient to analyze risk to the groundwater flows and quality, and the up-to-date numerical groundwater model validates the finding of the
monitoring program.
Open pit and underground hydrogeology for mine purposes is discussed in Chapter 13.2.2 and Chapter 13.3.2, respectively.
|
7.4
|
Geotechnical
|
Geotechnical properties used for open pit and underground design are collected using geotechnical core logging, and face mapping of the walls and development rounds. The rock mass quality
is classified using the following scales:
| • |
Rock quality designation (RQD);
|
| • |
Q’, after Barton et al. (1974);
|
| • |
Rock mass rating (RMR89), after Bieniawski (1989);
|
| • |
Unconfined compressive strength (UCS) tests
|
Median RMR89 values within the mineralized zones range from 73–81. Q’ and RMR89 values are relatively consistent across the mining zones included in the Mineral Reserve estimate. UCS data
median ranges from 79-145 megapascals (MPa).
|
Rainy River Operations
Ontario
Technical Report Summary
|
As development work progresses underground or on surface, geotechnical mapping of the advancing face is carried out on a regular or as required basis by qualified personnel. The quality of the rock mass at the face is rated using
the RMR89 and Q’ system rock mass classification systems. Hand samples may be used to visually inspect lithology, alteration, and mineralization in the rock. Significant structures are mapped and incorporated into the 3D geological
model, and interpreted faults are included in the development layouts provided to the underground mining personnel. The geotechnical and exploration departments reference the data as needed to determine open pit wall considerations or
ground support requirements or when considering mine construction, development, and geological modeling.
In the field within the underground tunnels or open pit excavation, the information is recorded on a digital form and assigned coordinates in 3D when survey information is available.
Structure orientations are recorded as dip and dip direction using a surface scanner or compass. At the time of inspection, access and distance to the benches or face depends on equipment and status of the mining process. Thus, measured
structures are given a value for accuracy (low-medium-high). Similarly, structures are rated on importance from low to high based on factors like persistence, width, mineralization, orientation (wedge forming), intensity, and rock
quality.
Open pit and underground geotechnical data for mine purposes are discussed in Chapter 13.2.1 and Chapter 13.3.1, respectively.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 8 |
SAMPLE PREPARATION, ANALYSES, AND SECURITY
|
|
8.1
|
Sampling Methods
|
| 8.1.1 |
Reverse Circulation
|
There is no information on the RC sampling prior to New Gold’s Project ownership.
In the Coeur/New Gold campaigns, RC drill holes were sampled at 2 m intervals. All produced samples are as dry as possible. The RC sample is bagged with a unique sample tag.
| 8.1.2 |
Core
|
Sampling varied by operator and campaign.
Drill core was logged and sampled at the Nuinsco core shack in Richardson Township, with sample splitting achieved through both a hydraulic core splitter and diamond core saw. Sampling
was performed on 1.5 m intervals in visually-mineralized core. Core that was not considered to be mineralized was not sampled.
Rainy River Resources samples were halved using a core saw, and then rinsed. Half the sample was placed in a bag with one of the tags, the second half remained in the core box with the
second tag. Samples in 2005 and 2012–2013 were not selectively sampled, and sample intervals were 1.5 m in length. Those taken in 2006–2011 were only sampled in areas of visual mineralization and sample intervals ranged from 1–1.5 m.
Samples taken during the Bayfield campaigns were selectively sampled. Samples with perceived mineralization were cut by core saw, with samples not exceeding 1.5 m in length. Half of the
drill core was placed in a labelled plastic sample bag together with unique sample tag matching the bag label. Samples with no perceived mineralization had no length limit. In those instances, the core was not cut but chipped, with
chips collected into a sample bag and labelled in the same way as the cut core samples.
During the New Gold/Coeur campaigns, core was cut in half with a saw. One half of the core was rinsed and placed into a sample bag and the second half was returned to the core box. One
sample tag is placed in the sample bag, and a second remains in the core box for reference. Samples were taken on 1.5 m intervals with shorter samples collected at the contact between geological domains.
For the delineation drill holes completed from underground as BQ-size core in 2022–2025, the entire drill core was selectively sampled (not cut in half). Each 1.5 m sample interval was
broken with a hammer by the geologist and placed in a plastic bag together with a unique sample tag.
Underground exploration drill holes were core was cut in half with a saw, and sampled on 1.5 m with shorter samples collected at the contact between geological domains. Samples are not
selective to mineralized intervals.
| 8.1.3 |
Grade Control
|
Grade control sampling is described in Chapter 13.2.5 (open pit) and Chapter 13.3.7 (underground).
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 8.1.4 |
Underground Face
|
Face sampling occurs after the face is washed and secured, with samples taken from left to right along a line of constant elevation, generally 1.5 m above the floor. Geological contacts
(lithology, alteration, mineralization, structures, etc.) are identified and sampling intervals respect these contacts. The length of each sample can vary from 0.5–1.0 m in length and 0.3–0.5 m in width; the weight of the samples must
be from 2.5–5.0 kg. Sampling is done with a rock hammer. The rock fragments that are detached from the wall are collected in plastic bags properly identified with correlative numbering tags.
|
8.2
|
Sample Security Methods
|
Rainy River Resources, Bayfield, New Gold and Coeur followed similar practices with respect to chain of custody and security protocols for core samples sent to external laboratories.
Sample collection from drill point to laboratory relied upon the fact that samples were either always attended to, or stored in the locked on-site preparation facility, or stored in a secure area prior to laboratory shipment.
Chain-of-custody procedures consist of sample submittal forms to be sent to the laboratory with sample shipments to ensure that all samples are received by the laboratory.
All the exploration half core and the core that hasn’t been sampled is kept in core racks at the core logging facility. The core racks are numbered, and all core location (hole ID and box
numbers) is recorded in an Excel spreadsheet. This includes historical core from Nuinsco, Rainy River Resources and Bayfield, as well as more recent core from the New Gold/Coeur programs.
A small portion of each RC chip sample (2023–2025) is kept as reference in chip trays stored in the basement of the Exploration office located in the same area as the core storage and
core logging facilities.
The core logging and core storage facilities area is fenced with two accesses secured with a lock.
No underground delineation core is stored, as the BQ core is not cut in two. The unsampled portions are disposed of at the dump.
| 8.2.1 |
Sample Retention
|
Sample retention policies for drilling campaign prior to 2024 are unknown. Since 2024, the exploration samples are sent to an external laboratory: the coarse rejects are kept at the
laboratory for a minimum of 60 days and the pulps for a minimum of 90 days. Both the coarse rejects and the pulps are returned to the site by batches, usually once a quarter.
Historical and recent coarse rejects and pulps are stored in sea cans at the core storage facility. The sea can inventory is recorded in an Excel spreadsheet.
|
8.3
|
Density Determinations
|
A total of 11,035 density measurements were completed by Accurassay and ALS using pycnometry on pulverized split core samples selected as representative of each modelled geological
domain. The density data statistics are provided in Table 8‑1.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Table 8‑1: | Density Statistics |
|
Grouped Unit
|
Count
|
Mean
(g/cm3)
|
Median
(g/cm3)
|
Co-efficient of Variation
|
|||||
|
Clastic sediments
|
5
|
2.90
|
2.92
|
0.06
|
|||||
|
Dacitic flows
|
721
|
2.79
|
2.77
|
0.05
|
|||||
|
Heterolithic dacite tuffs
|
2,792
|
2.81
|
2.79
|
0.06
|
|||||
|
Mafic intrusive rocks
|
66
|
2.83
|
2.81
|
0.06
|
|||||
|
Mafic volcanic rocks
|
596
|
2.97
|
2.94
|
0.08
|
|||||
|
Monolithic dacite tuffs
|
6,832
|
2.81
|
2.80
|
0.05
|
|||||
|
Unfoliated granitic intrusions
|
23
|
2.76
|
2.74
|
0.03
|
|||||
|
Total
|
11,035
|
2.82
|
2.80
|
0.05
|
|
8.4
|
Analytical and Test Laboratories
|
Numerous laboratories have been used over time by the various operators, and are summarized, where known in Table 8‑2.
From 2005–2017, samples were sent to external assay laboratories. From 2018–2025, RC grade control drilling, underground delineation drilling and chip samples were analyzed at the Rainy
River Operation’s internal run-of-mine laboratory. From 2019–2025, samples from the mine expansion, near-mine exploration, and regional exploration programs were sent to an external assay laboratory.
All laboratories that have been used, apart from internal run-of-mine laboratory, were independent of the operator at the time. Samples included in the mineral resource estimation
database that were processed at the internal run-of-mine laboratory are infill sample types: in-pit grade control samples from RC drill hole, samples from diamond drill hole completed for the underground infill campaigns, and chip
samples from underground faces.
|
8.5
|
Sample Preparation
|
Sample preparation methods varied by laboratory over time (Table 8‑3).
|
8.6
|
Analysis
|
Analytical methods have also varied, depending on time period and laboratory. Where known, the analytical methods are included in Table 8‑4 (gold) and Table 8‑5 (silver).
|
8.7
|
Quality Assurance and Quality Control
|
As with sample preparation and analytical methods, the quality assurance and quality control (QA/QC) programs also varied over time and by operator. Typically, QA/QC programs included
insertion of blank, certified or standard reference materials (standards), and duplicate samples.
No QA/QC data are available for the Nuinsco 1994–2004 exploration programs.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Table 8‑2: | Sample Preparation and Analytical Laboratories |
|
Laboratory
|
Period Used
|
Purpose
|
Independent
|
Accreditation
|
|||||
|
ALS Thunder Bay
|
1994–2017
|
Sample preparation
|
Yes
|
ISO 9002:1994; ISO
9001:2000; ISO 9001:2008
|
|||||
|
ALS Missisauga
|
1994–2004
|
Analysis
|
Yes
|
ISO 9001:2000
|
|||||
|
ALS Vancouver
|
2005–2006,
2010, 2011–2017
|
Analysis
|
Yes
|
ISO/IEC 17025:2005
|
|||||
|
Accurassay,
Thunder Bay
|
2006–2011
|
Sample preparation
and analysis
|
Yes
|
ISO 9001:2000; ISO/IEC 17025:2005
|
|||||
|
Actlabs, Thunder
Bay
|
2009–2017,
2019, 2024-2025
|
Sample preparation
and analysis
|
Yes
|
ISO/IEC 17025
|
|||||
|
TSL Laboratories,
Saskatoon
|
2010
|
Sample preparation
and analysis
|
Yes
|
ISO/IEC 17025:2005; CAN-P-
4E; CAN-P-1579
|
|||||
|
Internal mine
laboratory
|
2018–2025
|
Sample preparation
and analysis
|
No
|
Not accredited
|
| Table 8‑3: | Sample Preparation Procedures |
|
Operator
|
Laboratory/
Year
|
Method
Code
|
Crush
|
Split
(g)
|
Pulverize
|
||||||
|
Nuinsco
|
ALS
(1994–2004)
|
Not known
|
>60% passing 10 mesh (1.7 mm)
|
200–250
|
>95% passing 150 mesh (106 µm)
|
||||||
|
Rainy River
Resources
|
ALS
(2005–2006)
|
PREP-31
|
>70% passing 9 mesh (2 mm)
|
250
|
>85% passing 200 mesh (75 µm)
|
||||||
|
Accurassay
(2006–2011)
|
ALP1
|
>90% passing 8 mesh (2.36 mm)
|
500
|
>90% passing 150 mesh (106 µm)
|
|||||||
|
Actlabs
(2009–2010)
|
RX1
|
>90% passing 10 mesh (2.36 µm)
|
250
|
>95% passing ~150 mesh (105 µm)
|
|||||||
|
ALS
(2011–2013)
|
PREP-31
|
>70% passing 9 mesh (2 mm)
|
250
|
>85% passing 200 mesh (75 µm)
|
|||||||
|
Bayfield
|
Actlabs
(2010–2014)
|
RX1
|
>90% passing 10 mesh (2.36 µm)
|
250
|
>95% passing ~150 mesh (105 µm)
|
||||||
|
TSL
(2010)
|
Not known
|
Not known
|
Not known
|
Not known
|
|||||||
|
New Gold
|
ALS
(2013–2017)
|
LOG-21; DRY-21; CRU-32; SPL-22Y; PUL-35n
|
>90% passing (2 mm)
|
1,000
|
>90% passing 150 mesh (106 µm)
|
||||||
|
Internal laboratory
(2018–2025)
|
N/A
|
>80% passing 10 mesh (2.36 µm)
|
500
|
>90% passing 140 mesh (105 µm)
|
|||||||
|
Actlabs
(2019–2025)
|
RX1
|
>80% passing 10 mesh (2.36 µm)
|
250
|
>95% passing ~150 mesh (105 µm)
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Table 8‑4: | Analytical Methods, Gold |
|
Company
|
Laboratory/
Year
|
Method
Code
|
Sample
Size
(g)
|
Method
|
Lower
Detection Limit
|
Upper
Detection Limit
|
|||||||
|
Nuinsco
|
ALS
(1994–2004)
|
Not known
|
30
|
FA–ICP
|
1 ppb
|
1,000 ppb
|
|||||||
|
Not known
|
30
|
FA–gravimetric
|
0.03 g/t
|
no limit
|
|||||||||
|
Rainy River
Resources (2005–2013)
|
ALS
(2005–2006)
|
Au-AA23
|
30
|
FA–AAS
|
0.005 ppm
|
10.0 ppm
|
|||||||
|
Au-GRA21
|
30
|
FA–gravimetric
|
0.05 ppm
|
1,000 ppm
|
|||||||||
|
Accurassay
(2006–2011)
|
ALFA1
|
30
|
FA–AAS
|
5 ppb
|
30,000 ppb
|
||||||||
|
ALFA5
|
30
|
FA–gravimetric
|
2 g/t
|
1,000 g/t
|
|||||||||
|
Actlabs
(2009–2010)
|
1A2
|
30
|
FA–AAS
|
5 ppb
|
5,000 ppb
|
||||||||
|
1A3
|
30
|
FA–gravimetric
|
0.03 g/t
|
10,000 g/t
|
|||||||||
|
ALS (2011–2013)
|
Au-AA23
|
30
|
FA–AAS
|
0.005 ppm
|
10.0 ppm
|
||||||||
|
Au-GRA21
|
30
|
FA–gravimetric
|
0.05 ppm
|
1,000 ppm
|
|||||||||
|
Bayfield
(2010–2014)
|
Actlabs
(2010–2014)
|
1A2
|
30
|
FA–AAS
|
5 ppb
|
5,000 ppb
|
|||||||
|
1A3-30
|
30
|
FA–gravimetric
|
0.03 g/t
|
10,000 g/t
|
|||||||||
|
1A4-1000
|
1,000
|
FA–metallic screen
|
0.03 g/t
|
10,000 g/t
|
|||||||||
|
TSL
(2010)
|
Not known
|
Not known
|
Not known
|
Not known
|
Not known
|
||||||||
|
New Gold
|
ALS
(2013–2017)
|
Au-AA24
|
50
|
FA–AAS
|
0.005 ppm
|
10.0 ppm
|
|||||||
|
Au-GRA22
|
50
|
FA–gravimetric
|
0.05 ppm
|
1,000 ppm
|
|||||||||
|
Actlabs
(2014–2017 and 2019-2025)
|
1A2
|
30
|
FA–AAS
|
5 ppb
|
5,000 ppb
|
||||||||
|
Internal laboratory
(2018–2025)
|
Au FA-AA
|
30
|
FA–AAS
|
0.009 ppm
|
10 ppm
|
Note: FA = fire assay; ICP = inductively coupled plasma; AAS = atomic absorption spectroscopy
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Table 8‑5: | Analytical Methods, Silver |
|
Company
|
Laboratory/
Year
|
Method
Code
|
Sample
Size
(g)
|
Method
|
Lower
Detection
Limit
|
Upper
Detection
Limit
|
|||||||
|
Nuinsco
|
ALS
(1994–2004)
|
Not
known
|
Not
known
|
AR digest with AAS finish
|
0.2 ppm
|
34 ppm
|
|||||||
|
Not
known
|
Not
known
|
Multi acid digest
with AAS finish |
17 g/t
|
500 g/t
|
|||||||||
|
Not
known
|
30
|
FA–gravimetric
|
3 g/t
|
no limit
|
|||||||||
|
Rainy River
Resources
|
ALS
(2005–2006)
|
ME-ICP41
|
0.5
|
AR digest with ICP-AES finish
|
0.2 ppm
|
100 ppm
|
|||||||
|
Ag-OG46
|
0.4
|
AR digest with ICP-AES finish
|
1 ppm
|
1,500 ppm
|
|||||||||
|
Accurassay
(2006–2011)
|
ALAR1
|
0.25
|
AR digest with AAS finish
|
1 ppm
|
100 ppm
|
||||||||
|
ALAR2
|
Not known
|
AR digest with AAS finish
|
1 ppm
|
1,500 ppm
|
|||||||||
|
Actlabs
(2009–2010)
|
1E3
|
0.5
|
AR digest with ICP-OES finish
|
0.2 ppm
|
100 ppm
|
||||||||
|
1A3-Ag
|
30
|
FA–gravimetric
|
3 g/t
|
1,000 g/t
|
|||||||||
|
ALS
(2011–2012)
|
ME-MS61
|
0.25
|
4A digest with ICP-MS finish
|
0.01 ppm
|
100 ppm
|
||||||||
|
Ag-OG62
|
0.4
|
4A digest with ICP-AES finish
|
1 ppm
|
1,500 ppm
|
|||||||||
|
ALS
(2012–2013)
|
ME-ICP41
|
0.5
|
AR digest with ICP-AES finish
|
0.2 ppm
|
100 ppm
|
||||||||
|
Ag-OG46
|
0.4
|
AR digest with ICP-AES finish
|
1 ppm
|
1,500 ppm
|
|||||||||
|
Bayfield
|
Actlabs
(2010–2014)
|
1E-Ag
|
0.5
|
AR digest with ICP-OES finish
|
0.2 ppm
|
100 ppm
|
|||||||
|
1A3-Ag
|
30
|
FA–gravimetric
|
3 g/t
|
1,000 g/t
|
|||||||||
|
TSL (2010)
|
Not
known
|
Not known
|
Not known
|
Not known
|
Not known
|
||||||||
|
New Gold
|
ALS
(2013–2017)
|
ME-ICP41
|
0.5 g
|
AR digest with ICP-AES finish
|
0.2 ppm
|
100 ppm
|
|||||||
|
Ag-OG46
|
0.4 g
|
AR digest with ICP-AES finish
|
1 ppm
|
1,500 ppm
|
|||||||||
|
Actlabs
(2014–2017)
|
1E-Ag
|
0.5 g
|
AR digest with ICP-OES finish
|
0.2 ppm
|
100 ppm
|
||||||||
|
Internal laboratory
(2018–2024)
|
AR-MP
|
0.1 g
|
AR digest with ICP-OES finish
|
1 ppm
|
1,000 ppm
|
||||||||
|
Actlabs
(2019- 2025)
|
1F2
|
0.25 g
|
4 acid digest with ICP finish
|
0.3 ppm
|
100 ppm
|
||||||||
|
1E3
|
0.5 g
|
AR digest with ICP-OES finish
|
0.2 ppm
|
100 ppm
|
|||||||||
|
8-4-Acid
|
30 g
|
4 acid digest with ICP-OES finish
|
3 ppm
|
NA
|
Note: AR = aqua regia; AAS = atomic absorption spectroscopy; FA = fire assay; ICP = inductively coupled plasma; AES = atomic emission spectroscopy, OES = optical emission spectroscopy;
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 8.7.1 |
Blanks
|
Insertion rates for blank materials have varied since 2005, ranging from one blank every 30 samples to one blank inserted for every 60 samples.
Bayfield (2010–2014) did not regularly include blank samples in their drill programs.
Programs run by Rainy River Resources from 2005–2011 used coarse blank material sourced locally from the Black Hawk Stock, an intrusive body outcropping on the property. Analyses of this
material suggest it is at least locally anomalous with low levels of gold, and it was therefore changed to a marble garden stone from Quali-Grow Garden Products Inc. in 2011.
The use of coarse marble blank was continued by New Gold to 2025, except for a brief interval in 2016, when coarse blank material was once again sourced from the Black Hawk Stock.
A total of ~15% of coarse blank samples from the Black Hawk Stock reported greater than three times the lower detection limit of 0.005 g/t Au. Analyses from Accurassay and ALS yielded
similar high percentages of failures, indicating local anomalous gold within the source material.
The coarse marble samples performed notably better, with only 0.7% of these samples reporting above three times the detection limit.
Overall, the blank samples from the Rainy River Resources and New Gold programs indicated acceptable control of contamination.
| 8.7.2 |
Standards
|
Gold standards have been used continuously by Rainy River Resources, New Gold and Bayfield since 2005 and comprised, on average, 2.2% of samples submitted to analytical laboratories.
Insertion rates varied, but generally fell between one in 20 to one in 30 samples. Insertion of silver standards occurred between 2011 and 2017 for New Gold and in 2010-2011 for Bayfield. Silver standards were reintroduced by New Gold
in 2025 during the mine expansion drilling campaign.
Standards were sourced from Rocklabs Ltd. of New Zealand, Canadian Resource Laboratories Ltd. of Canada, Geostats Proprietary Ltd. of Australia, and Ore Research and Exploration
Proprietary Ltd. of Australia.
Some instances of sample swaps were noted in the data. Failure rates were typically set at <5%. Some programs did return failures above this limit; however, on review, the occasions on
which those standards used were small, and the number of data were insufficient for meaningful statistical analysis. This was particularly true of the Bayfield campaigns, where there were numerous instances of unique standards.
|
Rainy River Operations
Ontario
Technical Report Summary
|
Overall, the standards performance from the Rainy River Resources and New Gold/Coeur programs is considered acceptable.
| 8.7.3 |
Duplicates
|
The number and type of duplicate samples varied over time and by operator. Programs could include insertion of field, coarse, or pulp duplicates.
Rainy River Resources did not regularly submit duplicate samples for analyses before 2010. At that time, they began submitting quarter-core (field duplicates) samples. Rainy River
Resources did not routinely analyze pulp duplicates as part of their QA/QC program. However, a suite of pulp duplicates was assayed in 2011 as part of an inter-laboratory check program. No coarse duplicates were analyzed by Rainy River
Resources.
Bayfield (2010–2014) did not regularly include duplicate samples in their drill programs
New Gold/Coeur programs included field, coarse, and pulp duplicates. Data review indicated relative paired differences of >20% for field duplicates and around 8% for coarse and pulp
duplicates. This is most likely due to the combination of the heterogeneous nature of the Rainy River mineralization, and sampling variance.
| 8.7.4 |
Umpire Laboratory Checks
|
Umpire samples were not regularly submitted as part of the QA/QC programs run by Nuinsco, Rainy River Resources, or Bayfield. New Gold regularly submitted such samples, starting in 2014.
A subset of samples acquired by Bayfield was sent by New Gold for umpire testing in 2015. No bias has been identified between the original and umpire laboratory results, but variability of results was attributed to natural geological
variance in the pulps.
|
8.8
|
Database
|
Prior to 2024, core logging data were captured directly onto laptop computers using Datamine’s DHLogger and Maxwell LogChief software. Validation protocols were built into the software to
ensure data consistency and minimize data collection errors. LogChief logging data was merged into a central Maxwell Datashed database where further validation was completed. Geological and assay data were transferred directly from the
DataShed database into Maptek Vulcan software for three-dimensional (3D) visualization, interpretation, and modelling. The 2022–2024 underground delineation drilling also used LogChief as a validation tool to ensure data consistency.
In 2024 and 2025, exploration core logging data were captured in Mx Deposit (by Seequent), a data management platform that enables users to collect, manage, share, and access drill hole-
and point-sample-data in the cloud. The software also has validation protocols to ensure data consistency. Data were regularly exported into .csv files and imported into Leapfrog for visual and data validation. After validation, the
data from Mx Deposit were exported to csv format and then imported into Datashed.
|
Rainy River Operations
Ontario
Technical Report Summary
|
For RC drilling (both exploration and grade control), geological data were captured by the collection of cuttings by the drilling contractor at every 2 m. A selection of each sample was
sieved to collect the 4–7 mm fraction in a chip tray. The trays were labelled by interval and hole number and provided to the New Gold geologist. A quick log of the lithology and the alteration for each 2 m interval was completed by the
geologist and recorded in an Excel spreadsheet. The data were then imported into the SQL database using Log Chief.
For delineation drilling (2022–2025), core logging data are captured in Excel spreadsheets. The data are then imported into LogChief software and merged into the central Maxwell Datashed
database.
|
8.9
|
Qualified Person’s Opinion on Sample Preparation, Security, and Analytical Procedures
|
In the opinion of the QP, the sample preparation procedures, analytical methods, QA/QC protocols, and sample security for the samples used in mineral resource estimation are acceptable,
were within industry-standard practices at the time the samples were collected, and are acceptable for mineral resource and mineral reserve estimation and mine planning purposes.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 9 |
DATA VERIFICATION
|
|
9.1
|
Internal Data Verification
|
Coeur implements a series of routine verification procedures to ensure the reliable collection of data. Checks include:
| • |
Comparison of the drill hole collar location data with the digital models of the surface topography and excavation models;
|
| • |
Comparison of underground drill holes and chip sample lines against the 3D underground developments;
|
| • |
Visual inspection of downhole survey information;
|
| • |
Identification of overlapping samples, missing assay results, unsampled intervals and duplicate records.
|
|
9.2
|
External Data Verification
|
The pre-2024 exploration QA/QC database was validated by third-party consultants AMC in 2022.
|
9.3
|
Data Verification by Qualified Person
|
Mr. Nadeau-Benoit prepared the mineral resource estimate in this Report. He completed site visits during the 2023, 2024 and 2025 drilling campaigns. These site visits included the
following verifications:
| • |
Drill hole review from the 2024 and 2025 exploration program, from previous exploration campaigns, and from the underground infill drilling campaigns;
|
| • |
A review of data collection procedures for the exploration and infill data; this included a visit at the RC drill, the diamond drill (for the surface exploration campaign) and review of the chip
sampling underground;
|
| • |
A tour of the internal laboratory, the exploration core shack and the mine core shack (for underground infill drill hole logging).
|
Mr. Nadeau-Benoit discussed (on-site and remotely) the databases and QA/QC results with the database administrator for the assays from the internal laboratory and with the exploration
manager for the assays from the external laboratories to ensure the protocols are respected and to review the procedures. He also reviewed the QA/QC database validation completed by AMC.
Mr. Nadeau-Benoit completed a validation of the 2025 database which included cross-validation checks for the 2024 and 2025 exploration drill program (database against certificate of
assays received directly from the laboratory). No errors or discrepancies were observed by the Qualified Person in the database.
Validation routines were carried out in Leapfrog, following the import of the databases, and consisted of checking for overlapping samples, missing assay results, unsampled intervals and
duplicate records. This validation ensured that all the assay results were properly imported into the databases; it also ensured the proper treatment of wedged holes and their duplicated upper portions (from their respective “mother”
hole) in Leapfrog.
|
Rainy River Operations
Ontario
Technical Report Summary
|
The surface drillhole collars were compared against the LiDAR surface topography and the underground drill holes and chip sample lines were compared against the 3D underground
developments. The hole deviations were reviewed in 3D. No errors were observed by the Qualified Person.
Overall, the site visits, discussions and data verification completed by Mr. Nadeau-Benoit demonstrated that data acquisition and protocols are acceptable. There were no limitations
placed on Mr. Nadeau-Benoit when verifying data. Based on these verifications, Mr. Nadeau-Benoit is of the opinion that the databases are valid and of sufficient quality to be used for the mineral resource and mineral reserve
estimations described in Chapters 11 and 12 of this Report.
Mr. Corey Kamp completed a validation of the mineral resource and reserve surfaces and solids used for surface open pit. Mr. Michael Kontzamanis completed a validation of the mineral
resource and reserve underground solids used for underground mining. Based on these verifications, Mr. Corey Kamp and Mr. Michael Kozamanis is of the opinion that the databases are valid and of sufficient quality to be used for the
mineral resource and mineral reserve estimations described in Chapters 11 and 12 of this Report.
|
9.4
|
Qualified Person’s Opinion on Data Adequacy
|
The process of data verification for the Project was performed by third parties and Coeur personnel, including the QP. The QP reviewed the appropriate reports. The QP considers that a
reasonable level of verification has been completed, and that no material issues would have been left unidentified from the programs completed.
The QP is of the opinion that the data verification programs for Project data adequately support the geological interpretations, the analytical and database quality, and therefore support
the use of the data in mineral resource and mineral reserve estimation, and in mine planning.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 10 |
MINERAL PROCESSING AND METALLURGICAL TESTING
|
|
10.1
|
Test Laboratories
|
The process plant was constructed and commissioned in 2017. The original plant design was informed by metallurgical testwork completed prior to construction, including testwork documented
in a feasibility-level technical study completed in 2014. That historical testwork is available to Coeur, and was reviewed in support of the current evaluation.
Subsequent modifications and optimizations to the process plant were based on observed operating performance, results from metallurgical testwork conducted on-site, and supplemental
testwork completed at independent metallurgical laboratories. These changes reflect operating experience and were intended to improve recovery, throughput, and overall process performance.
Independent metallurgical testwork was conducted at recognized commercial metallurgical testwork facilities, including SGS Canada Inc., Metso Minerals Canada Ltd., FLSmidth Minerals Ltd.,
and Orway Mineral Consultants. Numerous laboratories have been used over time by the various operators, and are summarized, where known in Table 10‑1.
Metallurgical testwork programs included mineralogical characterization, comminution testing, gravity separation, flotation, heap leaching, cyanide leaching of flotation concentrates,
whole-ore cyanide leaching, carbon activity testing, evaluation of pre-aeration, oxygen and air addition, nitrate addition during leaching, cyanide destruction, rheological testing, environmental testwork, variability testing, and
carbon-in-pulp process modelling.
The operation maintains an on-site analytical laboratory that performs routine assays of metallurgical, process and geological samples. An on-site metallurgical laboratory is also used to
conduct reagent testing, grind size analysis, and metallurgical characterization of new ore types. These on-site laboratories are operated by Coeur, and are not independent laboratories. The metallurgical testwork described in the
following sub-sections is considered appropriate for the level of study and is consistent with industry practice.
|
10.2
|
Metallurgical Testwork
|
Metallurgical testwork was completed in progressive stages to support successive technical and economic evaluations. Early programs conducted between 2008 and 2012 included mineralogy,
comminution, gravity separation, flotation, and cyanide leaching, supported by a comprehensive variability program informed by geometallurgical modelling. Two processing routes were initially evaluated: flotation with concentrate
leaching and whole-ore cyanide leaching. At the initial evaluation stage, flotation with concentrate leaching achieved approximately 88.5% gold recovery at a 150 µm primary grind with concentrate regrinding to 15 µm, while whole-ore
leaching achieved approximately 91% gold recovery at a finer 60 µm grind.
As the project advanced, testwork expanded to confirm flowsheet performance for Main Pit and Intrepid Zone ores and to represent anticipated LOM blending using ODM Master, Initial Pit,
and Remaining LOM composites. Ore characterization identified key zonal differences, with the Cap Zone exhibiting elevated sulfur and iron and a higher proportion of locked gold, while the Intrepid Zone was distinguished by higher
silver grades.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Table 10‑1: | Metallurgical, Sample Preparation and Analytical Laboratories |
|
Laboratory
|
Location
|
Purpose
|
Independent
|
Accreditation
|
|||||
|
PMC
Laboratory
|
Maple Ridge, British Columbia
|
Assay QA checks, mineralogy and metallurgy
|
Yes
|
None
|
|||||
|
ALS
Global
|
Thunder Bay, Ontario
|
Water chemistry and general chemistry analysis, fine carbon cyanide analysis
|
Yes
|
ISO 45001:2018
ISO 14001:2015
ISO/IEC 17025:2017
|
|||||
|
Blue Coast
Research Ltd
|
Parksville, British Columbia
|
Project metallurgical and geochemical testing
|
Yes
|
N/A
|
|||||
|
Rainy River
Assay
Laboratory
|
Rainy River Site
|
Internal production assays
|
No
|
None
|
|||||
|
New Afton
Assay
Laboratory
|
New Afton Site
|
General chemistry and scale analysis
|
No (External Site)
|
None
|
|||||
|
SGS Canada
Inc.
|
Lakefield, Ontario
|
Mineralogy and metallurgical testing
|
Yes
|
ISO/IEC 17025:2017
|
|||||
|
Activation
Laboratories
|
Thunder Bay, Ontario
|
Mineral analysis
|
Yes
|
ISO/IEC 17025:2017
ISO 9001:2015
|
|||||
|
ALS Global
|
Burnaby, British Columbia
|
Geochemical testing
|
Yes
|
ISO 45001:2018
ISO 14001:2015
ISO/IEC 17025:2017
|
|||||
|
FLSmidth
Minerals Ltd.
|
Midvale, Utah
|
Mineralogical and Metallurgical testing and piloting
|
Yes
|
ISO/IEC 17025:2017
ISO 14001:2015
ISO 9001:2015
|
|||||
|
Metso Canada
Inc. |
Burlington,
Ontario
|
Process Optimization, Metallurgical Testing
|
Yes
|
ISO 14001:2015
ISO 9001:2015
ISO 45001:2018
ISO 27001:2022
|
|||||
|
Orway
Minerals Consultants
|
Mississauga, Ontario
|
Mineral Process Design
|
Yes
|
None
|
Extensive multi-laboratory comminution testing supported the process design, which adopted conservative 80th
percentile parameters, including a crusher work index of 25 kWh/t, a Bond work index of 15 kWh/t. JK drop weight and SMC testwork was completed across all ore zones and used to define zone-specific A×b and ta parameters. These results were composited using the Initial Pit and Remaining LOM blend proportions to generate representative hardness inputs, which were then applied in JKSimMet
to estimate SAG mill sizing and energy requirements based on the 80th-percentile hardness of the blended ore. These inputs formed the basis for a grinding
circuit designed for a cyclone overflow P80 of 75 µm at approximately 21,000 t/d and the selection of 15 MW dual-pinion drives for the SAG and ball mills.
|
Rainy River Operations
Ontario
Technical Report Summary
|
Gravity recoverable gold was shown to be strongly dependent on ore type and grind size. Knelson gravity recoverable gold testing on an ODM Zone master composite demonstrated that when
ground to a P80 of 90 µm, approximately 51% of the contained gold was gravity recoverable. However, because the plant gravity circuit was designed to treat a portion of cyclone feed slurry at a much coarser size of approximately P80
1,000 µm, gravity recoveries under plant conditions are significantly lower. Plant performance reflected this variability, with gravity gold recoveries averaging 21.6%, 14.2%, and 17.0% in 2023, 2024, and 2025 at gold head grades of
0.97 g/t, 0.86 g/t, and 1.06 g/t, respectively. Silver gravity recovery was consistently lower, with plant recoveries of 5.2%, 2.4%, and 4.5% over the same period at head grades of 2.56–2.92 g/t Ag.
Leach gold recoveries increased from approximately 86% at a grind size of 119 µm to approximately 91% at 51 µm, with corresponding total gold recoveries increasing from about 90% to 93%.
At the selected design grind size of 75 µm, gold recovery was approximately 90% by leaching and 93% on a total recovery basis. Silver recoveries showed a similar grind size dependence, increasing from about 67% at 119 µm to a peak of
approximately 79% at 75 µm.
Following plant start-up in 2017, metallurgical testwork focused on validating and optimizing performance using operating data. An independent audit completed in April 2019 used plant
comminution surveys to develop a JKSimMet model for throughput forecasting and grinding circuit evaluation, supported by regression analysis relating gold recovery to feed grade and grind size. Post-start-up carbon management testing
demonstrated that acid washing did not materially improve carbon activity, indicating calcium fouling was not a significant constraint. The acid wash circuit was therefore removed from service, reducing reagent costs and carbon
attrition.
Subsequent improvements were driven by optimization of the thickening, leaching, and grinding circuits. Flocculant screening programs identified improved reagents and confirmed that poor
polymer mixing was the primary cause of high consumption. Installation of a polymer slicing unit in late 2020, combined with flocculant optimization and advanced process control, reduced flocculant consumption. Leach optimization
testwork and carbon in pulp (CIP) modelling completed in 2021 confirmed that the leach and CIP circuits were generally near optimal, with gold extractions ranging from approximately 80–90% depending on ore type and no material benefit
from finer grinding or increased cyanide addition. A subsequent independent grinding circuit audit in 2023 identified very competent ore, confirmed the ball mill as the primary throughput constraint with circulating loads approaching
500%, and identified opportunities to increase throughput.
In 2025, additional bottle roll leach testing and mineralogical characterization were completed on underground ore from the UG Main, Intrepid, Cap, Zone 17, and 433 Zones to further
validate leach performance and link recovery to mineralogy. All zones except the Cap Zone exhibited favourable leach kinetics, with average total recoveries of approximately 91% for gold and 75% for silver and limited improvement beyond
24 hours. The Cap Zone remained the most challenging due to elevated pyrite content of up to approximately 6.9% by weight, fine gold–silver grain sizes below 20 µm, and partially refractory mineralization that would likely require
ultrafine grinding or pre-oxidation to materially improve recovery. The UG Main, Zone 17, and 433 Zones showed strong leach response with no material processing risks identified, while the Intrepid Zone exhibited greater variability in
kinetics and recovery despite generally coarse, well-liberated electrum.
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
10.3
|
Recovery Estimates
|
Based on testwork results and operating performance from 2017–2025, grade-recovery formulas were developed to forecast LOM plan gold and silver recoveries.
Predictive recovery formulas for each metallurgical zone are shown in Table 10‑2. Gold recoveries are capped to a maximum of 94%.
The grade-recovery curves are shown in Figure 10‑1 for gold and Figure 10‑2 for silver.
| Table 10‑2: | Forecast Metallurgical Recovery Formulae |
|
Commodity
|
Zone
|
Formula
|
|||
|
Gold
|
Non-CAP Zone ore
|
 |
|||
|
Underground ore (excluding Cap Zone)
|
Gold recovery = ((Au - (0.0937 x Au0.4223 − 0.007)) ÷ Au) x 100
|
||||
|
Cap Zone ore
|
Gold recovery = ((Au - (0.2497 x Au1.015 − 0.007)) ÷ Au) x 100
|
||||
|
Silver
|
Non-Cap Zone ore
|
Silver recovery = ((Ag – 0.4409 x Ag0.9285) ÷ Ag) x 96.6
|
|||
|
Cap Zone ore
|
Silver recovery = ((Ag – 0. 0.3868 x Ag0.9174) ÷ Ag) x 96.6
|
Note: Au is the process plant gold head grade in g/t, and Ag is the process plant silver head grade in g/t.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Figure 10‑1: |
Gold Grade–Recovery Curve |
Note: Figure prepared by Coeur, 2026.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Figure 10‑2: |
Silver Grade–Recovery Curve |
Note: Figure prepared by Coeur, 2026.
|
10.4
|
Metallurgical Variability
|
Metallurgical variability testwork was completed following selection of the processing flowsheet and establishment of base test criteria to confirm that metallurgical performance is
representative of the range of mineralization within the Rainy River deposit. The variability program included 162 comminution samples and 208 cyanide leaching samples from the Main Pit, together with an additional 30 comminution and
cyanide leaching samples from the Intrepid Zone. Sample locations, drillhole intervals, and sample mass were selected using a geometallurgical model and supporting statistical analyses developed by SGS, incorporating geographic
location, mineralization grade, and mineralization trends to ensure adequate three-dimensional coverage of the orebody.
|
Rainy River Operations
Ontario
Technical Report Summary
|
All cyanide leach variability tests were conducted under consistent baseline conditions, including a target grind size of P80 75 µm, 30-minute air
pre-oxidation, cyanide concentration of 0.5 g/L NaCN, and pH maintained between 10.5 and 11.0. The results demonstrate that most ore zones achieved average total gold recoveries above 80%, with non-Cap Zone material averaging
approximately 86% and the Cap Zone averaging approximately 74%. Gold leaching was generally complete by approximately 30 hours, while silver leaching continued beyond 36 hours, supporting the selected leach residence time and
flowsheet design.
The lower recoveries observed in the Cap Zone are attributed to higher sulfide content, elevated iron and sulfur levels, finer gold–silver grain size, and partially refractory
mineralization, as confirmed by mineralogical characterization. These characteristics are explicitly incorporated into zone-specific recovery models used to estimate mineral resources and mineral reserves. Based on the scope, spatial
distribution, and consistency of the comminution and leach variability testwork, metallurgical variability is considered adequately characterized, and no unrecognized metallurgical risks related to deposit variability are expected to
materially affect recovery assumptions or projected economic outcomes.
|
10.5
|
Deleterious Elements
|
There are no known processing factors or deleterious elements that could have a significant effect on economic extraction.
|
10.6
|
Qualified Person’s Opinion on Data Adequacy
|
Testwork programs, both internal and external, continue to be performed to support current operations and potential improvements. Current metallurgical testwork confirms the material to
be mined as having a similar response to the grinding, gravity and leaching processes as previously mined ores. Metal recovery assumptions are derived from the past performance of the leaching operation.
The QP reviewed the information compiled by Coeur, as summarized in this Report chapter and performed a review of the reconciliation data available to verify the information used in the
LOM plan.
Based on these checks, in the opinion of the QP, the metallurgical testwork results and production data support the estimation of mineral resources and mineral reserves and can be used in
the economic analysis.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 11 |
MINERAL RESOURCE ESTIMATES
|
|
11.1
|
Introduction
|
The 2025 mineral resource estimate is based on three block models, two block models for the Main Zone (ODM, 17, 433, HS, NW Trend, and Cap) and one block model for the Intrepid Zone.
Intrepid is modelled separately because of its distance from the other zones. Mineral resources are estimated for the Main and Intrepid Zones.
There are three separate block models, two block models for the Main Zone (ODM, 17EL, 433, HS, NW Trend, and Cap): one for the open pit portion and one for the underground portion of the
Main Zone and, finally, one block model for the Intrepid Zone.
The Main Zone open pit model is estimated at a parent block size of 5 x 5 x 5 m, not rotated, and sub-blocked down to 1.250 x 1.250 x 0.625 m at resource domains boundaries.
The Main underground model is estimated at a parent block size of 8 x 3 x 8 m, rotated at an azimuth of 0˚ and a dip of 34.75˚. The model is sub-blocked down to 1.00 x 0.75 x 1.00 m at
resource domains boundaries.
The Intrepid Zone block model is estimated at a parent block size of 3 x 3 x 8 m, rotated at an azimuth of 350˚ and a dip of 30˚. The model is sub-blocked down to 0.75 x 0.75 x 1.00 m at
resource domains boundaries.
Software used in estimation included Seequent’s Leapfrog Geo v.2025.1.1 (Leapfrog) with the Leapfrog Edge extension (Edge), Deswik 2025.2 Pseudoflow, and Deswik 2025.2 Stope Optimizer
software.
|
11.2
|
Database
|
The 2025 estimation database close-out date was October 1, 2025. Drilling used in estimation is summarized in Table 7‑2.
All unsampled intervals in the estimation database were assigned a value of 0.00 g/t Au and 0.00 g/t Ag based on the assumption that these intervals were not sampled because they showed
no indication of mineralization.
The database and all resulting models use UTM grid coordinates (NAD 83 datum, Zone 15 North). The database was verified and approved by Rainy River Operations staff and validated by the
Qualified Persons.
|
11.3
|
Exploratory Data Analysis
|
Both zones were subject to exploratory data analysis methods, which could include histograms, cumulative probability plots, box and whisker plots, and contact analysis. Statistics were
compiled and compared for length weighted drill hole intersects, raw assay data, capped assay data, composites, and declustered composites to ensure that the grade distribution and true mean of the system were conserved throughout the
different steps of the estimation process.
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
11.4
|
Geological Models and Estimation Domains
|
A 3D litho-structural model was constructed for the Rainy River deposit, with major layered and intrusive lithological units, shear zones, and brittle faults. Modelled lithological units
were used as domains to estimate carbon and sulfur contents, and density. The modelled diabase dikes, considered post-mineralization and therefore barren, was used to clip the resource domains. Blocks inside the dike were assigned a
grade of zero gold and zero silver.
Resource domains were generated by manually selecting assays intervals on sectional, plan, and 3D views, and using the “vein tool” in Leapfrog. Various grade thresholds were used to
generate the domains and capture different styles of gold mineralization:
| • |
Low-grade domains: >0.1 g/t Au for Main and >0.3 g/t Au for Intrepid, capturing the large-scale alteration and mineralization footprint;
|
| • |
Discrete domains: >0.3 g/t or >0.5 g/t Au for Main Zones, >1.0 g/t Au for Intrepid, capturing the geometry of individual gold-bearing sulfide zones. Their morphology is typically intricate
and show signs of deformation including pinching and swelling and local dragging along shear zones.
|
Figure 11‑1 shows the locations of the major domains.
Sub-domains were locally added to capture higher-grade mineralization within discrete domains; this improved constraints on high-grade gold values and allowed adjustments of estimation
parameters. A grade threshold of 1.5 g/t Au was used at Main Zone and 4.0 g/t Au at Intrepid.
Bedrock is overlain by overburden with a thickness ranging from 0 m in the vicinity of the Intrepid Zone and up to 60 m in the area of NW Trend. A LiDAR survey was completed before the
mining of the open pit had started. A wireframe solid for the overburden was created using the logged overburden intervals in the drill hole database and the pre-mining LiDAR topo surface. This solid was filled with blocks for the block
model estimation and given a fixed grade of 0 g/t for gold and silver and a fixed density of 1.8 g/cm3.
An open-pit mining depletion surface was prepared by the mine survey team as of December 31, 2025. Surveyed volumes of underground developments and mined-out stopes were provided by the
underground engineering department as of December 31, 2025. These surface and volumes were used to exclude the depleted areas prior to resource pit shells and stope optimizations.
|
11.5
|
Domain Codes
|
Resource domain intervals were generated for all drill holes using the “Evaluation” function in Leapfrog. The purpose of the evaluation was to generate drill hole intervals for each
intersected domains, assign domain codes (AUDOM), and produce intersect length and extract assay statistics for each of the resource domains.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Figure 11‑1: |
Inclined View of Resource Domains |
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
11.6
|
Density Assignment
|
The density values were derived using a single pass and using inverse distance weighting to the second power (ID2)
interpolation. The lithological units in Table 8‑1 were used as estimation domains for density, with hard boundaries.
A minimum of three and maximum of 12 samples were used. Where the number of samples was insufficient to support interpolation, a default value was assigned to the affected domain.
Outlier values above 3.6 g/cm3 were capped to that value for the interpolation and the statistics, which
are the basis of the chosen default density values, the median for each lithological unit.
|
11.7
|
Grade Capping/Outlier Restrictions
|
Two methods for limiting the influence of extreme high-grade outlier assays were used: capping of raw assay data prior to compositing, and use of a high-grade restricted search in the
grade estimation process.
| 11.7.1 |
Capping
|
A combination of probability plots and histogram and statistical analysis was used to determine the capping value for each domain.
Capping values for gold ranged from no caps applied to 10 g/t Au at the Main Zone, and no caps applied to 35 g/t Au at the Intrepid Zone.
Capping values for silver ranged from no caps applied to 8 g/t Ag at the Main Zone, and no caps applied to 300 g/t Ag at the Intrepid Zone.
| 11.7.2 |
Restricted Search
|
A high-grade-restricted search was used on specific domains, for gold, based on reconciliation results, actual grade continuity and comparison with the grade control model (in the open
pit). The high-grade-restricted search ellipses represent percentage ratios of the pass search ellipses. Ratios were reduced after each pass to ensure consistency of high-grade-restricted search ellipses size.
Ranges used for the Main Zone were:
| • |
Pass 1: none;
|
| • |
Pass 2: range of 1 g/t Au representing 16% of the search range to 20 g/t Au, representing 90% of the search ranges;
|
| • |
Pass 3: range of 1 g/t Au representing 8% of the search range to 20 g/t Au, representing 45% of the search ranges;
|
| • |
Pass 4: range of 1 g/t Au representing 3.5% of the search range to 20 g/t Au, representing 15% of the search ranges;
|
Ranges used for the Intrepid Zone were:
|
Rainy River Operations
Ontario
Technical Report Summary
|
| • |
Long-term pass 1: range of 3.5–20 g/t Au representing 75% of the search ranges;
|
| • |
Long-term pass 2: range of 3.5–20 g/t Au representing 37.5% of the search ranges;
|
| • |
Long-term pass 3: range of 3.5–20 g/t Au representing 15% of the search ranges;
|
| • |
Short-term pass 1: none;
|
| • |
Short-term pass 2: range of 3.5–20 g/t Au representing 75% of the search ranges.
|
|
11.8
|
Composites
|
A composite length of 1.5 m, cut at domain boundaries, is used for underground blocks models (Main and Intrepid Zones).
A composite length of 3.0 m, cut at domain boundaries, is used for the Main Zone open pit model.
Compositing was applied after capping.
|
11.9
|
Variography
|
Variogram modelling was completed on a zone-by-zone basis. A variogram model was completed on gold and silver capped composites from a representative domain for each zone. The variogram
model was then applied to the other domains of the same zone. These variograms were calculated along the mean dip and dip directions of each selected domain.
The modelled variograms have a nugget with an average of around 30% for gold. The anisotropy is well-defined, with greater continuity oriented down-dip (slightly to the west) within a
steep east-west-trending plane. The average interpreted range for the main axis of the spatial models is 60 m for the discrete domains and is 140 m for the low-grade domains.
|
11.10
|
Estimation/interpolation Methods
|
Gold and silver grade interpolations were completed on the composited values.
For the Main Zone, grade interpolation was completed using ordinary kriging (OK) in four successive passes. The first search pass used composites from grade-control RC drill holes, chip
lines, underground delineation drill holes and exploration drill holes. The second, third, and fourth passes only used composites from the exploration and underground infill drill holes. The first search ellipsoid used a 12.5 x 12.5 x 5
m range. The three subsequent search ellipsoids (second, third, and fourth search passes) used a multiple of the ranges obtained from the variogram fitted models, corresponding to 0.5 times, 1.0 time and 2.5 times the ranges,
respectively. The first three estimation passes where limited to two composites per drill hole (or chip lines) while the fourth pass could use more than two composites per drill hole (or chip lines).
For the Intrepid Zone, grade interpolation was first completed using OK in three successive passes. The three passes, referred as the “long-term” passes, used composites from exploration
and underground infill drill holes. The first search ellipsoid used a 27.5 x 27.5 x 7.5 m range, the second search ellipsoid used a 55.0 x 55.0 x 15.0 m range, and the third search ellipsoid used a 137.5 x 137.5 x 37.5 m range.
Subsequently, in areas where coverage of underground infill drilling and chip sampling is high (defined as being within the “short-term boundary”), grade interpolation was completed using ID2 in two successive short passes, referred as the “short-term” passes.
|
Rainy River Operations
Ontario
Technical Report Summary
|
These passes overprint previously estimated blocks within the short-term boundary. The first search ellipsoid used a 12.5 x 12.5 x 5 m range, and the second search ellipsoid used a 27.5
x 27.5 x 7.5 m range. All the estimation passes were limited to three composites per drill hole (or chip lines).
For both zones, the search ellipsoids (anisotropic search) and variograms were guided by the mid-planes of each domain.
Blocks were estimated using hard boundaries between the different mineralized domains.
Where discrete domains shared a boundary with their own subdomain, semi-soft boundaries of 15 m for the Main Zone deposit and 10 m for the Intrepid deposit were applied between discrete
domains and their respective subdomain. For example, for the ODM/17 Zone, composites within the subdomains, up to 15 m away from their boundary, informed blocks within the discrete domains along with the composites within the discrete
domains.
Composites within the low-grade domains and composites within discrete domains, up to 15 m away from the boundary for the Main Zone deposit and up to 1 m away from the boundary for the
Intrepid deposit, informed blocks within the low-grade domains.
For both deposits, all the subdomains were estimated using hard boundaries.
|
11.11
|
Validation
|
The block models were validated using the following methods:
| • |
Visual inspection, stepping through 2D sectional views, comparing raw drill assay data, capped assay data and composited assay data against block estimated values;
|
| • |
Comparison of model statistics to drill assay data;
|
| • |
Swath plots;
|
| • |
Comparison with the grade control model (tonnes and grade).
|
Wireframe volumes were compared to block model volumes for each domain.
These validation procedures indicate that geology and resource models are acceptable to support mineral resource estimation.
|
11.12
|
Confidence Classification of Mineral Resource Estimate
|
| 11.12.1 |
Mineral Resource Confidence Classification
|
Criteria for mineral resource confidence classification are summarized in Table 11‑1.
For both the Main Zone and Intrepid models, the classification was manually smoothed by applying outline boundaries in longitudinal view. As such, some inferred blocks contained within
the indicated category outline were upgraded to indicated, whereas indicated blocks outside of these outlines were downgraded to the inferred category.
Deswik mine stope optimizer (DSO) software was used to classify each optimized stope based on the dominant resource category for that stope. The resulting optimized stopes classification
was then reviewed by the Qualified Persons.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 11.12.2 |
Uncertainties Considered During Confidence Classification
|
Other criteria were used to refine classification categories in addition of drill spacing analysis. These include variable uncertainties regarding sampling and drilling methods, data
processing and handling, geological modelling, and estimation. The areas with the most uncertainty were assigned to the inferred category, and the areas with fewest uncertainties were classified as measured.
| Table 11‑1: |
Confidence Classification Criteria
|
|
Confidence Classification
|
Main Zone
|
Intrepid Zone
|
|||
|
Measured
|
Defined by blocks estimated by a minimum of three drill holes and interpolated during the first, second and third estimation search pass (up to the full variogram search ranges) and located within a
closest distance of <30 m. This is achieved with drill holes at a nominal spacing of approximately 50 m (maximum of 60 m). Blocks must be included within a resource domain and within 15 m of underground development with
sampling (chip samples) validated by QA/QC.
|
Defined by blocks estimated by a minimum of three drill holes, interpolated during the first and second estimation search pass (up to the full variogram search ranges) and located within a closest
distance of <20 m. This is achieved with drill holes at a nominal spacing of approximately 40 m. Blocks must be included within the discrete domains (above the 1 g/t Au modelling threshold) and within 15 m of underground
development with sampling (chip samples) validated by QA/QC
|
|||
|
Indicated
|
Defined by blocks interpolated during the first, second and third estimation search pass (up to the full variogram search ranges) and located within a closest
distance of <30 m. This is achieved with drill holes at a nominal spacing of approximately 50 m (maximum of 60 m). Blocks must be included within a resource domain
|
Defined by blocks estimated by a minimum of three drill holes, interpolated during the first and second estimation search pass (up to the full variogram search ranges) and located within a closest
distance of <20 m. This is achieved with drill holes at a nominal spacing of approximately 40 m. Blocks must be included within a resource domain
|
|||
|
Inferred
|
Defined as those blocks which do not meet the criteria for measured or indicated mineral resources, but are within a maximum distance of 50 m from a single drill hole (drill spacing of up to 100 m).
Blocks must be included within a resource domain
|
Defined as blocks which do not meet the criteria for measured or indicated mineral resources but are within a maximum distance of 40 m from a single drill hole. Blocks must be included within a
resource domain
|
|
11.13
|
Reasonable Prospects of Economic Extraction
|
| 11.13.1 |
Input Assumptions
|
For each resource estimate, an initial assessment was undertaken that assessed likely infrastructure, mining, and process plant requirements; mining methods; process recoveries and
throughputs; environmental, permitting and social considerations relating to the proposed mining and processing methods, and proposed waste disposal; and technical and economic considerations in support of an assessment of reasonable
prospects of economic extraction.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 11.13.2 |
Mineral Resources Potentially Amenable to Open Pit Mining Methods
|
Mineral resources are constrained within a pit shell generated using Deswik Pseudoflow pit optimization software (Pseudoflow) that uses the assumptions in Table 11‑2. A cross section and
location plan showing the mineral resources exclusive of mineral reserves is provided as Figure 11‑2.
| Table 11‑2: |
Constraining Pit Shell Assumptions |
|
Parameter
|
Units
|
Value
|
|||
|
Gold price
|
US$/oz
|
2,500
|
|||
|
Silver price
|
US$/oz
|
30
|
|||
|
Exchange rate
|
C$:US$
|
1.35
|
|||
|
Gold selling cost
|
US$/oz
|
4.10
|
|||
|
Silver selling cost
|
US$/oz
|
1.00
|
|||
|
Royalty
|
%
|
1.4
|
|||
|
Gold metallurgical recovery
|
%
|
variable
|
|||
|
Silver metallurgical recovery
|
%
|
variable
|
|||
|
Overburden mining cost
|
US$/t mined
|
3.18
|
|||
|
Base mining cost (at 300 m bench)
|
US$/t mined
|
4.38
|
|||
|
Incremental mining cost (per 10 m bench)
|
US$/t mined
|
0.025
|
|||
|
Processing cost
|
US$/t processed
|
10.40
|
|||
|
G&A cost
|
US$/t processed
|
4.49
|
|||
|
Total mineralization-related cost
|
US$/t processed
|
14.89
|
|||
|
Slope angles
|
degrees
|
variable
|
|||
|
Break-even cut-off grade
|
g/t AuEq
|
0.21
|
|||
|
Cut-off grade used for reporting
|
g/t AuEq
|
0.20
|
Note: G&A = general and administrative; AuEq = gold equivalent, see discussion in Chapter 11.13.5.
Metallurgical recoveries are based on the predictive recovery formulas shown in Chapter 10. Overall slope angles vary by litho-structural domain.
Mineral resources are reported using a gold equivalent (AuEq) cut-off, the basis for which is described in Chapter 11.13.5.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Figure 11‑2: | Cross Section and Location Plan for Mineral Resources |
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 11.13.3 |
Mineral Resources Potentially Amenable to Underground Mining Methods
|
This estimate is constrained within optimized shapes using Deswik Stope Optimizer (DSO) using the parameters shown in Table 11‑3. A plan and cross-section showing the location of the
mineral resources exclusive of mineral reserves is shown above in .Figure 11‑2
The DSO stopes were cut by the mineral resource conceptual pit shell, depletion solids, and underground mineral reserve solids to produce the mineral resource stopes used in the mineral
resource estimate. Mineral Resources potentially amenable to underground mining methods are primarily extensions to existing mineral reserve zones at depth and along strike.
Metallurgical recoveries are based on the predictive recovery formulas shown in Chapter 10. Mineral resources are reported using an AuEq cut-off, the basis for which is described in
Chapter 11.13.5.
| 11.13.4 |
Commodity Price
|
The gold price used in resource estimation is based on analysis of three-year rolling averages, long-term consensus pricing, and benchmarks to pricing used by industry peers over the past
year. An explanation of the derivation of the commodity prices is provided in Chapter 16.2.
The estimated timeframe used is the 10-year LOM that supports the mineral reserve estimates. The gold price forecast for the mineral resource estimate is US$2,500/oz.
| 11.13.5 |
Cut-off Grades
|
The mineral resources are reported using a cut-off grade of 0.2 g/t AuEq for mineral resources considered potentially amenable to open pit mining methods and 1.24 g/t AuEq for mineral
resources considered potentially amenable to underground mining methods.
The following gold-equivalency formulas are used for open-pit and underground mining scenarios:
| • |
Open pit gold equivalency in g/t = (Au in g/t) + ((Ag in g/t) ÷ 125);
|
| • |
Underground gold equivalency in g/t = (Au in g/t) + ((Ag in g/t) ÷ 131.944);
|
The calculations are based on the following:
| • |
Gold price: US$2,500/oz Au;
|
| • |
Gold recovery: 90% for open pit and 95% for underground;
|
| • |
Silver price: US$30/oz Ag;
|
| • |
Silver recovery: 60% for open pit and underground.
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Table 11‑3: |
Constraining Mineable Shape Assumptions |
|
Parameter
|
Units
|
Value
|
|||
|
Gold price
|
US$/oz
|
2,500
|
|||
|
Silver price
|
US$/oz
|
30
|
|||
|
Exchange rate
|
C$:US$
|
1.35
|
|||
|
Gold selling cost
|
US$/oz
|
4.10
|
|||
|
Royalty
|
%
|
6.1
|
|||
|
Gold metallurgical recovery
|
%
|
variable
|
|||
|
Silver metallurgical recovery
|
%
|
variable
|
|||
|
Underground mining cost
|
US$/t mined
|
52.49
|
|||
|
Surface haul cost
|
US$/t mined
|
2.00
|
|||
|
Processing cost
|
US$/t processed
|
11.21
|
|||
|
G&A cost
|
US$/t processed
|
10.49
|
|||
|
Total ore-related cost
|
US$/t processed
|
76.19
|
|||
|
Minimum dip
|
degrees
|
50
|
|||
|
Minimum stope width
|
m
|
2
|
|||
|
Stope length
|
m
|
2
|
|||
|
Stope height
|
degrees
|
25
|
|||
|
Dilution
|
%
|
14
|
|||
|
Cut-off grade
|
g/t AuEq
|
1.24
|
Note: G&A = general and administrative; AuEq = gold equivalent, see discussion in Chapter 11.13.5.
| 11.13.6 |
QP Statement
|
The QP is of the opinion that any issues that arise in relation to relevant technical and economic factors likely to influence the prospect of economic extraction can be resolved with
further work. The mineral resource estimates are performed for deposits that are in a well-documented geological setting. Coeur is familiar with the economic parameters required for successful operations in the Rainy River area; and
Coeur has a history of being able to obtain and maintain permits, social license and meet environmental standards. There is sufficient time in the 10-year (to 2035) timeframe considered for the commodity price forecast for Coeur to
address any issues that may arise, or perform appropriate additional drilling, testwork and engineering studies to mitigate identified issues with the estimates.
|
11.14
|
Mineral Resource Statement
|
Mineral resources are reported using the mineral resource definitions set out in S-K 1300, and are reported exclusive of mineral resources converted to mineral reserves. The mineral
resources are current as at December 31, 2025. The reference point for the estimate is in situ. Measured, indicated, and inferred mineral resources are summarized in Table 11‑4.
Vincent Nadeau-Benoit P.Geo., Corey Kamp, P.Eng., and Michael Kontzamanis, P.Eng are the Qualified Persons for the estimates. All are Coeur employees.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Table 11‑4: |
Mineral Resources Statement as at December 31, 2025 |
|
Area
|
Category
|
Tonnes
(kt)
|
Grade
|
Contained
Metal
|
Metallurgical
Recovery
|
||||||||||||||
|
Au
(g/t)
|
Ag
(g/t)
|
Cutoff
(g/t
AuEq)
|
Au
(koz)
|
Ag
(koz)
|
Au
(%)
|
Ag
(%)
|
|||||||||||||
|
Open pit
|
Measured
|
19
|
0.87
|
5.21
|
0.20
|
1
|
3
|
90
|
60
|
||||||||||
|
Indicated
|
41,447
|
0.58
|
2.84
|
0.20
|
767
|
3,782
|
90
|
60
|
|||||||||||
|
Subtotal
measured
and indicated
|
41,465
|
0.58
|
2.84
|
0.20
|
767
|
3,785
|
90
|
60
|
|||||||||||
|
Inferred
|
987
|
0.52
|
1.24
|
0.20
|
16
|
39
|
90
|
60
|
|||||||||||
|
Underground
|
Measured
|
285
|
2.38
|
18.27
|
1.24
|
22
|
167
|
95
|
60
|
||||||||||
|
Indicated
|
14,951
|
1.75
|
5.22
|
1.24
|
841
|
2,508
|
95
|
60
|
|||||||||||
|
Subtotal
measured
and indicated
|
15,236
|
1.76
|
5.46
|
1.24
|
863
|
2,676
|
95
|
60
|
|||||||||||
|
Inferred
|
6,542
|
1.91
|
4.58
|
1.24
|
402
|
964
|
95
|
60
|
|||||||||||
|
Total open pit
and
underground
|
Measured
|
304
|
2.29
|
17.46
|
variable
|
22
|
171
|
variable
|
variable
|
||||||||||
|
Indicated
|
56,397
|
0.89
|
3.47
|
variable
|
1,607
|
6,290
|
variable
|
variable
|
|||||||||||
|
Total
measured
and
indicated
|
56,701
|
0.89
|
3.54
|
variable
|
1,630
|
6,461
|
variable
|
variable
|
|||||||||||
|
Inferred
|
7,529
|
1.73
|
4.14
|
variable
|
418
|
1,003
|
variable
|
variable
|
|||||||||||
Notes to accompany mineral resource tables:
| 1. |
The mineral resource estimates are current as of December 31, 2025, and are reported using the definitions in Item 1300 of Regulation S–K (17 CFR Part 229) (S-K 1300).
|
| 2. |
The reference point for the mineral resource estimate is in situ. The Qualified Persons for the estimate are Vincent Nadeau-Benoit P.Geo., Corey Kamp, P.Eng., and Michael Kontzamanis, P.Eng , all
Coeur employees.
|
| 3. |
Mineral resources are reported exclusive of the mineral resources converted to mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
|
| 4. |
The estimate for the mineral resources considered potentially amenable to open pit mining methods uses the following key input parameters: assumption of conventional open pit mining; gold price of
US$2,500/oz Au and silver price of US$30/oz Ag; gold selling cost of US$3.54/oz Au; reported above a gold equivalent cut-off grade of 0.20 g/t AuEq; variable metallurgical recoveries; royalty burden of 1.4%; variable pit slope
angles by litho-structural domain; overburden mining cost of US$3.18/t mined, base mining cost at 300 m bench of US$4.38/t mined and incremental mining cost of US$0.025/t mined per 10 m bench; processing cost of US$10.40/t
processed, and general and administrative costs of US$4.49/t processed.
|
| 5. |
The estimate for the mineral resources considered potentially amenable to underground mining methods uses the following key input parameters: assumption of an underground mining method applicable to
moderate to steeply dipping deposits; gold price of US$2,500/oz Au and silver price of US$30/oz Ag; gold selling cost of US$4.10/oz Au; reported above a gold equivalent cut-off grade of 1.24 g/t AuEq; variable metallurgical
recoveries; royalty burden of 1.4%; 14% dilution; underground mining cost of US$52.49/t mined and surface haul costs of US$2/t mined; processing cost of US$11.21/t processed, and general and administrative costs of US$10.49/t
processed.
|
| 6. |
The following gold-equivalency formulas are used for open-pit and underground mining scenarios: open pit gold equivalency in g/t = (Au in g/t) + ((Ag in g/t) ÷ 125); underground gold equivalency in
g/t = (Au in g/t) + ((Ag in g/t) ÷ 131.94). The calculations are based on the following: gold price: US$2,500/oz Au; gold recovery: 90% for open-pit and 95% for underground; silver price: US$30/oz Ag; silver recovery: 60% for
open-pit and underground.
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 7. |
Rounding of tonnes, grades, and troy ounces, as required by reporting guidelines, may result in apparent differences between tonnes, grades, and contained metal contents.
|
|
11.15
|
Uncertainties (Factors) That May Affect the Mineral Resource Estimate
|
Factors that may affect the mineral resource estimates include:
| • |
Metal price and exchange rate assumptions;
|
| • |
Changes to the assumptions used to generate the gold equivalency cut-off grade;
|
| • |
Changes in local interpretations of mineralization geometry and continuity of mineralized zones;
|
| • |
Changes to geological and mineralization shape and geological and grade continuity assumptions;
|
| • |
Density and domain assignments;
|
| • |
Changes to geotechnical, mining and metallurgical recovery assumptions;
|
| • |
Changes to the input and design parameter assumptions that pertain to the assumptions for the conceptual pit shell constraining the estimates;
|
| • |
Changes to the input and design parameter assumptions that pertain to the assumptions for the mineable shapes constraining the estimates;
|
| • |
Assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain environmental and other regulatory permits, and maintain the social license to operate.
|
There are no other mining, metallurgical, infrastructure, permitting, or other relevant factors known to the Qualified Persons that would materially affect the estimation of mineral
resources that are not discussed in this Report.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 12 |
MINERAL RESERVE ESTIMATES
|
|
12.1
|
Introduction
|
Mineral reserves are reported for the open-pit and underground mines, both currently in operation, and for the surface stockpiles. Measured and indicated mineral resources were
converted to proven and probable mineral reserves, respectively. The mine plans assume both open-pit and underground mining. mineral reserves tonnes and grades are stated at a mill feed reference point, allowing for dilution and
mining recovery, and are reported accounting for depletion as of December 31, 2025. Mineral reserves are supported by mine designs, development and production schedules, and cost estimates completed as part of the LOM planning
process.
In-pit inferred and unclassified blocks were considered as waste in the open pit mineral reserves estimate and LOM plan.
For the underground mine, inferred mineral resources were not converted to mineral reserves and were excluded from the underground reserve inventory and associated production schedule.
As a result, the reported underground mineral reserves reflect only measured and indicated material that satisfies the applicable mining factors and economic criteria.
|
12.2
|
Commodity Price
|
The gold price used in mineral reserve estimation is based on analysis of three-year rolling averages, long-term consensus pricing, and benchmarks to pricing used by industry peers over
the past year. An explanation of the derivation of the commodity prices is provided in Chapter 16.2. The estimated timeframe used is the 10-year LOM that supports the mineral reserve estimates. The gold price forecast for the mineral
reserve estimate is US$2,200/oz and the silver price is US$30/oz..
|
12.3
|
Cut-off
|
The mineral reserve estimate was derived from applying AuEq cut-off values to the block models and reporting the resulting tonnes and grades for potentially mineable areas. The
following parameters were used to calculate the AuEq cut-off values that determine the mining potentially economic portions of the constrained mineralization.
Cut-off grades of 0.30 g/t AuEq and 1.41 g/t AuEq are applied to open-pit and underground mineral reserves, respectively.
The following gold-equivalency formulas are used for open-pit and underground mining scenarios:
| • |
Open pit gold equivalency in g/t = (Au in g/t) + ((Ag in g/t) ÷ 126.92);
|
| • |
Underground gold equivalency in g/t = (Au in g/t) + ((Ag in g/t) ÷ 133.97);
|
The calculations are based on the following:
| • |
Gold price: US$2,200/oz Au;
|
| • |
Gold recovery: 90% for open-pit and 95% for underground;
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| • |
Silver price: US$26/oz Ag;
|
| • |
Silver recovery: 60% for open-pit and underground.
|
|
12.4
|
Open Pit
|
| 12.4.1 |
Development of Mining Case
|
Pit optimization was conducted in Pseudoflow using the open-pit reserve block model to determine the optimal economic shape of the open pit and was reported accounting for depletion.
Cost parameters were aligned with LOM average estimates. Metallurgical recoveries used in the pit optimization are based on the predictive gold and silver recovery formulas outlined in Chapter 10 and on the geotechnical parameters
respect the recommended inter-ramp angles for litho-structural domains. The overall slope angles used in the optimization process accounted for final ramps and geotechnical catch berm requirements.
An economic analysis of the open-pit LOM plan was conducted to confirm that each open-pit phase generates a positive cash flow using the mineral reserves parameters.
| 12.4.2 |
Designs
|
The results of the Pseudoflow pit optimization served as the basis for engineered designs of the final pit and pit phases, which included detailed bench and berm designs, operational
and geotechnical considerations, and haulage ramps. Pit shell selection for guiding the design of the final Mineral Reserves pit is based on cash-flow analysis at a range of revenue factors, waste and overburden stripping
requirements, minimum pushback width, permitting requirements, and the opportunity for in-pit waste storage.
| 12.4.3 |
Input Assumptions
|
Input assumptions for the constraining pit shell are summarized in Table 12‑1.
There are three main ore types:
| • |
High-grade ore: >0.50 g/t AuEq;
|
| • |
Medium-grade ore: >0.40 to ≤0.50 g/t AuEq;
|
| • |
Low-grade ore: >0.30 to ≤0.40 g/t AuEq.
|
The break-even cut-off grade was calculated at 0.24 g/t AuEq. Open-pit mineral reserves are reported at an incremental cut-off grade of 0.30 g/t AuEq. Coeur used a higher cut-off grade
than the break-even cut-off grade, in line with historical operating practices.
Low-grade ore is included in the mine plan when excess process plant capacity exists, principally at the end of life of the open pit, to supplement the process plant feed coming from
the underground mine and thus can be considered incremental.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 12.4.4 |
Ore Loss and Dilution
|
Dilution and mining recovery were considered in the open-pit mineral reserves estimate through regularization of the block model, application of a dilution and ore loss “skin”, and
grade capping on a block basis.
| Table 12‑1: |
Pit Shell Input Parameters |
|
Parameter
|
Units
|
Value
|
|||
|
Gold price
|
US$/oz
|
2,200
|
|||
|
Silver price
|
US$/oz
|
26
|
|||
|
Exchange rate
|
C$:US$
|
1.35
|
|||
|
Gold selling cost
|
US$/oz
|
4.10
|
|||
|
Silver selling cost
|
US$/oz
|
1.00
|
|||
|
Royalty
|
%
|
1.4
|
|||
|
Gold metallurgical recovery
|
%
|
variable
|
|||
|
Silver metallurgical recovery
|
%
|
variable
|
|||
|
Overburden mining cost
|
US$/t mined
|
3.18
|
|||
|
Base mining cost (at 300 m bench)
|
US$/t mined
|
4.38
|
|||
|
Incremental mining cost (per 10 m bench)
|
US$/t mined
|
0.025
|
|||
|
Processing cost
|
US$/t processed
|
10.40
|
|||
|
G&A cost
|
US$/t processed
|
4.49
|
|||
|
Total ore-related cost
|
US$/t processed
|
14.89
|
|||
|
Slope angles
|
degrees
|
variable
|
|||
|
Break-even cut-off grade
|
g/t AuEq
|
0.24
|
|||
|
Incremental cut-off grade
|
g/t AuEq
|
0.30
|
Note: G&A = general and administrative; AuEq = gold equivalent
The regularized open-pit mineral reserve model has block dimensions of 10 x 10 x 10 m, representing the dimensions of a selective mining unit (SMU), the smallest volume of material that
can be used to determine whether it contains ore or waste. The SMU dimensions were based on the bench height and current loading equipment sizes.
Dilution and ore loss skins were applied to each regularized block using a script in Hexagon’s HxGN MinePlan software. The parameters used in the dilution and ore loss calculations were
based on a study undertaken in 2021. A 3.3 m dilution skin was applied to each block, on the sides of the block that were bordered by lower-grade blocks. Dilution was applied at the grades of the adjacent block. On the sides where a
block was bordered by a higher- grade block, a 0.2 m ore loss skin was applied.
Regularized and diluted blocks were capped to a maximum gold grade of 3 g/t Au.
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
12.5
|
Underground
|
| 12.5.1 |
Development of Mining Case
|
Underground mineral reserve estimates are reported from stope shapes generated using Deswik Stope Optimizer (DSO) 2025.2 and from development shapes used to access the stoping horizons.
A Modified Avoca mining method is used, which is a longitudinal long-hole open-stoping method commonly used for ore bodies that are moderately to steeply dipping.
A DSO cut-off grade of 1.41 g/t AuEq was used for generating undiluted stope shapes and an incremental cut-off grade of 0.9 g/t AuEq was used for development that must be mined to
access higher-grade stopes. Mining recovery and dilution parameters were applied to the resulting stope shapes.
| 12.5.2 |
Designs
|
Deswik 2025.2 was used to design mining drifts to access the stoping areas and other mine infrastructure. Stopes were analyzed for inclusion as mineral reserves by analyzing capital and
operating costs, considering the development required to enable mining of the designed stopes and other mining infrastructure requirements. After generating the preliminary stopes, any uneconomic stopes or zones were excluded, based
on an evaluation of development and mining costs.
Deswik Scheduler 2025.2 was used to generate the development and production schedules.
| 12.5.3 |
Input Assumptions
|
Input assumptions for the stope optimizer are summarized in Table 12‑2.
A DSO cut-off grade of 1.41 g/t AuEq was used for reporting the underground mineral reserves, Incremental ore from development shapes are included in mineral reserves with an estimated
cut-off grade of 0.90 g/t AuEq. Development material above 0.90 g/t is hauled to the surface run-of-mine (ROM) as ore, and mineralized material below cut-off grade is used as backfill material when backfill sites are available or is
delivered to surface as waste.
| 12.5.4 |
Ore Loss and Dilution
|
Mineral reserves from underground stoping incorporate both internal and external dilution. Internal dilution consists of sub–cut‑off grade material contained within the designed stope
shapes that must be extracted due to geometric and geotechnical constraints. External dilution is applied to production stopes using dilution factors derived from average equivalent linear overbreak and slough assumptions of 0.5 m on
the hanging wall and 0.25 m on the footwall.
Dilution grades are assigned based on the average grades estimated from analysis of dilution skins relative to the block model. The dilution and overbreak parameters reflect
geotechnical assessments and operational experience from underground mining in the Intrepid zone since 2022.
|
Rainy River Operations
Ontario
Technical Report Summary
|
Parallel stopes are separated by an 8 m boundary pillar, which is required to maintain geotechnical stability. Sill pillars with a nominal height of 10 m are incorporated at planned
intervals to separate mining horizons, control stress redistribution, and provide regional stability. Stopes located below sill pillars are constrained to a maximum width of 6 m to limit induced stress and manage dilution and ground
control risks beneath the sill.
A mining recovery factor of 95% is applied to stope tonnes to account for expected losses associated with unblasted material, ore remaining on the stope floor, and rock mechanics
limitations. Stope shapes are adjusted (“cut”) against development designs using the Deswik Interactive Scheduler to remove overlapping volumes, and the resulting solids are evaluated against the Mineral Resource model.
| Table 12‑2: |
Stope Optimization Input Parameters |
|
Parameter
|
Units
|
Value
|
|||
|
Gold price
|
US$/oz
|
2,200
|
|||
|
Silver price
|
US$/oz
|
26
|
|||
|
Exchange rate
|
C$:US$
|
1.35
|
|||
|
Gold selling cost
|
US$/oz
|
4.10
|
|||
|
Royalty
|
%
|
6.1
|
|||
|
Gold metallurgical recovery
|
%
|
variable
|
|||
|
Silver metallurgical recovery
|
%
|
variable
|
|||
|
Underground mining cost
|
US$/t mined
|
52.49
|
|||
|
Surface haul cost
|
US$/t mined
|
2.00
|
|||
|
Processing cost
|
US$/t processed
|
11.21
|
|||
|
G&A cost
|
US$/t processed
|
10.49
|
|||
|
Total ore-related cost
|
US$/t processed
|
76.19
|
|||
|
Minimum dip
|
degrees
|
50
|
|||
|
Minimum stope width
|
m
|
2.5
|
|||
|
Stope length
|
m
|
15
|
|||
|
Stope height
|
m
|
25
|
|||
|
Minimum pillar between parallel stopes
|
m
|
8
|
|||
|
Dilution
|
%
|
14
|
|||
|
Deswik stope optimizer cut-off grade
|
g/t AuEq
|
1.41
|
Note: G&A = general and administrative; AuEq = gold equivalent
Development ore incorporates an assumed 15% overbreak at zero grade and a mining recovery of 100%. Development shapes are similarly adjusted for overlaps using the Deswik Interactive
Scheduler, and the resulting volumes are interrogated against the mineral resource model.
|
12.6
|
Mineral Reserve Statement
|
Mineral reserves were classified using the mineral reserve definitions set out in S-K 1300. The reference point for the mineral reserve estimate is the point of delivery to the mill.
Mineral reserves are reported in Table 12‑3, and are current as at December 31, 2025. The Qualified Persons for the estimates are Corey Kamp, P.Eng. and Michael Kontzamanis, P.Eng., both of whom are Coeur employees.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Table 12‑3: |
Summary of Proven and Probable Mineral Reserves at December 31, 2025 |
|
Area
|
Category
|
Tonnes (kt)
|
Grade
|
Metal
|
Metallurgical
Recovery
|
||||||||||||||
|
Au
(g/t)
|
Ag
(g/t)
|
Cut-off
(g/t)
|
Au (koz)
|
Ag (koz)
|
Au
(%)
|
Ag
(%)
|
|||||||||||||
|
Open pit
|
Proven
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||
|
Probable
|
17,008
|
0.70
|
2.36
|
0.30
|
382
|
1,289
|
90
|
60
|
|||||||||||
|
Sub-total proven
and probable
|
17,008
|
0.70
|
2.36
|
0.30
|
382
|
1,289
|
90
|
60
|
|||||||||||
|
Underground
|
Proven
|
123
|
2.29
|
21.46
|
1.41
|
9
|
85
|
95
|
60
|
||||||||||
|
Probable
|
20,587
|
2.42
|
4.63
|
1.41
|
1,604
|
3,067
|
95
|
60
|
|||||||||||
|
Sub-total proven
and probable
|
20,709
|
2.42
|
4.73
|
1.41
|
1,613
|
3,151
|
95
|
60
|
|||||||||||
|
Stockpile
|
Proven
|
16,792
|
0.43
|
2.09
|
231
|
1,131
|
90
|
60
|
|||||||||||
|
Probable
|
—
|
—
|
—
|
variable
|
—
|
—
|
—
|
—
|
|||||||||||
|
Sub-total proven
and probable
|
16,792
|
0.44
|
2.09
|
variable
|
231
|
1,131
|
90
|
60
|
|||||||||||
|
Totals
|
Proven
|
16,914
|
0.44
|
2.23
|
variable
|
240
|
1,215
|
variable
|
variable
|
||||||||||
|
Probable
|
37,594
|
1.64
|
3.60
|
variable
|
1,986
|
4,356
|
variable
|
variable
|
|||||||||||
|
Total proven
and probable
|
54,508
|
1.27
|
3.18
|
variable
|
2,226
|
5,571
|
variable
|
variable
|
|||||||||||
Notes to accompany mineral reserve table:
| 1. |
The Mineral Reserve estimates are current as of December 31, 2025, and are reported using the definitions in Item 1300 of Regulation S–K (17 CFR Part 229) (S-K 1300).
|
| 2. |
The reference point for the mineral reserve estimate is delivery to the mill. The Qualified Persons for the estimate are Corey Kamp, P.Eng. and Michael Kontzamanis, P.Eng., both of whom are Coeur
employees.
|
| 3. |
The estimate for the open pit mineral reserves uses the following key input parameters: conventional open pit mining; gold price of US$2,200/oz Au and silver price of US$26/oz Ag; gold selling cost
of US$4/oz Au and silver selling cost of US$1/oz Ag; reported above a gold equivalent cut-off grade of 0.30 g/t AuEq; variable metallurgical recoveries; royalty burden of 1.4%; variable pit slope angles by litho-structural
domain; overburden mining cost of US$3.18/t mined, base mining cost at 300 m bench of US$4.38/t mined and incremental mining cost of US$0.025/t mined per 10 m bench; processing cost of US$10.40/t processed, and general and
administrative costs of US$4.49/t processed.
|
| 4. |
The estimate for the underground mineral reserves uses the following key input parameters: assumption of Underground Modified Avoca mining; gold price of US$2,200/oz Au and silver price of US$26/oz
Ag; gold selling cost of US$4.10/oz Au; reported above a gold equivalent cut-off grade of 1.41 g/t AuEq; variable metallurgical recoveries; royalty burden of 6.1%; 14% dilution; underground mining cost of US$52.49/t mined and
surface haul costs of US$2/t mined; processing cost of US$11.21/t processed, and general and administrative costs of US$10.49/t processed.
|
| 5. |
The following gold-equivalency formulas are used for open-pit and underground mining scenarios: open pit gold equivalency in g/t = (Au in g/t) + ((Ag in g/t) ÷ 126.92); underground gold equivalency
in g/t = (Au in g/t) + ((Ag in g/t) ÷ 133.97). The calculations are based on the following: gold price: US$2,200/oz Au; gold recovery: 90% for open-pit and 95% for underground; silver price: US$26/oz Ag; silver recovery: 60%
for open-pit and underground.
|
| 6. |
Rounding of tonnes, grades, and troy ounces, as required by reporting guidelines, may result in apparent differences between tonnes, grades, and contained metal contents.
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
12.7
|
Uncertainties (Factors) That May Affect the Mineral Reserve Estimate
|
Factors that may affect the mineral reserve estimates include:
| • |
Changes to the long-term gold and silver prices and exchange rate assumptions;
|
| • |
Changes to the parameters used to derive the open-pit and underground mine designs and determine the cut-off grades;
|
| • |
Changes to geotechnical and hydrogeological assumptions, including open-pit slope stability and underground stope and pillar stability;
|
| • |
Changes to mining recovery and dilution estimates;
|
| • |
Changes to metallurgical recovery assumptions;
|
| • |
Changes to inputs to capital and operating cost estimates.
|
| • |
Continued ability to access the site, retain mineral and surface rights titles, maintain environmental and other regulatory permits, and maintain the social license to operate.
|
There are no other mining, metallurgical, infrastructure, permitting, or other relevant factors known to the Qualified Persons that would materially affect the estimation of mineral
reserves that are not discussed in this Report.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 13 |
MINING METHODS
|
|
13.1
|
Introduction
|
Open-pit mining uses a conventional truck-and-shovel mining method. Pit phases 1, 2, and 3 are mined out. There are three remaining phases: Phase 4, Phase 5, and NWT.
The operations transitioned into a combined open-pit and underground mine in June 2022, with underground production commencing from the Intrepid deposit. The underground mine is divided
into eight mining zones. The Intrepid zone and the remaining zones—ODM Main, ODM East, ODM West, ODM Lower, 433, 17 East, and Cap—are located beneath the open pit and are collectively referred to as Underground Main. The underground
operation uses a Modified Avoca mining method, a longitudinal long‑hole open stoping technique appropriate for moderately- to steeply-dipping orebodies.
Intrepid zone has been in production since 2022. Development connecting the Intrepid zone to the Underground Main area commenced in 2023. Initial stope production from ODM East and 17
East began in 2025, marking the start of production from the Underground Main area.
Figure 13‑1 is a final mine layout plan showing the locations of the mineral reserves and mining zones.
|
13.2
|
Open Pit
|
| 13.2.1 |
Geotechnical Considerations
|
Bedrock in the area of the Rainy River open pit is covered by overburden. The overburden is comprised mostly of clay deposits, except for the sandy basal till of the Whiteshell
Formation which directly overlays bedrock. Overburden thickness is variable, ranging from 2 to 42 m, with an average thickness of approximately 20 m in the area of the Phase 5 pushback. Overburden stripping is complete for Phase 4.
Overburden design parameters and operational procedures have evolved with the experience gained at the operations since 2016, resulting in designs that meet or exceed slope stability
criteria to maintain a stable slope. The clay deposits have design excavation slopes that vary between 4:1 to 8:1 (horizontal : vertical) and the Whiteshell Formation layer has a constant design excavation slope of 3:1. Phase 5
overburden slopes are designed with a 4:1 slope and are buttressed with rockfill; this has been successfully demonstrated in other areas. Mining of the Phase 5 overburden is mostly planned for the winter months, when conditions are
more favorable. Part of the Phase 5 overburden clay is planned to be used for progressive reclamation of the mine rock stockpiles.
Open-pit geotechnical design parameters were based on a slope stability assessment and a design update conducted by SRK in December 2021. Since then, SRK has performed annual site
visits to monitor performance and support refinements to the design as needed. Phase 5 geotechnical design parameters were based on an extension of the 2021 litho-structural domains conducted by Coeur and were informed by additional
rock mass data gathered from the excavated Phase 4 rock slopes. This dataset included digital and visual mapping of exposed pit walls and oriented drill hole data. The design parameters are summarized in Table 13‑1.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Figure 13‑1: |
Cross Section and Plan Showing Mineral Reserves and Mining Zones |
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
Table 13‑1:
|
Geotechnical Pit Design Parameters |
|
Domain
|
Bench
|
Bench Face
Angle
(°)
|
Bench
Height
(m)
|
Berm
Width
(m)
|
Inter-Ramp
Angle
(°)
|
Overall Slope
Angle
(°)
|
||||||||
|
From
|
To
|
|||||||||||||
|
D1_IMV
|
270
|
300
|
70
|
30
|
19.0
|
45
|
43
|
|||||||
|
300
|
350
|
70
|
30
|
13.0
|
51
|
48
|
||||||||
|
350
|
90
|
70
|
20
|
10.5
|
48
|
44
|
||||||||
|
D1_Mafic
|
270
|
300
|
70
|
30
|
19.0
|
45
|
43
|
|||||||
|
300
|
350
|
70
|
30
|
13.0
|
51
|
48
|
||||||||
|
D2
|
80
|
130
|
75
|
30
|
13.5
|
54
|
51
|
|||||||
|
130
|
150
|
70
|
30
|
17.0
|
47
|
45
|
||||||||
|
160
|
230
|
62
|
20
|
9.5
|
47
|
43
|
||||||||
|
230
|
330
|
70
|
30
|
13.0
|
51
|
48
|
||||||||
|
330
|
30
|
70
|
30
|
10.5
|
54
|
50
|
||||||||
|
D3_Foliated
|
90
|
130
|
75
|
30
|
15.0
|
52
|
49
|
|||||||
|
130
|
160
|
70
|
30
|
15.0
|
49
|
46
|
||||||||
|
160
|
230
|
62
|
20
|
11.5
|
44
|
41
|
||||||||
|
160
|
230
|
50
|
10
|
5.0
|
37
|
33
|
||||||||
|
230
|
250
|
70
|
30
|
17.0
|
47
|
45
|
||||||||
|
250
|
330
|
70
|
30
|
13.0
|
51
|
48
|
||||||||
|
D3_Blocky
|
250
|
330
|
70
|
30
|
13.0
|
51
|
48
|
|||||||
|
330
|
30
|
70
|
30
|
10.5
|
54
|
50
|
||||||||
|
30
|
110
|
70
|
30
|
12.5
|
52
|
48
|
||||||||
|
D4
|
160
|
210
|
62
|
20
|
10.5
|
45
|
42
|
|||||||
|
160
|
210
|
50
|
10
|
5.0
|
37
|
33
|
||||||||
|
200
|
240
|
65
|
10
|
6.5
|
42
|
38
|
||||||||
|
240
|
270
|
70
|
30
|
12.5
|
52
|
48
|
||||||||
Blast monitoring is undertaken to assess potential adjustments that could enhance blast performance and safety. Ground reinforcement is applied in targeted areas identified by the site
geotechnical team. The ground support installations are carried out following scaling procedures, geotechnical inspections, and radar monitoring conducted after pit blasts. Reinforcement methods include the installation of cable
bolts, self-drilling rebar anchors, and mesh draping. To mitigate rockfall risks, energy-absorption fencing was installed above the pit portal and can be selectively used as a permanent or temporary control measure.
Open-pit stability is routinely monitored to continually assess the performance of the slopes and ensure safe operations. Geotechnical instrumentation, including slope inclinometers and
vibrating wire piezometers, is used to monitor the stability of the overburden slopes.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 13.2.2 |
Hydrogeology Considerations
|
The current open-pit dewatering system includes pumps, sumps, pipes, overburden dewatering wells, and staging tanks that remove water from the open pit and the surrounding area. Water
contained below the north lobe in-pit ramp will be pumped out prior to underground stoping activities as these may influence the crown pillar at the bottom of the pit. Water diversion ditches are developed around the open pit limit to
minimize surface inflow into the pit. The current dewatering system will continue to be expanded as the mine develops, focusing on maintaining a dry working area for the open-pit, surface, and underground operations. Pore water
pressure sensors are installed strategically around the pit walls to monitor the hydraulic conditions that relate to the geotechnical stability of the pit and its benches.
| 13.2.3 |
Operations
|
After the removal of overburden, rock is mined in a series of horizontal benches accessed by haulage ramps. The mining sequence involves drilling, blasting, loading, and hauling. Ore is
hauled either directly to the primary crusher, to the ROM pad, or to one of several ore stockpiles on surface, depending on ore type and grade.
Waste rock is hauled to waste rock storage facilities (WRSFs) either the west mine rock stockpile, east mine rock stockpile , or an in-pit mine rock stockpile, depending on the haulage
distance and whether the rock is classified as non-acid generating (NAG) or potentially acid generating (PAG). Mine waste rock can also be used for construction of raises to tailings management facility (TMA).
Open-pit mine designs are based on Pseudoflow pit optimization shells. The design also accounts for pit phase transitions, access to underground mining, and considers the location of
the primary crusher, ore stockpiles, and WRSFs.
The final pit will measure approximately 2.5 km long (from west to east) and will be 1.7 km wide (from north to south), and reach a maximum of 350 m in depth.
Open-pit benches are accessed via haulage ramps, which facilitate movement of ore and waste to the surface using 220 t capacity mine haul trucks. Access ramps are designed at a nominal
width of 33 m and a maximum gradient of 10%, except for the lower benches, where ramp widths were reduced to accommodate one-way traffic (20 m wide) and a gradient of 12%. Additionally, a backfill ramp has been constructed in the
depleted north lobe of the pit using waste rock from Phase 4. This backfill ramp provides a second access and haulage route out of the pit. Phase 5 of the open pit will use a pre-existing access from the current Phase 4 design.
For Phase 4, overburden stripping is complete and waste rock stripping is well advanced. Approximately 4.2 Mt of mineral reserves remain in Phase 4 at an average waste-to-ore strip
ratio of 0.22:1. A fill ramp is planned at the bottom of Phase 4 to maximize mining recovery from the lower benches. Mining of Phase 4 is expected to be completed in 2026.
Phase 5 is a pushback on the West side of the existing pit. Stripping began in 2025, and the ore is planned to be mined mostly in 2026 and 2027. Phase 5 is expected to be completed in
2027. The design parameters for Phase 5 remain relatively consistent with those of Phase 4, as the rock mass exhibits similar geotechnical characteristics. Phase 5 provides an additional 6.3 Mt of mineral reserves at an average strip
ratio of 4.84:1, including overburden.
|
Rainy River Operations
Ontario
Technical Report Summary
|
The NW Trend Pit is located within the west mine rock stockpile and incorporates the mining of some previously-placed overburden from earlier open pit phases. Stripping is scheduled to
begin in 2027, with overburden removal expected to be completed by late 2028. The phase contributes approximately 6.5 Mt of additional mineral reserves at an average strip ratio of 9.05:1. Ore release is planned for 2028 and 2029,
with mining of the NW Trend Pit projected to conclude by the end of 2029.
A map showing the final pit outline is provided in Figure 13‑2.
| 13.2.4 |
Blasting and Explosives
|
Drilling and blasting is carried out using two primary production drill types: Sandvik DI650i drills and D75KX drills. The DI650i drills are used for 6.75‑inch (17 cm) production and
trim holes, as well as 5.5 inch (14 cm) pre-shear holes, while the D75KX drills are used for 8.5‑inch (21.6 cm) production holes. The D75KX fleet is used for most production blasting, while the DI650i drills are mainly used for wall
control applications.
Wall control includes both trim and pre-shear blasting. Trim shots are drilled on 4.2 x 4.9 m patterns with buffer holes along the final wall at 4.0 x 4.5 m spacing. Trim shots are
blasted last and fully free-faced to maintain wall stability. Pre-shear holes are 5.5 inches (14 cm) in diameter and spaced 1.6–1.8 m apart, drilled at an angle corresponding to the designed pit slope based on the geotechnical domain.
Production blast patterns vary by material type. Using D75KX drills, waste is typically drilled on 5.6 x 6.4 m patterns, and ore is drilled on 4.8 x 5.5 m. If DI650i drills are used for
production, the corresponding pattern dimensions tighten to 3.9 x 4.5 m in ore and 4.8 x 5.5 m in waste.
Blasting activities are carried out by contractors. The site uses SME1000 site‑mixed emulsion, with typical loading of 298 kg per 8.5‑inch (21.6 cm) hole, 201 kg per 6.75‑inch (17 cm)
hole, and 178 kg per buffer hole. Stemming depths are 4.0 m for 8.5‑inch (21.6 cm) holes and 3.5 m for 6.75‑inch (17 cm) holes. Pre-shear rows are loaded with Dyno Split. Electronic detonators are used for all production and wall
control shots.
| 13.2.5 |
Grade Control and Production Monitoring
|
Open pit grade control uses blast hole assay data as the primary source for modeling. RC drilling has been used in the past and is planned for future operations. RC drill sample results
are prioritized over the blast hole samples when used.
Several studies have been conducted for blast hole sampling. The current practice is to produce two vertical cuts (v-cuts) through the blast hole piles producing a cross section that
represents the top to the bottom of a blast hole. A slice is taken from both v-cuts. This produces a balance between providing the required samples for a confident grade control model and the needs of production. These blast hole
samples are processed at the internal mine laboratory with 5% being sent to an off-site laboratory for quality assurance. These assays are brought into a database and run through MineSight modeling software to produce a 10 x 10 m
model, which is used to design the mining shapes.
When RC drilling is conducted the first sample is a 1 m sample, followed by 2 m samples. These samples are put into 5 m composites and run through a MineSight modeling software. This
model is then transferred into the main grade control model resulting in blend of blast hole assay data (priority 2) and RC assay data (priority 1).
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Figure 13‑2: |
Open Pit Overview |
Note: Figure prepared by Coeur, 2026.
Once the MineSight software has modelled the assay data, shapes are created for mining. These shapes are designed factoring in many aspects of the deposit limitations and operation
needs to ensure mine ability and economics. After the blocks have been created they are monitored on a daily basis, both for tonnage and grade. A fleet control system is used to track tonnes and grades extracted from the block and
delivered either to the crusher or stockpiles. As material is fed through the crusher, the performance of the head grade is tracked against what is expected to monitor the effectiveness of the grade control model. This is further
examined on a monthly basis through the open pit monthly reconciliation.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 13.2.6 |
Equipment
|
Production drilling is conducted using a fleet of diesel powered Sandvik down-the-hole drills, consisting of two D75KX units and four DI650i units. The DI650i drills are primarily used
for wall control and for pioneering work at the overburden–bedrock contact. Blasting activities are performed by a contracted explosives provider.
Primary loading is carried out using large diesel-powered hydraulic excavators in a front shovel configuration, supported by two large front-end loaders. The excavator fleet includes
one Komatsu PC8000 and two Komatsu PC5500 units, with the PC8000 typically assigned to high volume waste movement, and the PC5500s assigned to ore loading where greater selectivity is required. A Komatsu WA1200 and CAT 994K loader are
used primarily for stockpile rehandle. A smaller Komatsu PC3000 excavator supports loading, rehandle, and face cleaning activities.
Material hauling is performed using a fleet of Komatsu 830E/830E‑AC haul trucks in the 220‑t class.
The primary fleet is supported by maintenance units, small loaders, graders, service trucks, crew buses, lighting plants, and compactors for general site activities.
Equipment requirements are based on the life of mine production schedule and reflect historical availability, utilization, and productivity. Haul truck performance varies with haul
distance. Required operating hours have been calculated for all primary and support equipment. A list of key primary and support equipment required for mining is provided in Table 13‑2.
|
13.3
|
Underground
|
| 13.3.1 |
Geotechnical Considerations
|
A comprehensive mapping database, developed from the underground development headings, and cavity monitoring system scans of stopes are used to determine stope stability design,
overbreak assessment, ground support design, and mine stope sequencing. Stope stability designs are based on the mapping database and underground ore drive rock-mass classification data near the stopes using the empirical modified
stability graph method (after Potvin, 1988; Nickson, 1992; and Hadjigeorgiou et al., 1995). In addition, several numerical models are run on site by the engineering team to evaluate the optimal and safest way to achieve production.
The modified Avoca mining method can be easily adapted to changes in geotechnical conditions by optimizing the strike length and width of the blast.
The overall rock mass quality is classified as “Fair” to predominantly “Very Good”, with RQD typically ranging from 90–100% throughout all stoping domains. Geotechnical properties,
according to the Modified NGI Q-system, Q’ (Barton et al., 1974) and RMR89 (Bieniawski, 1989) were obtained from core laboratory testing and are listed for each mining zone in Table 13‑3 and Table 13‑4
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Table 13‑2: |
Peak Required Equipment List, Open Pit |
|
Description
|
Manufacturer
|
Model
|
Units
|
||||
|
Production drill
|
Sandvik
|
DI650i
|
4
|
||||
|
Production drill
|
Sandvik
|
D75KS
|
2
|
||||
|
Hydraulic excavator
|
Komatsu
|
PC8000
|
1
|
||||
|
Hydraulic excavator
|
Komatsu
|
PC5500
|
2
|
||||
|
Hydraulic excavator
|
Komatsu
|
PC3000
|
1
|
||||
|
Front-end loader
|
Komatsu
|
WA1200
|
1
|
||||
|
Front-end loader
|
CAT
|
994K
|
1
|
||||
|
Haul truck
|
Komatsu
|
830E/830E-AC
|
19
|
||||
|
Bulldozer
|
Komatsu
|
D475
|
2
|
||||
|
Bulldozer
|
CAT
|
D10T
|
3
|
||||
|
Bulldozer
|
CAT
|
D9T
|
2
|
||||
|
Bulldozer
|
CAT
|
D8T
|
1
|
||||
|
Grader
|
CAT
|
18M
|
1
|
||||
|
Grader
|
CAT
|
16M
|
1
|
||||
|
Hydraulic excavator
|
CAT
|
390F
|
1
|
||||
|
Tire handler
|
Komatsu
|
WA600
|
1
|
| Table 13‑3: |
Geotechnical Properties by Mining Zone
|
|
Mining Zone
|
RQD
|
Q’
|
RMR 89
|
|||||||
|
Avg
|
Stdv
|
Min
|
Min
|
Max
|
Avg
|
Min
|
Max
|
Avg
|
||
|
Zone 17
|
97
|
14
|
0
|
0
|
100
|
27
|
40
|
92
|
81
|
|
|
Zone Cap
|
96
|
13
|
0
|
0
|
100
|
15
|
45
|
88
|
73
|
|
|
Zone HS
|
92
|
18
|
0
|
0
|
300
|
32
|
44
|
92
|
76
|
|
|
Zone ODM
|
95
|
15
|
0
|
0
|
387
|
53
|
33
|
93
|
80
|
|
|
Zone ODMW
|
90
|
21
|
0
|
0
|
150
|
20
|
45
|
93
|
76
|
|
|
Zone 433
|
92
|
11
|
38
|
2
|
33
|
16
|
47
|
86
|
77
|
|
|
Zone Intrepid
|
94
|
9
|
0
|
4
|
34
|
11
|
58
|
93
|
79
|
|
|
Zone ODME
|
99
|
7
|
22
|
0
|
300
|
53
|
36
|
86
|
75
|
|
|
Zone NW Trend
|
93
|
17
|
0
|
0
|
300
|
53
|
34
|
92
|
78
|
|
Note: Avg = average; Stdv = standard deviation; Min = minimum; max = maximum.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Table 13‑4: | Geotechnical Rock Strengths |
|
Mining Zone
|
Test #
|
Avg
(MPa)
|
Stdv
|
CV
|
Min
(MPa)
|
Max
(MPa)
|
|||||||
|
Zone 17
|
7
|
145
|
38
|
26
|
100
|
307
|
|||||||
|
Zone Cap
|
19
|
79
|
34
|
43
|
22
|
157
|
|||||||
|
Zone HS
|
21
|
113
|
27
|
24
|
63
|
171
|
|||||||
|
Zone ODM
|
19
|
101
|
36
|
36
|
41
|
204
|
|||||||
|
Zone ODMW
|
1
|
88
|
0
|
0
|
88
|
88
|
|||||||
|
Zone 433
|
8
|
123
|
22
|
18
|
98
|
158
|
Note: Avg = average; Stdv = standard deviation; CV = co-efficient of variation; Min = minimum; max = maximum.
Sill pillars were evaluated using a combination of numerical modelling and empirical design methods. Selected sill pillars are planned to be instrumented to monitor long term
performance and verify design assumptions. In the long term mine plan, stopes located directly beneath sill pillars are constrained to a maximum width of 6 m to maintain acceptable stability conditions.
Rib pillars are incorporated to subdivide excavation spans into stable dimensions, with pillar requirements determined using the empirical modified stability graph method. Rib pillars
are assessed using the same numerical and empirical approaches applied to sill pillars. Where sill or rib pillars are required, pillar dimensions are defined on a case-by-case basis, considering induced stresses associated with stope
width, mining depth, and interactions with adjacent excavations.
Equivalent linear overbreak and slough values from mined stopes in the Intrepid orebody averaged 0.25 m on the footwall and 0.50 m on the hanging wall. No stope instabilities or
unplanned caving had been reported the report date. For life of mine planning, dilution assumptions are based on equivalent linear overbreak and slough values of 0.25 m (footwall) and 0.50 m (hanging wall). Dilution factors were
derived by grouping stopes by zone and level, and these factors were applied to long term stope designs. This approach captures variations in dilution associated with differing stope widths across the orebody
In cases where additional ore is found on levels during mapping or investigation drilling, the stopes may be wider than planned and require additional ground support. This is installed
as either additional short support or by implementing longer cable support and strapping 5 m to 10 m into either the hanging wall or a geotechnically strategic area.
Underground mineral reserves are located below open-pit excavations. Geotechnical investigations have been completed on these stopes and will be further reassessed as underground mining
progresses with increasing operational experience.
| 13.3.2 |
Hydrogeology Considerations
|
Limited observed inflows are associated with faults and are uncommon to underground workings however do occur through historical ungrouted diamond drill holes. In these cases,
mechanical bolting and/or modified grouting methods are conducted to ensure long-term support capacity.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 13.3.3 |
Operations
|
The underground mine is accessed through two active surface portals: the Intrepid portal, located near the underground offices, and the pit portal situated on the 140 bench along the
eastern wall of the open pit. A third portal on the western side of the underground mine is planned to become operational in early 2027. All underground mining zones are connected by ramp systems designed with a profile of 5.5 m in
width and 5.75 m in height.
Ore from the Intrepid Zone is hauled by articulated dump trucks up the Intrepid ramp and stockpiled near the Intrepid portal, where it is subsequently transported to the primary crusher
using open‑pit haul trucks. Ore from the Underground Main area is primarily hauled to surface through the pit portal and stockpiled within the open pit before being transported up the pit ramp by open‑pit haul trucks. Development
waste is retained underground where practical and used to backfill depleted stopes. The planned third portal is expected to reduce underground haulage distances, improve ventilation efficiency, and provide an additional means of
egress. Emergency egress is also provided through a system of ladderways extending to surface.
A plan showing the final underground mining operations was provided in Figure 13‑1.
| 13.3.4 |
Mining
|
The Underground Main orebody will consist of seven zones located below the open pit; these include the 17 East, 433, Cap, ODM East, ODM Lower, ODM Main, and ODM West, which are
collectively referred to as Underground Main. An eighth zone, Intrepid, is located at the Intrepid satellite orebody and is currently in production.
The primary underground mining method is modified Avoca, incorporating longitudinal long-hole open stoping with rockfill backfilling to extract the underground mineral reserves. Stopes
are backfilled with uncemented rockfill to increase mining recovery and provide stable rock conditions for dilution and geotechnical stability. Mining areas are divided into mining blocks, which are designed to contain between 4–6
sublevels, spaced 25 m vertically.
Mining blocks are separated by 10 m vertical sill pillars. Stopes within a mining block are mined bottom-up and strike lengths are determined by geotechnical analysis and are typically
between 15 and 30 m. Up-hole stoping methods are completed in certain areas where stopes may be isolated or where backfill is not required. Infrastructure and access development are excavated from the footwall. From the footwall,
level access drives are developed to access the mineralization, then ore sill drives are developed along the strike of the orebody to access the mineralization extents.
Each sublevel level consists of an access, an electrical sub-station, a sump, a ventilation access, a crosscut for a refuge or a temporary refuge, a remuck and the ore/waste drift.
Given the continuous longitudinal mining sequence, the levels are mostly identical, with some cases where lenses are present and additional ore drives splay off the main access.
A 2.5 m minimum stope width was used to define mineral reserves in DSO. Including planned dilution, the minimal stope width and average stope widths are 2.9 m and 6.8 m, respectively.
Hanging walls and footwalls have dips ranging from 50–80º.
|
Rainy River Operations
Ontario
Technical Report Summary
|
Slot blasting occurs once drilling of slot holes and drilling of production rings are completed. Blasted rock is mucked from the stope undercut using a combination of manual mucking,
when the brow is filled with ore, and remote load–haul–dump vehicle (LHD) operation when the brow is open. Confirmation of stope completion by operations will initiate the reconciliation process, which includes a cavity monitoring
system to validate the amount of material extracted. When the engineering department confirms the stope has been completed, the ongoing mining cycle is allowed to progress.
Recovery factors and dilution assumptions are detailed in Chapter 12.5.
| 13.3.4.1 |
Intrepid
|
The Intrepid mine workings begin approximately 100 m below ground surface at the 100 m mining level and currently extends down to 685 m below ground surface elevation on the 685 m
mining level. Ore from Intrepid is hauled to surface via the Intrepid decline and placed on a ROM pad near the Intrepid portal. Waste is used for stope backfill material or hauled to surface via the Intrepid portal.
| 13.3.4.2 |
Main
|
The Underground Main mine design is located primarily below the open pit and extends down to approximately 1,075 m below ground surface, at the 1100 m mining level. Ore from the
Underground Main is hauled to surface via the 17 East, ODM East, and ODM Main declines and placed on a ROM pad near the pit portal. Waste is used for stope backfill material or hauled to surface via the pit portal.
| 13.3.4.3 |
Lateral Development
|
Lateral development is designed to accommodate the size of the largest equipment that will use the heading as outlined in Table 13‑5.
Remucks are used to maintain development efficiency and are positioned every 150 m along declines and on level accesses. Sumps are positioned at 500 m intervals or as required.
Electrical cutouts are located on each level access or are positioned at 300 m spacing along declines and ramps to minimize the effects of voltage drop. Each level access will contain an escapeway access drive, escapeway raise,
electrical cutouts, level access, remuck, level sump, vent raise access, and ventilation raise.
| 13.3.5 |
Infrastructure
|
The following underground infrastructure has been established to support the underground mining operations:
| • |
A 13.8 kV power line to the Intrepid Zone portal area, fed to underground through a borehole;
|
| • |
A 13.8 kV power line to the underground Main Zone, fed to underground via the primary fresh air raise;
|
| • |
Intrepid Zone portal and a pit portal on the 140 bench to access underground Main Zone;
|
| • |
Intrepid Zone fresh air raise;
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| • |
Underground Main Zone fresh air raise;
|
| • |
An office complex;
|
| • |
Mine dry;
|
| • |
Maintenance shop;
|
| Table 13‑5: | Lateral Development Drift Dimensions |
|
Development Type
|
Width
(m)
|
Height
(m)
|
Gradient
(%)
|
||||
|
Bypass drift
|
5.5
|
6.3
|
2.0
|
||||
|
Crosscut drift
|
5.5
|
5.5
|
2.0
|
||||
|
Escapeway access
|
5.0
|
5.0
|
2.0
|
||||
|
Electrical cutout (ESS)
|
6.0
|
5.0
|
2.0
|
||||
|
Exploration and delineation drift
|
5.0
|
5.0
|
2.0
|
||||
|
Level access
|
5.5
|
5.5
|
2.0
|
||||
|
Level sump
|
7.5
|
5.0
|
12.3
|
||||
|
Explosives magazine
|
6.0
|
5.0
|
2.0
|
||||
|
Ore sill
|
5.5
|
5.5
|
2.0
|
||||
|
Ramp
|
5.5
|
5.75
|
15.0
|
||||
|
Remuck
|
6.0
|
5.5
|
2.0
|
||||
|
Truck loadout
|
6.0
|
5.5
|
2.0
|
||||
|
Vent raise access
|
6.0
|
5.0
|
2.0
|
| • |
Air compressors feeding underground and the underground maintenance shop;
|
| • |
Ventilation fans and mine air heaters;
|
| • |
Secondary egress escapeways with Safescape Laddertubes installed between levels;
|
| • |
Eight electrical substations;
|
| • |
10 mine-water handling pumps;
|
| • |
Two permanent and four semi-portable refuge stations;
|
| • |
Insulated and heat-traced process water and discharge water lines;
|
| • |
A leaky feeder communication system.
|
Surface infrastructure, shared by both the surface and underground operations, includes the truck shop, mill plant, warehouse, and additional offices. Dedicated open-pit infrastructure
will transition and be converted to underground requirements, where necessary, as production shifts from surface to underground.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 13.3.5.1 |
Ventilation
|
The primary ventilation system consists of several in-place key infrastructure that support 1,140 kcfm at full production:
| • |
Two 1,100 hp fans in the underground Main Zone fresh air raise that generate 840 kcfm;
|
| • |
Two 500 hp fans in the Intrepid Zone fresh air raise that generate 300 kcfm;
|
| • |
Two 250 hp booster fans
|
| • |
Two 800 hp booster fans
|
| • |
Two 900hp fans
|
Both the pit portal and the Intrepid portal serve as exhaust routes. Future development of a second pit portal will also serve as an exhaust route to the Phase 4 pit from the ODMM zone.
The primary ventilation circuit is operational. This includes a 5 m diameter raise, a connection between the Intrepid and Main Zones, and the pit portal decline. The system at full
capacity will generate 1,140 kcfm to allow production in the lower levels and satisfactory ventilation of all active levels.
Continued delivery of fresh air and reduction of system pressures will be accomplished through utilization of internal exhaust air raises. Additional fresh air raises may also be
employed to ensure adequate delivery of fresh air to Western zones later in mine life.
On the stoping levels, each level is connected to the main ventilation circuit via its access. Additional fans and booster fans are used to ventilate the production drifts. Fans are
moved and reused as levels become inactive. Figure 13‑3 illustrates the ventilation system.
| 13.3.5.2 |
Electrical
|
Electricity to the underground mine is supplied by two 13.8 kV electrical systems. One system enters the mine from a borehole at the Intrepid portal that supplies the Intrepid Zone and
the second is fed from surface and runs down the primary fresh air raise that supplies the underground Main Zone. Most levels contain an electrical substation converts13.8 kV to 600 V and all levels contain one or more electrical
cutouts for additional 600 V electrical distribution equipment required to operate development and production equipment.
| 13.3.5.3 |
Communication Network
|
The underground mine will consist of a physical communications network using fiber optics, a wired network using the Maestro Plexus PowerNet system, and a radio network using leaky
feeder. The fiber optic network is installed between level throughout the ramps as it is developed to facilitate communication with the mine ventilation, central pumps and ventilation doors and is connected to the underground
electrical rooms and mine power centers. A central control room is located on surface and equipped to monitor the underground fixed plant equipment.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 13.3.5.4 |
Fuel Distribution Network
|
Fuel supply for underground is stored at surface in one 75,000l tank.
Underground fuels trucks deliver fuel to priority equipment.
| 13.3.5.5 |
Mine Process Water
|
Process water is used for various mining activities including development, production, and core drilling; equipment and tunnel washdown; and dust suppression. Process water is routed to
storage tanks next to the Intrepid portal from a 152 mm pipeline tapped to a 508 mm supply line from the mine rock pond.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Figure 13‑3: |
Ventilation Schematic |
|
Rainy River Operations
Ontario
Technical Report Summary
|
Process water enters the underground mine through a 102 mm DR11 high density polyethylene (HDPE) pipeline to the Intrepid Zone. A 152 mm process water line, tapped from the 508 mm
supply line from the mine rock pond, will be connected from a surface drillhole to the 152 mm DR11 HDPE main trunkline to the underground Main Zone. The 17 East, ODM East, ODM Lower, ODM Main, ODM West, 433, and Cap areas will be fed
by 152 mm HDPE pipelines, which will be installed from the main trunkline to ODM Main. Booster pumps and pressure-reducing valves will be installed as required. Peak process water requirements are estimated at 1,300 L/min.
Dewatering infrastructure is required for both development and production activities. Production water will use gravity drainage and report to a level sump excavated on the level access
for each production level. Development water will be pumped to the nearest available sump using pneumatic pumps or be allowed to gravity-drain to a collection sump. Mine dewatering infrastructure consists of a cascading discharge
system, consisting of a series of collection sumps draining water to the level below through a borehole connection. Secondary sump systems will be placed and will consist of a clean sump and a settling (dirty) sump configuration; this
will reduce total suspended solids and allow fines to settle. Every fourth level will contain a dewatering sump which is a collection sump equipped with a 100 HP submersible pump. Water is pumped from each dewatering sump to the next
dewatering sump above it and finally discharged to the pit portal or Intrepid portal. Sumps are also located at the Intrepid portal, and will be located at the pit portal to prevent surface runoff from entering the mine and to
discharge mine water.
| 13.3.5.6 |
Compressed Air
|
Compressed air is supplied by five electrical compressors producing a total of 6,000 cfm which is delivered underground from receiver tanks with 152 mm supply lines. Two additional
compressors will be installed in 2026 to meet an estimated peak demand of 8,000 cfm.
| 13.3.5.7 |
Refuge Stations and Secondary Egress
|
Refuge stations are strategically located throughout the underground mine to safeguard personnel during emergencies. These consist of both permanently constructed refuge located near
high-occupancy areas and semi- portable containerized refuge stations.
Secondary egress passageways are developed by raisebore with Safescape Laddertubes installed prior to commencing production. A small number of levels, near the upper extents of the
underground mine, are in proximity to multiple internal ramps where additional egress is not required. Underground personnel report to refuge stations during emergencies but will use either the Intrepid portal or pit portal as
emergency egress routes if required to evacuate the mine.
| 13.3.6 |
Blasting and Explosives
|
Production drilling is completed using Sandvik DL432i and DD422i units for 89 mm to 115 mm holes and a CUBEX will be added in Q1 2026 for 610 mm slot reaming. Longhole raises are
currently established using a 102 mm diameter pilot hole and reamed to 152 mm or 203 mm. Short raises typically employ five reamer patterns while longer raises use nine reamer patterns to provide sufficient initial void and reduce the
risk of cut freeze. Uphole stopes require reduced burden and spacing due to higher confinement and limited opportunity for re-blasting. Near brows, modified charging practices are applied to control energy distribution and limit
overbreak. Typical patterns used at Rainy River are outlined in Table 13‑6.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Table 13‑6: | Underground Drill Patterns |
|
Hole Diameter
|
Downholes
|
Upholes
|
|||||||
|
Burden
|
Spacing
|
Burden
|
Spacing
|
||||||
|
76 mm (3.0”)
|
1.9 m
|
1.9–2.3m
|
1.8 m
|
1.8–2.2m
|
|||||
|
89 mm (3.5”)
|
2.2 m
|
2.2–2.5m
|
2.1 m
|
2.1–2.4m
|
|||||
|
102 mm (4.0”)
|
2.5 m
|
2.5–2.9m
|
2.4 m
|
2.4–2.8m
|
|||||
|
115 mm (4.5”)
|
2.8 m
|
2.8–3.3m
|
2.7 m
|
2.7–3.2m
|
|||||
IMDEX borehole survey tools are used to confirm deviation and toe position. Survey results support reconciliation and inform subsequent design adjustments.
Production stoping primarily uses bulk emulsion with ANFO retained primarily for development. Packaged emulsions are used where water control or decoupling is required.
| 13.3.7 |
Grade Control and Production Monitoring
|
Chip sampling is undertaken across development faces within ore sills, where accessible, to provide preliminary grade and geological information for ore control purposes. These
face/chip samples are incorporated into the short-term block model and contribute to the refinement of stope designs and ore delineation at the operational scale.
Muck sampling is conducted routinely from all development ore headings and production stopes. In development, samples are collected from each blast by underground equipment operators.
In production stopes, samples are collected systematically in accordance with the standard operating guideline of one sample per five buckets of broken stope material. All samples are submitted to the on-site laboratory for gold and
silver analysis.
Chip samples are used primarily to inform short-term grade estimation and assist with ore control prior to mining stopes. Muck samples from both development and production are used to
assess ore quality during extraction and to support reconciliation of ore development headings and stope production with mill feed and overall plant performance.
| 13.3.8 |
Equipment
|
The underground lateral development equipment fleet consists of two-boom jumbos to drill the face, ANFO/emulsion loaders to load the holes with explosives, LHDs to muck the blasted
material and load trucks, and bolters for installing ground support. Additional support equipment is used for maintenance and installation of mine services.
Stopes are drilled using long-hole production drills and mucked out and backfilled using LHDs equipped with remote-operation capabilities. Articulated underground trucks are used to
transport ore to surface. Development waste rock is mostly kept underground to be used as rockfill for mined-out stopes.
At December 31, 2025, the underground mine was ramping up to a peak lateral development rate of approximately 15 km per year and a peak ore production rate of approximately 6,100 t/d
(development and production). To achieve these rates, additional underground mobile equipment will be added to the equipment fleet. The peak underground mobile equipment requirements for the LOM plan are summarized in Table 13‑7.
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
13.4
|
Production Plan
|
Open-pit mining, based on the current mineral reserves pit, is planned to end in 2029. Ex-pit mining rates are expected to average approximately 93 kt/d in 2026 and decrease in the
remaining years of the open-pit mine life. Ex-pit mining rates peaked in 2021, averaging approximately 147 kt/d. Completion of Phase 4 mining is planned for late 2026. Phase 5, located on the west side of the existing pit began in
2025 and will continue until the end of 2027. The Northwest Trend, a satellite pit located on the West side of Phase 5, is set to begin in early 2027 and continue until late 2029.
Underground production is planned to ramp up as new mining zones are accessed at the underground Main Zone. Total stoping and development ore production are expected to achieve an
average capacity of approximately 6,100 t/d from 2027–2035. Approximately 14.9 km of lineal lateral development is planned in 2026, increasing to a peak of approximately 15 km per year from 2028 to 2033. Based on the current Mineral
Reserves, the mine life of the Rainy River underground mine extends to the end of 2035, but there is additional potential to extend the mine life if the current mineral resource estimates can be converted to mineral reserves with
additional studies.
The processing plant is expected to operate near full capacity at approximately 25 kt/d until 2030. After completion of open-pit mining in 2029, underground mill feed will be
supplemented with reclaim of the surface low-grade stockpile. From 2031 onwards, the processing plant is expected to operate at reduced capacity with mill feed sourced only from underground.
The LOM production plan is provided in Table 13‑8.
| Table 13‑7: | Peak Required Equipment List |
|
Description
|
Peak Requirement
|
Description
|
Peak Requirement
|
||||
|
Two-boom jumbo
|
4
|
Boom truck
|
3
|
||||
|
Bolter
|
11
|
Scissor lift
|
7
|
||||
|
LHD
|
16
|
Grader
|
1
|
||||
|
Haul trucks
|
22
|
Fuel and lube truck
|
1
|
||||
|
Production drill
|
4
|
IT loader
|
2
|
||||
|
Emulsion/ANFO loader
|
6
|
Personnel carrier
|
22
|
||||
|
Transmixer
|
1
|
Telehander
|
2
|
||||
|
Sprayer
|
1
|
Water cannon
|
1
|
||||
|
Blockholer
|
1
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Table 13‑8: | LOM Production Plan |
|
Item
|
Units
|
2026
|
2027
|
2028
|
2029
|
2030
|
2031
|
2032
|
2033
|
2034
|
2035
|
Total
|
|||||||||||||
| Open pit mining | |||||||||||||||||||||||||
|
Ore
|
(kt)
|
7,126
|
3,422
|
2,258
|
4,201
|
17,008
|
|||||||||||||||||||
|
Waste
|
(kt)
|
26,954
|
26,083
|
27,923
|
8,972
|
89,933
|
|||||||||||||||||||
|
Ex-pit
|
(kt)
|
34,080
|
29,505
|
30,181
|
13,173
|
106,940
|
|||||||||||||||||||
|
Strip Ratio
|
(ratio)
|
3.78
|
7.62
|
12.37
|
2.14
|
5.29
|
|||||||||||||||||||
| Underground | |||||||||||||||||||||||||
|
Development Ore
|
(kt)
|
516
|
634
|
721
|
319
|
636
|
546
|
427
|
508
|
108
|
5
|
4,421
|
|||||||||||||
|
Stope ore
|
(kt)
|
1,246
|
1,380
|
1,521
|
1,663
|
1,581
|
1,698
|
1,699
|
1,665
|
2,360
|
1,749
|
16,561
|
|||||||||||||
|
Total ore
|
(kt)
|
1,762
|
2,014
|
2,242
|
1,982
|
2,218
|
2,243
|
2,125
|
2,173
|
2,468
|
1,754
|
20,981
|
|||||||||||||
|
Lateral development
|
(m)
|
14,913
|
14,838
|
15,615
|
15,389
|
15,603
|
15,530
|
15,712
|
15,112
|
3,496
|
79
|
126,286
|
|||||||||||||
|
Vertical development
|
(m)
|
453
|
441
|
415
|
685
|
941
|
397
|
699
|
722
|
590
|
|||||||||||||||
| Stockpile Balance | |||||||||||||||||||||||||
|
Starting balance
|
(kt)
|
16,792
|
16,505
|
12,659
|
7,876
|
5,062
|
|||||||||||||||||||
|
Processing
|
|||||||||||||||||||||||||
|
Ore processed
|
(kt)
|
9,174
|
9,283
|
9,283
|
8,997
|
7,280
|
2,243
|
2,125
|
2,173
|
2,468
|
1,754
|
54,781
|
|||||||||||||
|
Gold grade
|
(g/t)
|
1.24
|
1.02
|
0.89
|
0.91
|
1.00
|
2.37
|
2.42
|
2.40
|
2.30
|
2.21
|
1.27
|
|||||||||||||
|
Silver grade
|
(g/t)
|
3.34
|
3.26
|
2.37
|
2.02
|
2.53
|
5.13
|
4.41
|
5.73
|
5.31
|
4.84
|
3.18
|
|||||||||||||
|
Gold recovery
|
(%)
|
93
|
92
|
92
|
92
|
92
|
94
|
94
|
94
|
94
|
94
|
93
|
|||||||||||||
|
Silver recovery
|
(%)
|
60
|
59
|
58
|
58
|
58
|
59
|
58
|
59
|
59
|
58
|
59
|
|||||||||||||
|
Gold production
|
(koz)
|
339
|
280
|
243
|
241
|
216
|
160
|
156
|
158
|
171
|
118
|
2,082
|
|||||||||||||
|
Silver production
|
(koz)
|
589
|
577
|
414
|
339
|
346
|
217
|
176
|
237
|
248
|
161
|
3,304
|
|||||||||||||
Notes:
| 1. |
Minor quantities of Inferred Mineral Resources are included in development designs where required for access. These quantities are not classified as reserves and are not material to the economic
outcome.
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 14 |
RECOVERY METHODS
|
|
14.1
|
Process Method Selection
|
The process plant design is conventional to the gold industry and has no novel parameters.
The design basis was the testwork summarized in Chapter 10.
Debottlenecking and optimization activities that have occurred have assisted in increasing capacities and efficiencies.
|
14.2
|
Flowsheet
|
A simplified process flowsheet is provided in Figure 14‑1.
|
14.3
|
Plant Design
|
| 14.3.1 |
Crushing
|
The primary crushing system is composed of a 1,400 x 2,100 mm, 600 kW gyratory crusher designed to accommodate direct dumping from two sides with 220 t capacity mine haul trucks. The
crusher operates with an open-side setting adjustable between 100 mm and 120 mm, yielding a product size distribution with a P80 of approximately 120 mm.
From the primary crusher, ore is transported by conveyors to the coarse ore stockpile, which has total storage capacity of 85,690 t, with a live capacity of approximately 19,000 t.
| 14.3.2 |
Grinding
|
Ore is reclaimed from the coarse ore stockpile using three apron feeders and transported directly to the SAG mill feed chute. The mill feed conveyor is fitted with a weightometer to
continuously monitor and regulate the feed rate to the SAG mill, ensuring that optimized material flows into the grinding circuit.
The SAG mill is an 11.0 m diameter x 6.1 m long grate discharge mill, equipped with a dual pinion drive system comprising two 7,500 kW motors, both featuring variable frequency drives
(VFDs). The SAG mill's design operating power at the pinions is 15,000 kW, corresponding to approximately 84% of the installed power capacity. The discharge from the SAG mill is processed through a single-deck horizontal vibrating
screen which screens out oversize pebbles, ball chips, and tramp steel. The oversize material is conveyed to a Raptor L500 cone crusher that is powered by a 447 kW motor. The crusher operates at a nominal rate of 238 t/h, equivalent
to approximately 20% of the mill feed, with a design power draw of 235 kW. The crushed material is reduced to a P80 size of approximately 13 mm and is then
transferred to the SAG mill feed conveyor via a transfer tower. The crushed product is either recycled to the SAG mill or directed to a bypass conveyor, which delivers material to a pebble stockpile adjacent to the transfer tower.
This pebble-crushing circuit is utilized to maintain throughput when processing harder ore types.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Figure 14‑1: |
Process Flow Sheet |
|
Rainy River Operations
Ontario
Technical Report Summary
|
The SAG mill discharges into the cyclone feed pump box, where the slurry is pumped to a cluster of hydrocyclones for classification. The cyclone distribution header has 25 ports, of
which 22 are fitted with operating hydrocyclones, and the remaining three ports are connected to the gravity concentration circuit feed distributor. The cyclone underflow is directed to the ball mill, while the overflow is sent to
trash screens for further processing.
The ball mill is a 7.9 m diameter x 12.3 m long overflow-type mill, driven by a dual pinion system consisting of two 7,500 kW motors with VFDs. The typical feed to the mill has a
particle size distribution with an F80 of 2,800 µm, while the target product size is a P80 of 80 µm. The design operating power at the pinions is 12,360 kW, which equates to approximately 82% of the total installed power of 15,000 kW. The slurry from the ball mill flows into the cyclone feed pump box
for further classification and processing.
| 14.3.3 |
Gravity Concentration and Intensive Cyanide Leaching
|
Three ports from the cyclone-feed distribution header are dedicated to the gravity concentration circuit, feeding directly into a gravity concentration distributor. The distributor is
equipped with two bottom outlet ports controlled by dart valves, which regulate the flow of slurry to the gravity screens. The underflow from these screens is directed to two 48-inch Knelson centrifugal concentrators, which are used
for gravity gold recovery. Each concentrator processes approximately 300 t/h, resulting in a combined system throughput of 600 t/h.
Tailings from the Knelson concentrators are combined with the screen oversize in the gravity circuit launder, and both flow by gravity to the cyclone feed pump box. The Knelson
concentrate is routed by gravity to the Acacia intensive cyanide leach circuit for further recovery of precious metals.
The resulting pregnant leach solution is transferred to a heated storage tank for holding before being pumped to the gold room, where it undergoes electrowinning to recover the gold.
The tailings from the Acacia leach reactor are returned to the cyclone feed pump box for further reprocessing in the milling circuit.
| 14.3.4 |
Leaching and Carbon-In-Pulp Circuit
|
The cyclone overflow from the grinding circuit is directed through trash screens and into the feed well of a 45 m diameter by 3.3 m high pre-leach thickener. The thickener underflow is
then pumped to the cyanide leach tanks for further gold recovery processing. The overflow from the thickener, which consists of clarified process water, is pumped to a process water tank for reuse within the circuit.
The leach circuit comprises eight tanks in series, each with a diameter of 18 m, providing a total slurry volume of 38,550 m3 and a total retention time of 24 hours. Oxygen is introduced into the first four tanks to facilitate the leach reaction, while air injection is used in the last four tanks to provide oxygenation. Tank
No. 1 can be used for pre-aeration of the slurry when required, after which the slurry overflows into leach tank No. 2, where cyanide is added to continue the leaching process through the remainder of the leach tanks.
The CIP circuit comprises seven tanks in series, each 7 m in diameter and 12 m high, with a total operating volume of 2,520 m3 and a retention time of 1.5 hours. This carousel system simulates countercurrent carbon transfer without physically transferring carbon between tanks. Instead, a fixed quantity of carbon is introduced
into each tank and remains until fully loaded. Upon reaching the loading target, the tank is isolated, and the entire volume of slurry is pumped to a loaded carbon screen. The oversize material, consisting of loaded carbon, flows by
gravity through a diverter gate to the carbon stripping vessels, while the undersize slurry flows back to the CIP feed launder.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 14.3.5 |
Carbon Desorption, Regeneration, and Reactivation
|
Gold is desorbed from the activated carbon using the high-pressure and high-temperature Zadra process. Two 10-ton carbon-stripping vessels are installed for this purpose. Each CIP
carbon-transfer batch consists of 20 t of carbon. The stripping process operates sequentially, with one strip vessel in operation while the second vessel is being filled and prepared for stripping.
In the Zadra process, gold and silver are eluted from the carbon and are continuously recovered by electrowinning. The eluent solution, containing sodium cyanide and sodium hydroxide,
is pumped from the barren solution tank through heat exchangers and carbon stripping vessels, dissolving the gold and silver from the carbon. The pregnant solution is then passed back through the heat exchanger to reduce its
temperature to below boiling before entering the electrowinning cells, where the gold and silver precipitate as sludge. The barren solution is recirculated back to the barren solution tank, and this cycle continues until the gold and
silver are fully recovered from the carbon.
The stripped carbon is reactivated in a horizontal electric rotary kiln operating at a temperature of 750°C, then cooled and pumped to the fresh carbon sizing screen, which removes fine
carbon particles. The reactivated carbon is then transferred via the carbon storage tank transfer pump to the CIP tanks, where it is reloaded for further gold adsorption.
| 14.3.6 |
Electrowinning
|
The pregnant solutions from both the Acacia intensive cyanide leach reactor and the carbon stripping circuit are combined in the electrowinning cell distribution box and circulated
through the electrowinning cells. The electrowinning system consists of three parallel trains, each containing two cells with a capacity of 3.5 m3.
Within the electrowinning cells, gold and silver are electroplated onto stainless steel cathodes. Once the cathodes have reached their target gold and silver loading, and the
concentration of metals in the circulating electrolyte is reduced to the desired level, the cathodes are removed from the cells. The gold and silver sludge is then washed off the cathodes using high-pressure water. The recovered
sludge is filtered through a plate and frame filter press, dried in ovens, mixed with fluxes, and melted in a 300-kW electric induction furnace, which yields gold and silver doré bars.
| 14.3.7 |
Tailings
|
The slurry exiting the final CIP tank is directed through a carbon safety screen to recover coarse carbon particles before being routed to the cyanide destruction circuit. This circuit
consists of two mixing tanks in series, each with a diameter of 11.5 m and a height of 13.5 m, providing a total retention time of 1.5 hours. The cyanide destruction process involves the addition of sulfur dioxide to break down the
cyanide, lime to neutralize the sulfuric acid that formed as a by-product, and copper, in the form of copper sulfate, which serves as a catalyst to enhance the reaction.
|
Rainy River Operations
Ontario
Technical Report Summary
|
The detoxified slurry flows from the cyanide destruction circuit to the tailings pump box and is then pumped by two 356 x 304 mm, 550 kW centrifugal pumps arranged in series to the TMA.
Tailings management is discussed in Chapter 17.2.2.
|
14.4
|
Power and Consumables
|
| 14.4.1 |
Power
|
The SAG mill requires an average of 9.5 kWh/t, and the ball mill requires an average of 13 kWh/t. In 2025, the Rainy River site recorded a total energy consumption of 341 GWh,
corresponding to a site-wide specific energy consumption of 36.9 kWh/t, with the grinding circuit specifically accounting for 22.5 kWh/t. Power sources are discussed in Chapter 15.9.
| 14.4.2 |
Water
|
Water is distributed from the process water tank to various areas in the plant via two low-pressure centrifugal pumps (406 x 356 mm) and two medium-pressure centrifugal pumps (254 x 203
mm). The medium-pressure pumps also supply water to two high-pressure process-water distribution pumps. The process water tank is replenished by several water sources; these include the overflow from the pre-leach thickener, process
recirculation heat exchangers, cooling water return, the mine rock pond, and the tailings reclaim pumps. The mine rock pond collects seepage from the east mine rock stockpile and open pit dewatering. Tailings reclaim water is also
directed to both the process water tank and the tailings pump box.
The TMA is designed to hold 11.6 Mm3 of water. Reclaim water can be pumped as required from the TMA to
the process water tanks and tailings pump box using two 1,350 m3/h, 522 kW vertical turbine pumps (one operating, one spare), with a process demand of
1,200 m3/h.
| 14.4.3 |
Process Consumables
|
The reagents and grinding media requirements are provided in Table 14‑1.
|
14.5
|
Personnel
|
The Rainy River process plant is staffed by a total of approximately 110 personnel. This includes 21 technical and support staff comprising engineering, metallurgy, and administrative
functions, 57 operations personnel including mill operators and laborers, and 32 personnel assigned to the on-site assay laboratory. This staffing level is considered adequate to support current plant operations, metallurgical
control, and analytical requirements.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Table 14‑1: |
Process Consumables |
|
Item
|
Consumption Rate
(kg/t)
|
||
|
Grinding media
|
1.0
|
||
|
Sodium cyanide
|
0.19
|
||
|
Lime
|
0.62
|
||
|
Caustic soda
|
0.04
|
||
|
Sulphur dioxide
|
0.2
|
||
|
Copper sulphate
|
0.07
|
||
|
Activated carbon
|
0.025
|
||
|
Antiscalant
|
0.013
|
||
|
Flocculent
|
0.02
|
||
|
Sodium metabisulphite
|
0.0
|
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Rainy River Operations
Ontario
Technical Report Summary
|
| 15 |
INFRASTRUCTURE
|
|
15.1
|
Introduction
|
All required infrastructure to support operations is in place, including:
| • |
Open pit mine;
|
| • |
Underground mine (portals, fresh air raises, ventilation fans and mine air heaters, power lines, electrical substations, refuge stations, water handling pumps);
|
| • |
Ore stockpiles;
|
| • |
Waste rock storage facilities (west and east, and future in-pit storage facility);
|
| • |
Tailings management area;
|
| • |
Process plant;
|
| • |
Assay laboratory;
|
| • |
Administration and office buildings:
|
| • |
Surface: site management, technical and administrative staff, including health and safety, environmental, finance, human resources, capital projects, mine operations, mill operations, mobile
maintenance, and site services;
|
| • |
Underground: underground management team, technical services, administration, and health and safety;
|
| • |
Mine and mill dry;
|
| • |
Warehouse;
|
| • |
Security office and medical clinic;
|
| • |
Truck shops (truck shop 1 has two service bays and additional space to house a mobile service crane; truck shop 2, has three service bays and includes a 50-t crane and distribution systems for
compressed air and lubricant; truck wash);
|
| • |
Fuel bays;
|
| • |
Explosives magazine and emulsion plant.
|
Major infrastructure is shown in Figure 15‑1.
|
15.2
|
Roads and Logistics
|
The main entrance to the site is via Korpi Road from Highway 71. A network of roads connects the open-pit and underground mines with the process plant, TMA, and other site
infrastructure. Haul roads connect the open pit mine to WRSFs and stockpiles, the primary crusher pad, mine facilities, and to the TMA.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Figure 15‑1: | Mine Infrastructure Layout Map |
Note: Figure prepared by Coeur, 2026. TMA = tailings management area ; WMP = water management pond; WMRS (S) = west mine rock stockpile south; WMRS (N) = west mine rock stockpile north;
MRP = mine rock pond; EMRS = east mine rock stockpile.
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
15.3
|
Stockpiles
|
Ore grading >0.8 g/t Au is sent directly to the crusher whenever capacity allows. Overflow ore material from the pit and lower grade ore is sent to the stockpiles. When there is not
sufficient ore >0.8 g/t Au from the pit, lower-grade ore from the pit and ore from the stockpiles is fed to meet mill throughput targets. The operations use multiple ore stockpiles which include:
| • |
Run of mine (ROM) stockpile: high‑grade ore greater than 0.8 g/t is placed on the ROM stockpile whenever the crusher cannot accept material, in order to reduce truck wait times and maintain haulage efficiency;
|
| • |
East outcrop stockpile: high grade ore (0.5–0.79 g/t Au) and medium‑grade ore (0.4–0.49 g/t Au) is stored when the ROM is full or when grade differences between dig blocks require separation. High‑grade ore and medium‑grade
ore are kept separate at this location. As of January 2026, medium-grade ore will no longer hauled to the east outcrop stockpile, though previously stored medium-grade ore remains in the stockpile;
|
| • |
Oversized high‑grade ore stockpile, east mine rock stockpile Zone 10: high‑grade ore (>0.5 g/t Au) that is too large to feed directly into the crusher is diverted to the oversize high grade ore stockpile in the east mine
rock stockpile Zone 10 area. This material is broken down using a mobile rock breaker before being transferred to the crusher;
|
| • |
Medium‑grade ore stockpile, east mine rock stockpile Zone 9: medium‑grade ore (0.4–0.49 g/t Au) is stored in the east mine rock stockpile Zone 9 medium‑grade ore stockpile. It is used primarily as a blending source with
high‑grade material to maintain consistent mill feed grades;
|
| • |
Low‑grade ore stockpile, east mine rock stockpile Zones 8 and 9: low‑grade ore (0.3–0.39 g/t Au) is deposited in the low-grade ore stockpiles located in Zones 8 and 9 of the east mine rock stockpile. This material is
blended with high‑grade ore as needed to meet mill requirements;
|
| • |
Mineralized PAG stockpile, east mine rock stockpile Zone 10: ore grading from 0.25–0.29 g/t Au is placed in the this stockpile in Zone 10 of the east mine rock stockpile. This material is retained for potential future
processing as a lower-priority source due to its grade being near or slightly below the economic cut-off;
|
| • |
Underground/portal stockpile one (UG STK 1): this stockpile serves as the long‑term storage location for ore hauled from underground workings;
|
| • |
Underground/portal stockpile two (STK 2): this is a temporary stockpile positioned directly outside the underground portal. It is used primarily as short‑term storage before ore is moved either to the crusher or to the
underground/portal long-term stockpile.
|
|
15.4
|
Waste Rock Storage Facilities
|
Waste rock management is discussed in Chapter 17.2.1.
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
15.5
|
Tailings Management Area
|
The TMA is located northwest of the open pit and plant site (Figure 15‑2).
Containment for the TMA is provided by perimeter impoundment dams: the TMA North Dam along the northwest side, the TMA West Dam (dams 4 and 5) along the southwest side, and the TMA
South Dam along the southeast side. Naturally-occurring high topography provides containment along the northeastern perimeter of the facility. Three raises are planned, in 2026, 2027, and 2028. The final crest elevation of 381.5 m is
expected to provide sufficient containment for the projected tailings storage requirements and for operational pond volumes. The volume of tailings at the end-of-mine life within the TMA will be 90.4 Mm3.
An additional 7.3 Mm3 of tailings will be stored within the NW Trend pit, by means of in-pit deposition
post mining activities. Decanted water will be pumped back to the TMA to allow solids settlement prior to recirculation within the mill.
A water management pond stores treated water from the TMA and provides storage for water discharge or intake water for the mill if required. The water management pond is separated from
the TMA by the TMA West Dam (comprising Dam 4 and Dam 5). The perimeter water management pond Dam 1, water management pond Dam 2, water management pond Dam 3, and water management pond Dam 4 have been constructed to their ultimate dam
crest elevation.
The TMA North Dam, West Dams, and South Dam are constructed with a central clay core and two downstream granular filters supported by upstream and downstream rockfill shells. As a
response to the unfavourable foundation conditions, rockfill preload buttresses have been constructed upstream and downstream of the perimeter dams prior to previous dam raises. Additionally, wick drains were installed in select areas
to help mitigate high excess porewater pressures.
Except during planned mill shutdowns, tailings are deposited throughout the year using sub-aerial spigots located on the crests of the perimeter TMA dams and along the northern ring
road. Deposition takes place while maintaining a pond around the fixed reclaim, located between TMA West Dam 4 and West Dam 5.
A flood protection berm was constructed at a topographic low located northwest of the TMA to maintain containment within the Ontario Endangered
Species Act boundary up to the maximum operating water level.
The TMA is designed to provide sufficient containment for the projected tailings storage requirements and for operational pond volumes. The maximum operational pond level was selected
based on the 1-in-100-year wet year inflow projections from the site water balance model (SRK, 2024). The water balance model is regularly updated and calibrated to site conditions.
Over 400 piezometers, 30 slope inclinometers, and numerous settlement plates and magnetic extensometers installed at the TMA are used for monitoring and surveillance. Displacements
(both lateral and vertical) and excess pore water pressures are observed throughout the year in response to construction activities and tailings deposition. Monitoring of the instrumentation is ongoing by both Coeur and the Engineer
of Record. Dam performance has been acceptable to the Report date. Dam performance is monitored on an ongoing basis for each TMA dam raise. Instrumentation response to loading is incorporated into future geotechnical stability
modeling.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Figure 15‑2: | TMA Layout Plan |
Note: Figure prepared by Coeur, 2026.
|
Rainy River Operations
Ontario
Technical Report Summary
|
The TMA undergoes thorough review and oversight from qualified professionals including, at minimum, the following evaluations:
| • |
Monthly inspections from the designated responsible person(s) at site;
|
| • |
Annual inspections from facility Engineers of Record;
|
| • |
Twice annual technical review from the Independent Tailings Review Board with one site visit and one review completed virtually;
|
| • |
Dam safety reviews performed every five years;
|
| • |
Third-party reviews as required by regulators.
|
|
15.6
|
Water Management
|
| 15.6.1 |
Non-Contact Water
|
The operations maintain a positive water balance through onsite precipitation and the dewatering of groundwater, which is managed through the treatment and discharge of mine contact
water. No water is pumped from any local surface water bodies.
The management system is designed for water conservation and environmental protection. Non-contact water is diverted around the mine operations as much as practicable, to ensure
diversions around the mine site are maximized and the volumes of required contact water, which need active management, are minimized.
| 15.6.2 |
Contact Water
|
The water balance is dependent on onsite runoff and direct precipitation onto water storage facilities. The TMA is the primary storage facility for mine contact water, and the
operations are managed to maintain sufficient storage capacity within the TMA.
A water treatment system is operated from spring to fall. Treated water is stored within the water management pond prior to being discharged through effluent discharge lines 1 and 2.
The operations can discharge into the Pinewood River when its flows are >10,000 m³/h and when it is mostly ice free; those two conditions generally occur during the spring and fall.
Water balance modelling is used to track the inventory of water on site, water consumption, and water losses. Water losses include evaporation, and entrained pore-water in tailings. An
external technical consultant manages the operational water balance model and develops a monthly report to provide information to the operation as to the adequacy of the water management strategy.
| 15.6.3 |
Water Treatment
|
A water treatment train is situated in the northern water management pond, has a capacity of 16,340 m3/d
and has three elements:
| • |
Lime water treatment plant, used to treat total suspended solids, metals and metalloids;
|
| • |
Nitrification cells, used to treat ammonia via a microbial process termed ‘nitrification’; also removes a portion of the manganese;
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| • |
Biochemical reactor 1: used treat nitrate and nitrite through a microbial process termed ‘denitrification’.
|
A second biochemical reactor is used to polish the water management pond, and treat MRP and TMA water. This reactor has a 10,000 m³/d capacity.
The total authorized water treatment design capacity is 50,000 m³/day, with construction of the expanded water treatment processes scheduled to begin in 2026.
There are four provincially and federally permitted locations where discharge from the mine into the environment can occur. Each discharge point has discharge
criteria that are specified in Ministry of the Environment, Conservation and Parks ECA #2290-CAVKGN, which must be met prior to discharge.
|
15.7
|
Water Supply
|
The mine site potable water treatment plant provides water to washrooms, kitchens, change room showers and sinks across the site.
Bottled potable water is brought on site for drinking purposes and is dispensed through water coolers.
|
15.8
|
Camps and Accommodation
|
A camp facility, located on Atkinson Road, consists of 10 dormitories with a capacity of 406 rooms.
|
15.9
|
Power and Electrical
|
Electricity is supplied by a 16.7 km long, 230 kV power line from the Hydro One power line currently connecting Fort Frances and Kenora.
The main 230 kV to 13.8 kV substation is located to the northeast of the concentrator building. Two main 230 kV to 13.8 kV, 42/56/70 MVA transformers are used for combined power of 100
MVA. This provides capacity for future expansion and mitigates the risk of downtime due to transformer failure. A 15 kV gas insulated switchgear, complete with electrical protection devices, is included.
Electricity for the underground mine is provided by a 13.8 kV line routed from the main substation by an overhead power line to the mine portal. A separate 13.8 kV line is routed within
the fresh air raise to supply power to the underground Main Zone.
Two generator sets provide emergency power.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 16 |
MARKET STUDIES AND CONTRACTS
|
|
16.1
|
Markets
|
Gold and silver output is in the form of doré containing an average of approximately one-third gold and two-thirds silver by weight. Silver credits are received from the refiner. The
doré is shipped to either Asahi Refining Canada Ltd. in Brampton, Ontario, or to the Royal Canadian Mint in Ottawa, Ontario. Transportation of the doré to either refinery is contracted out by the respective refineries. Responsibility
for the doré changes hands at the gold room gate upon signed acceptance by the refiner or its transport provider. Coeur sells its gold production into the market at spot prices. There are no
agency relationships relevant to the marketing strategies used.
Product valuation is included in the economic analysis in Chapter 19, and is based on a combination of the metallurgical recovery, commodity pricing, and consideration of processing
charges.
Markets for both silver and gold bullion are highly liquid, and the loss of a single trading counterparty is not expected to impact Coeur’s ability to sell its bullion.
|
16.2
|
Commodity Price Forecasts
|
Coeur uses a combination of analysis of three-year rolling averages, long-term consensus pricing, and benchmarks to pricing used by industry peers over the past year, when considering
long-term commodity price forecasts.
Higher metal prices are used for the mineral resource estimates to ensure the mineral reserves are a sub-set of, and not constrained by, the mineral resources, in accordance with
industry-accepted practice.
The long-term gold price forecasts are:
| • |
Mineral reserves:
|
| o |
US$2,200/oz Au;
|
| o |
US$26/oz Ag;
|
| • |
Mineral resources:
|
| o |
US$2,500/oz Au;
|
| o |
US$30/oz Ag.
|
The economic analysis in Chapter 19 uses a reverting price curve. All commodity prices are advised by the corporate investment committee and revised as necessary throughout the budget
and forecast process. This guidance is used to keep all sites using the same basis for revenue. The sites do not advise prices or deviate from the prices provided.
|
16.3
|
Contracts
|
The Rainy River Operations produce precious metal concentrates in the form of doré containing gold and silver, which is transported from the mine site to the refinery by a secure
transportation provider. Responsibility for the doré changes hands at the gold room gate upon signed acceptance by the refiner or its transport provider.
|
Rainy River Operations
Ontario
Technical Report Summary
|
Coeur has a number of contracts, agreements, and purchase orders in place for goods and services that are required for the Rainy River Operations. All contracts and agreements are
negotiated with vendors and have a contractual scope, terms, and conditions. The most significant of those contracts cover underground contractor mining, electricity, fuel, explosives, tires, grinding media, milling reagents, heavy
equipment parts and maintenance, and camp services.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 17 |
ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS
|
|
17.1
|
Baseline and Supporting Studies
|
Baseline and supporting studies and an Environmental Assessment were completed by Coeur and various consultants from 2009–2014 as part of the Ontario and Federal Environmental
Assessment application.
|
17.2
|
Environmental Considerations/Monitoring Programs
|
Environmental management plans were developed for air quality, sound and vibration, geochemistry, surface water systems, groundwater systems, and terrestrial systems and species at
risk. The operations maintain up-to-date environmental management plans to reflect the current conditions of the mine site, evolving best practices, and regulatory requirements.
Environmental monitoring for air quality, acoustic noise and vibration, acid generation potential, surface and groundwater quality, groundwater quantity, constructed fish habitat and
fish tissue, birdlife, and deer-tissue, are completed regularly and reported per permit conditions.
A condition of the ESA permit required Coeur to establish overall benefit lands for two bird species (bobolink and eastern whip-poor-will) to compensate for the habitat lost from
construction of the mine site. Coeur is responsible for managing over 1,800 ha of these lands. Permit conditions include monitoring to ensure the program goals are met by :
| • |
Quantifying any adverse effects to these species;
|
| • |
Confirming that the overall benefit lands are providing compensatory habitats.
|
Coeur continues to work with the Ministry of the Environment, Conservation and Parks to satisfy the terms and conditions of the ESA permit related to the Eastern Whip-poor-will Habitat Management Plan.
The stockpile pond diversion channel was permitted as a replacement for fish habitat, following the Fish Habitat Compensation Plan (AMEC Foster
Wheeler 2017). The stockpile pond diversion channel was constructed in early 2016. However, water levels have varied greatly since its construction, primarily remaining below design basis, subsequently preventing fish passage from
West Creek Pond upstream to Stockpile Pond. Since the re-creation of functional fish habitat in the Stockpile Pond was not successful, the Impact Assessment Agency of Canada issued a Notice of Non-Compliance on July 31, 2020, as
prescribed by the Metal and Diamond Mining Effluent Regulations, for the lack of compensation for the loss of fish habitat. To address the deficiencies at Stockpile Pond and associated
diversions, Coeur began construction in 2025 of 3.5 ha of new fish habitat near the lower reaches of the West Creek Diversion. Major earth works are to be completed in 2026 with commissioning in 2027 once vegetation has been
established.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 17.2.1 |
Waste Rock Storage Facilities
|
Two main waste rock dumps are used for waste rock management. The west mine rock stockpile contains NPAG material, and the east mine rock stockpile is designated as the PAG stockpile.
Since 2023, PAG waste rock is also stored at the base of the open pit; there, it will be fully submerged with water at closure, which will prevent the generation of acid rock drainage (ARD).
Coeur has an approved Geochemical Monitoring Plan to guide the sampling program and classification for NPAG and PAG material; the classification is determined by the neutralization
potential ratio, as defined in the Geochemical Monitoring Plan. An additional level of characterization was developed for PAG rock based on inferred time to acid onset. The system designates three levels of PAG:
| • |
PAG1: inferred to have the potential to generate acidic conditions within 5 years or less of deposition;
|
| • |
PAG2: inferred to have the potential to generate acidic conditions within 5 to 15 years of deposition;
|
| • |
PAG3: inferred to not have the potential to generate acidic conditions for at least 15 years.
|
Coeur has so far classified only implemented protocols for the PAG1 and PAG2 designations. PAG1 material is always deposited of in the east mine rock stockpile or in the open pit. Some
PAG2/3 rock is used in the construction of the upstream side of the TMA embankment, and in the downstream shells of Cells 1 and 2, where it will be inundated by tailings. Currently, PAG2 and PAG3 materials are managed or deposited on
site, which is conservative with respect to mine rock and overburden management because it does not overestimate the lag period to potential onset of acidic conditions for PAG materials.
To ensure accurate designation and appropriate storage of waste rock, cuttings from every blast hole are sampled and analyzed for total carbon and total sulfur to
determine PAG or NPAG classification and each mining block is classified as PAG1, PAG2/3, or NPAG and waste rock from each mining block is routed to the appropriate location. Coeur uses a geochemical database to track
sampling and placement of waste rock.
| 17.2.2 |
Tailings Management
|
Tailings are stored within the TMA and are deposited year-round, except during mill shutdowns. The tailings go through a cyanide destruction process after leaving the mill, prior to
deposition. Containment for the TMA is provided by perimeter impoundment dams: the TMA North Dam along the northwest side, the TMA West Dam (Dam 4 and Dam 5) along the southwest side, and the TMA South Dam along the southeast side. A
naturally occurring topographic high provides containment along the northeastern perimeter of the facility.
The water management pond , located adjacent to the TMA, is a part of the water treatment system; it stores treated water from the TMA and can supply water to the mill. The water
management pond is separated from the TMA by the TMA West Dam (comprising Dam 4 and Dam 5). Water management pond dams 1, 2, 3, and 4 were constructed to their ultimate dam crest elevation of 371.5 m.
|
Rainy River Operations
Ontario
Technical Report Summary
|
Coeur uses strong tailings governance to ensure the safety and stability, both geotechnical and geochemical, of all tailings. The New Gold Tailings Storage Facility Management Policy,
updated and signed by the CEO on August 16, 2023, outlines Coeur’s commitments regarding tailings management. Coeur strives for zero harm to people and the environment as a result of tailings management. The policy includes the
following commitments to tailings management:
| • |
Delineating strong and transparent governance with clear responsibilities and accountabilities throughout the organization, up to the Board of Directors;
|
| • |
Ensuring the oversight of an Independent Tailings Review Board;
|
| • |
Providing Indigenous partners with the opportunity to review risks and findings from independent reviews;
|
| • |
Publicly disclosing tailings storage facility information;
|
| • |
Having a rigorous emergency preparedness plan, including post-incident review and participation with regulatory authorities and communities of interest.
|
Coeur is a member of the Mining Association of Canada and therefore uses the “Towards Sustainable Mining” protocols to inform tailings
governance. The Rainy River Operations achieved the highest rating of AAA for all indicators for the tailings management protocol at the most recent external verification in 2023.
|
17.3
|
Closure and Reclamation Considerations
|
The current Closure Plan includes consultations and collaboration with regulatory agencies, Indigenous communities, and the public; these consultations will continue through closure and
beyond. A groundwater monitoring network established in 2015 and 2016 will be used throughout the operational phases and into reclamation and closure. Additional environmental monitoring and water management programs will be set up
towards the end of operations and continue through closure.
The conceptual TMA closure configuration consists of a permanent water cover and a low-permeability overburden cover on the perimeter tailings. The water cover, covering most of the
TMA, will ensure tailings remain saturated and will prevent oxygenation and ARD. Tailings levels will be 3 m below the spillway, allowing for 2 m of consistent water cover even accounting for surface undulations. The low-permeability
overburden cover surrounding the perimeter of the permanent pond, will be approximately 150 m wide, and placed on the upstream side of the dam. This cover will prevent the permanent water cover from contacting the dams and will limit
oxygen infiltration into the tailings. The cover will be seeded with native vegetation and reinforced with NPAG rock at transition zones to prevent oxidation. This combination of engineered covers and water saturation effectively
stabilizes the tailings, meets closure objectives, and minimizes long-term environmental impacts.
The Closure Plan includes the construction of a spillway that will allow the central pond water to flow into the water management pond, and subsequently into the constructed wetlands.
The location, invert elevation, and design of the closure spillway are not finalized but are intended to regulate flows from the TMA pond to the water management pond as required.
|
Rainy River Operations
Ontario
Technical Report Summary
|
At closure, both mine rock stockpiles will be covered and revegetated. The east mine rock stockpile closure cover is designed to prevent the generation of ARD and has been constructed through the active life of mine as part of
the progressive reclamation plan. Coeur has implemented field trials for cover systems to evaluate the effectiveness of different designs at limiting ARD. A third-party consultant is retained to design, instrument, and interpret the
monitoring data collected from these field trials. These trials also provide opportunity for optimizing future closure activities at site. Coeur submits an annual cover trial report to the regulator as part of the Annual Compliance
Report.
Coeur submitted an amendment to the Closure Plan in December 2024 that listed an estimated cost of closure of C$136.9 million. This Closure Plan was filed in April 2025, and the surety
bond was C$136.9 million.
The current financial asset retirement obligation, based on disturbances as of December 31, 2025, is C$151.8 million.
|
17.4
|
Permitting
|
The Rainy River Operations comply with applicable Canadian federal and provincial permitting requirements. The approved permits outline the authority’s requirements for operation of the
surface and underground mines, TMA, WRSFs, process plant, water usage, habitat destruction and compensation, and effluents discharge. The operations have received all the permits and authorizations needed to construct major
infrastructure and operate (Table 17‑1). However, the periodic dam raises must be permitted annually.
Permit amendments are required for the following additions envisaged in the LOM plan:
| • |
NW Trend open pit expansion;
|
| • |
Underground expansion;
|
| • |
Tailings storage using the NW Trend open pit
|
Coeur has successfully completed permit amendments in the past, including the annual TMA dam raise, which is authorized through the Ontario Ministry of Mines. This authorization is
obtained through the submission of a Notice of Material Change to the Ontario Ministry of Mines who approves it as a material change to the authorized Closure Plan.
The operations must obtain an authorization to complete each annual TMA dam raise, which is authorized through the Ontario Ministry of Mines. This authorization is obtained through the
submission of a Notice of Material Change to the Ontario Ministry of Mines who approves it as a material change to the authorized Closure Plan.
A Closure Plan Amendment to include the NW Trend open pit and underground changes is expected to be filed in approximately Q4 2026. All permits for storage of tailings in the Northwest
Trend open pit are expected in 2029.
|
17.5
|
Social Considerations, Plans, Negotiations and Agreements
|
Coeur is a significant employer in the region and employs most of its staff from the nearby communities. Currently 205 (23%) employees identify as First Nations, and Coeur has entered
into formal agreements with communities that are home to 195 of the employees.
Coeur’s Human Rights Policy and Indigenous Peoples Policy set forth the expectation to respect the rights and traditions of Indigenous people where it operates by proactively seeking,
engaging, and supporting meaningful dialogue regarding its operations. Coeur, through its New Gold subsidiary, signed Impact Benefit Agreements with the following Indigenous nations:
|
Rainy River Operations
Ontario
Technical Report Summary
|
| • |
Seine River First Nation, the Couchiching First Nation, the Naicatchewenin First Nation, the Mitaanjigamiing First Nation, the Rainy River First Nation, the Lac la Croix First Nation (signed June
24, 2013);
|
| • |
Rainy River First Nation and Naicatchewenin First Nation (signed October 10, 2014);
|
| • |
Metis Nation of Ontario (signed November 25, 2014);
|
| • |
Big Grassy River First Nation (signed January 9, 2015);
|
| Table 17‑1: |
Key Active Permits and Authorizations |
|
Title
|
Permit type
|
||
|
Aggregate dewatering outcrop 3 and Roen Pit
|
Permit to Take Water
|
||
|
Mine dewatering
|
Permit to Take Water
|
||
|
SAR Eastern Whip-poor-will and Bobolink
|
Endangered Species Act Permit
|
||
|
Air and noise
|
Environmental Compliance Approval
|
||
|
Sewage works
|
Environmental Compliance Approval
|
||
|
Fisheries Act 35(2)(b) Authorization (Offset Plan)
|
Authorization
|
||
|
Effluent mixing structure & hydrology gauge
|
Work Permit – Letter of authority
|
||
|
Aggregate resources – Tait Quarry
|
Aggregate Resources Licence
|
||
|
Aggregate resources – Laydown 4 Quarry
|
Aggregate Resources Licence
|
||
|
Fish collection permits
|
Authorization
|
||
|
Wildlife scientific collectors authorization
|
Authorization
|
||
|
Authorization for wildlife interference
|
Authorization
|
||
|
Nuclear substance and radiation device
|
Nuclear Radiation Licence
|
||
|
Electricity wholesaler
|
Licence
|
||
|
Land use
|
Permit
|
||
|
Provincial EA commitments
|
Environmental Assessment
|
||
|
Federal EA commitments
|
Environmental Assessment
|
||
|
Follow-up monitoring Environmental Assessment commitments
|
Environmental Assessment
|
||
|
Final Environmental Assessment commitments
|
Environmental Assessment
|
||
|
Closure plan commitments
|
Environmental Assessment
|
||
|
Occupancy
|
Municipal Permit
|
| • |
Naotkamegwanning First Nation (signed April 19, 2017);
|
| • |
Ojibways of Onigaming First Nation (signed May 24, 2017);
|
| • |
Anishinaabeg of Naongashiing First Nation (signed October 21, 2017);
|
| • |
Animikee Wa Zhing 37 First Nation (signed February 13, 2018).
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
The agreements affirm mutual commitment to the vision of a consent-based, stable, and environmentally responsible relationship regarding Rainy River’s operations and its activities that
is respectful of Indigenous title and rights. The agreements identify consent to the project during operations and closure and may consider:
| • |
Environmental factors;
|
| • |
Human resources, employment, and training;
|
| • |
Education;
|
| • |
Business opportunities;
|
| • |
Financial considerations.
|
Traditional Knowledge and Traditional Land Use studies were conducted in partnership with Indigenous Elders and other knowledge holders in order to better understand traditional
practices and environmental knowledge. At the request of Indigenous groups during a pre-start-up site tour, wild rice was planted in two water diversion ponds in 2017. Wild rice has since been growing in the Teeple Diversion Pond.
Traditional Knowledge and Traditional Land Use sessions, held with local Indigenous groups, identified the need to prioritize the inclusion of native species and traditional medicine
plant species into closure-plan vegetation studies.
Coeur employs First Nations environmental monitors from two different communities, who participate in the regulatory monitoring program. The monitors provide valued perspective, support
to the environmental team, and allow for transparency and visibility with their communities regarding the actions being taken to protect the environment.
|
17.6
|
Qualified Person’s Opinion on Adequacy of Current Plans to Address Issues
|
Based on the information provided to the QP by Coeur, there are no material issues known to the QP that will require mitigation activities or allocation of remediation costs in respect
of environmental, permitting, closure or social license considerations.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 18 |
CAPITAL AND OPERATING COSTS
|
| 18.1 |
Introduction
|
Capital and operating cost estimates in the current budget cycle are at a minimum at a pre-feasibility level of confidence, having an accuracy level of ±25% and a
contingency range not exceeding 15%. In later years, capital estimates are based on estimated annual operating requirements and are considered as sustaining capital.
| 18.2 |
Capital Cost Estimates
|
| 18.2.1 |
Basis of Estimate
|
Capital costs are based on budget estimates from supplier and contractor quotes, engineering designs, maintenance strategies, production plans, and recent operating history.
Underground development cost and initial infrastructure costs are classified as project capital (growth) or sustaining capital costs. A total of
US$147.1 million is included in sustaining capital and US$257.1 million is included in growth capital. The US$24.6 million of underground equipment purchases include mobile equipment, fans, dewatering, and electrical equipment.
A total of US$42.7 million in sustaining capital is estimated for three TMA raises, one raise each year for the next three years, which provides sufficient tailings
storage capacity for the LOM. Costs are based on physical material replacement requirements and recent unit cost history.
Physical requirements include the placement of non-acid generating waste rock, till, and the production of crushed waste for dam filter elements. Mining costs related to the incremental hauling of
waste for TMA construction are capitalized as TMA capital costs.
Other capital projects include mining, processing, and site infrastructure capital. Mining capital primarily includes planned component replacements for mobile equipment. Processing capital is
primarily related to component and equipment replacements and improvement projects. Site infrastructure capital includes water management projects and upgrades to camp and dry facilities.
Underground development makes up approximately 58% of LOM's total capital costs. These costs are estimated from first principles based on mine designs and mining schedules, equipment data,
consumables estimates, and labor schedules, benchmarked against recent unit cost history. A further 31% of total capital is related to mining equipment, mine infrastructure and other capital, for which the cost estimate is based on engineered
quantities and supplier quotes.
| 18.2.2 |
Capital Cost Summary
|
Total LOM capital is expected to be approximately US$685 million, including US$239 million of sustaining capital and US$446 million of growth capital, as shown in Table 18-1. Total capital spending
significantly declines after three years of the remainder of the LOM plan.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Table 18‑1: |
LOM Capital Cost Estimate (US$ M)
|
|
Category
|
2026
|
2027
|
2028
|
2029
|
2030
|
2031
|
2032
|
2033
|
2034
|
2035
|
Total
|
||||||||||||
|
Sustaining Capital (US$ millions)
|
|||||||||||||||||||||||
|
Underground development
|
19.0
|
16.7
|
10.6
|
14.6
|
7.7
|
8.1
|
9.3
|
45.5
|
15.7
|
—
|
147.1
|
||||||||||||
|
Tailings management
|
21.4
|
18.6
|
2.7
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
42.7
|
||||||||||||
|
Other
|
30.1
|
10.1
|
—
|
—
|
4.7
|
—
|
1.9
|
0.9
|
—
|
—
|
47.7
|
||||||||||||
|
Working capital
|
(0.1)
|
0.6
|
(1.2)
|
0.1
|
0.4
|
0.6
|
(0.5)
|
(2.0)
|
3.8
|
—
|
1.8
|
||||||||||||
|
Total sustaining capital
|
70.4
|
46.0
|
12.1
|
14.7
|
12.8
|
8.7
|
10.8
|
44.3
|
19.5
|
—
|
239.3
|
||||||||||||
|
Growth Capital (US$ millions)
|
|||||||||||||||||||||||
|
Underground development
|
42.7
|
31.7
|
26.5
|
50.9
|
32.0
|
34.1
|
39.3
|
—
|
—
|
—
|
257.1
|
||||||||||||
|
Underground equipment
|
8.3
|
3.6
|
3.3
|
3.4
|
3.0
|
3.0
|
—
|
—
|
—
|
—
|
24.6
|
||||||||||||
|
Open Pit Stripping
|
—
|
76.4
|
49.7
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
126.0
|
||||||||||||
|
Other
|
6.1
|
2.9
|
1.8
|
2.4
|
1.9
|
2.0
|
—
|
—
|
—
|
—
|
17.1
|
||||||||||||
|
Working capital
|
4.3
|
0.6
|
10.0
|
(3.2)
|
3.4
|
(0.4)
|
—
|
6.6
|
—
|
—
|
21.2
|
||||||||||||
|
Total growth capital
|
61.4
|
115.1
|
91.3
|
53.5
|
40.3
|
38.6
|
39.3
|
6.6
|
—
|
—
|
446.0
|
||||||||||||
|
Total capital (US$ millions)
|
131.8
|
161.2
|
103.4
|
68.2
|
53.0
|
47.3
|
50.0
|
50.9
|
19.5
|
—
|
685.4
|
||||||||||||
Note: Numbers have been rounded.
| 18.3 |
Operating Cost Estimates
|
| 18.3.1 |
Basis of Estimate
|
Operating costs are based on actual costs incurred at the site and current budget and LOM plan. The production plan drove the calculation of the mining and processing costs, as the mining mobile
equipment fleet, workforce, contractors, power, and consumables requirements were calculated based on specific consumption rates.
Open-pit and underground mining costs are derived from the production plan and estimates for labour costs, equipment productivity, maintenance costs and diesel and other consumables. Diesel prices
are included in the LOM at an average of US$0.83/L. Underground mining costs per tonne mined decrease from 2026 to 2028, while open-pit mining costs averages US$16.01/t until 2029. Open pit costs past production end (2030+) is related to the
rehandling of underground tonnes from the portal to the crusher.
Processing costs are driven by tonnes processed, consumption rates and prices for reagents, consumables and electricity, and plant equipment maintenance strategies.
Processing costs average US$10.57/t in 2026–2029 with the mill at full capacity. Coeur participates in various programs as a northern Ontario industrial electricity consumer, benefiting from favourable pricing. Electricity prices are included in
the LOM at an average of C$0.05/kWh.
|
Rainy River Operations
Ontario
Technical Report Summary
|
General and administrative costs are primarily driven by the level of mining and processing activities on site. Costs decline during the mine life as mining and processing
activities decrease. Such costs include camp costs, maintenance of site infrastructure, human resources, finance, environment, community relations, asset protection and security, safety, information technology, supply chain and site management.
Other operating costs include stockpile and production inventory adjustments, transport and refining costs, royalties and production taxes.
| 18.3.2 |
Operating Cost Summary
|
The operating cost estimate for the remaining LOM is provided on an annualized and dollar per tonne basis in Table 18‑2.
The LOM operating cost is US$2,673 million, which equates to US$16.01/t mined from the open pit, US$57.08/t mined from underground, and US$61.80/t processed.
|
Table 18‑2:
|
LOM Operating Cost Estimate
|
|
2026
|
2027
|
2028
|
2029
|
2030
|
2031
|
2032
|
2033
|
2034
|
2035
|
Total/
Average
|
|||||||||||||
|
|
Total Operating Costs (US$ millions) | ||||||||||||||||||||||
|
|
Open-pit mining
|
140.7
|
29.1
|
49.2
|
58.9
|
18.1
|
12.9
|
9.9
|
9.8
|
8.4
|
7.1
|
344.1
|
|||||||||||
|
|
Underground mining
|
128.1
|
135.6
|
141.1
|
111.8
|
136.0
|
132.9
|
123.1
|
117.4
|
92.5
|
72.7
|
1,191.2
|
|||||||||||
|
|
Processing
|
102.9
|
97.8
|
97.2
|
90.8
|
65.5
|
27.0
|
25.7
|
24.9
|
25.0
|
16.1
|
572.8
|
|||||||||||
|
|
G&A
|
58.2
|
47.4
|
34.8
|
27.9
|
25.9
|
23.4
|
23.8
|
22.1
|
21.4
|
18.4
|
303.3
|
|||||||||||
|
|
Other
|
25.6
|
40.0
|
46.1
|
38.9
|
27.0
|
20.7
|
19.8
|
20.2
|
13.5
|
9.6
|
261.2
|
|||||||||||
|
|
Total
|
455.4
|
349.9
|
368.3
|
328.2
|
272.4
|
216.9
|
202.3
|
194.4
|
160.8
|
123.9
|
2,672.6
|
|||||||||||
|
|
Unit Operating Cost (US$/t mined) | ||||||||||||||||||||||
|
|
Open-pit mining
|
19.74
|
8.50
|
21.79
|
14.01
|
—
|
—
|
—
|
—
|
—
|
—
|
16.01
|
|||||||||||
|
|
Underground mining
|
72.72
|
67.35
|
62.90
|
56.41
|
61.33
|
59.25
|
57.93
|
54.02
|
37.50
|
41.44
|
57.08
|
|||||||||||
|
|
Unit Operating Costs (US$/t processed)
|
||||||||||||||||||||||
|
|
Mining
|
29.30
|
17.75
|
20.50
|
18.97
|
21.16
|
65.02
|
62.57
|
58.55
|
40.90
|
45.52
|
38.02
|
|||||||||||
|
|
Processing
|
11.21
|
10.54
|
10.47
|
10.09
|
8.99
|
12.03
|
12.10
|
11.44
|
10.14
|
9.19
|
10.62
|
|||||||||||
|
|
G&A
|
6.34
|
5.11
|
3.75
|
3.10
|
3.56
|
10.42
|
11.19
|
10.18
|
8.68
|
10.46
|
7.28
|
|||||||||||
|
|
Other
|
2.79
|
4.31
|
4.96
|
4.32
|
3.70
|
9.24
|
9.32
|
9.29
|
5.45
|
5.44
|
5.88
|
|||||||||||
|
Total
|
49.64
|
37.70
|
39.67
|
36.48
|
37.42
|
96.70
|
95.18
|
89.44
|
65.18
|
70.62
|
61.80
|
||||||||||||
Note: Numbers have been rounded.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 19 |
ECONOMIC ANALYSIS
|
| 19.1 |
Forward-looking Information
|
Results of the economic analysis represent forward- looking information that is subject to several known and unknown risks, uncertainties and other
factors that may cause actual results to differ materially from those presented here.
Other forward-looking statements in this Report include, but are not limited to: statements with respect to future metal prices and concentrate sales contracts; the estimation of mineral
reserves and mineral resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; costs and timing of the development of new ore zones; permitting
time lines; requirements for additional capital; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; title disputes or claims; and, limitations on insurance coverage.
Factors that may cause actual results to differ from forward-looking statements include: actual results of current reclamation activities; results of economic evaluations; changes in Project
parameters as mine and process plans continue to be refined, possible variations in mineral reserves, grade or recovery rates; geotechnical considerations during mining; failure of plant, equipment or processes to operate as anticipated;
shipping delays and regulations; accidents, labor disputes and other risks of the mining industry; and, delays in obtaining governmental approvals.
| 19.2 |
Methodology Used
|
Coeur records its financial costs on an accrual basis and adheres to U.S. Generally Accepted Accounting Principles (GAAP).
The financial costs used for this analysis are based on the 2026 life of mine budget model, which was built on a zero-based budgeting process that was validated through a historical cost
comparison from the previous financial year. Production figures in this Chapter are based on predicted equipment hours and manpower requirements needed to execute the mine plan using actual unit costs, labor rates and may vary from year to
year depending on capital and production needs.
Consumables are based upon market projections and contract pricing. Experts and bids are used for capital purchases to ensure that all costs are included in the project to avoid any
unbudgeted expenditures.
All financial results are communicated to the site management team. This process results in refinements and agreements as to the validity of the cost, capital, and cash flow results. This is
an ongoing process throughout the budget and provides consistency of the results and acceptance of both short- and long-term goals.
Capitalized exploration is determined annually through the corporate office, is discretionary, and therefore not included in the economic analysis. Management fees
assessed through the corporate office are not included in the economic analysis.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 19.3 |
Financial Model Parameters
|
| 19.3.1 |
Mineral Resource, Mineral Reserve, and Mine Life
|
The mineral resources are discussed in Chapter 11, and the mineral reserves are discussed in Chapter 12.
The mineral reserves support a mine life of 10 years.
| 19.3.2 |
Metallurgical Recoveries
|
Forecast metallurgical recoveries are provided in Chapter 10.
| 19.3.3 |
Smelting and Refining Terms
|
Smelting and refining terms for the doré are outlined in Chapter 16. Smelting and refining costs are defined by contracts with Coeur’s primary refiners and customers.
| 19.3.4 |
Metal Prices
|
The economic model metal price assumptions are outlined in Table 19‑1.
| 19.3.5 |
Capital and Operating Costs
|
Capital and operating cost forecasts price assumptions are outlined in Chapter 18.
Capitalized exploration is determined annually through corporate office and is discretionary and therefore not included in the economic analysis. Management fees
assessed through the corporate office are not included in the economic analysis.
| 19.3.6 |
Working Capital
|
Working capital based is based upon historical trends for movement in payables and receivables. This is adjusted year over year for changes in spending levels. Historically the spending
levels remain constant on a cost per ton basis. Tax payments are adjusted annually for production and sales of gold and silver. Inventory movement is also adjusted annually for production levels. In future years the working capital is
adjusted from recent historical values based upon the timing of the remaining mine life. The timing and annual spending at the Rainy River Operations is very consistent on a per tonne basis, and this analysis is used to support the cash
flow movements that create the working capital.
| 19.3.7 |
Taxes and Royalties
|
Royalties are discussed in Chapter 3.7. Royalties included in the cash flow analysis are based upon gold ounces mined or produced depending upon the agreement.
The tax rates used are set by governmental agencies, and Rainy River Operations remains in compliance.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Table 19‑1: |
Metal Price Assumptions
|
|
Metal
|
Unit
|
2026
|
2027
|
2028
|
2029
|
2030+
|
|||||||
|
Gold price
|
US$/oz
|
4,550
|
4,000
|
3,800
|
3,600
|
3,100
|
|||||||
|
Silver price
|
US$/oz
|
60.00
|
48.00
|
44.00
|
42.00
|
38.00
|
Currently, Coeur pays no federal income tax due to historic net operating losses.
| 19.3.8 |
Closure Costs and Salvage Value
|
Closure costs are summarized in Chapter 17.3.
Closure costs are based upon economic review by the Environmental team. The models used are reviewed internally and validated by external auditors. The closure costs are included in the annual budget
LOM. This is reviewed by corporate investment teams.
| 19.3.9 |
Financing
|
The economic analysis is based on 100% equity financing and is reported on a 100% project ownership basis.
| 19.3.10 |
Inflation
|
The economic analysis assumes constant prices with no inflationary adjustments.
| 19.4 |
Economic Analysis
|
The NPV at 5% is $2,635 million. As the cash flow is based on existing operations, considerations of payback and internal rate of return are not relevant.
A summary of the financial results is provided in Table 19‑2. An annualized cash flow statement is provided in Table 19‑3.
The active mining operation ceases in 2035; however, closure costs are estimated to be paid out through 2036. For the purposes of the financial model, all costs incurred beyond 2035 are included in the
cash flow in the year 2035.
| 19.5 |
Sensitivity Analysis
|
The sensitivity of the Project to changes in metal prices, gold grade, capital costs and operating cost assumptions was tested using a range of 30% above and below the base case values. The NPV
sensitivity to these parameters is illustrated in Table 19‑4, with the base case bolded.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Table 19‑2: |
Cashflow Summary Table
|
|
Item
|
Units
|
Value
|
|||
|
Revenue
|
US$ M
|
7,800.3
|
|||
|
Production costs
|
US$ M
|
3,738.5
|
|||
|
Exploration
|
US$ M
|
24.4
|
|||
|
Accretion liability
|
US$ M
|
86.9
|
|||
|
Total costs and expenses
|
US$ M
|
3,849.8
|
|||
|
Interest income
|
US$ M
|
9.9
|
|||
|
Intercompany
|
US$ M
|
8.7
|
|||
|
EBITDA
|
US$ M
|
3,931.8
|
|||
|
Depreciation, Depletion, and Amortization
|
US$ M
|
2,485.6
|
|||
|
Income before taxes
|
US$ M
|
1,446.2
|
|||
|
Income tax expense (benefit)
|
US$ M
|
660.1
|
|||
|
Net income
|
US$ M
|
786.1
|
|||
|
Add back amortization
|
US$ M
|
2,485.6
|
|||
|
Add back accretion
|
US$ M
|
(110.0)
|
|||
|
Add back other non-cash items
|
US$ M
|
510.4
|
|||
|
Operating cash flow before working capital changes
|
US$ M
|
3,672.1
|
|||
|
Working Capital
|
US$ M
|
57.1
|
|||
|
Operating cash flow
|
US$ M
|
3,729.3
|
|||
|
Mining interest
|
US$ M
|
(685.4)
|
|||
|
Payments on capital leases
|
US$ M
|
(3.8)
|
|||
|
Total cash flow
|
US$ M
|
3,040.0
|
|||
|
Free Cash Flow
|
US$ M
|
3,043.9
|
|||
|
NPV Pre-Tax/After-Tax @5%
|
US$ M
|
3,180/2,635.4
|
Note: AFE = authorization for expenditure; EBITDA = earnings before interest, taxes, depreciation, and amortization. DDA = depletion, depreciation and amortization. Numbers have been rounded.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Table 19‑3: |
Cashflow Forecast on Annualized Basis (US$ x 1,000,000)
|
|
Item
|
Units
|
2026
|
2027
|
2028
|
2029
|
2030
|
2031
|
2032
|
2033
|
2034
|
2035+
|
||||||||||||
|
Revenue
|
US$ M
|
1,620.9
|
1,171.1
|
958.0
|
898.1
|
694.8
|
514.3
|
497.6
|
506.8
|
545.8
|
392.8
|
||||||||||||
|
Production costs
|
US$ M
|
784.0
|
631.9
|
535.6
|
397.3
|
347.2
|
254.4
|
235.9
|
229.1
|
181.2
|
141.8
|
||||||||||||
|
Exploration
|
US$ M
|
13.0
|
9.8
|
1.7
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||
|
Accretion liability
|
US$ M
|
6.5
|
6.9
|
7.3
|
7.8
|
8.3
|
8.8
|
9.4
|
10.0
|
10.6
|
11.3
|
||||||||||||
|
Total costs and expenses
|
US$ M
|
803.5
|
648.6
|
544.6
|
405.1
|
355.5
|
263.2
|
245.2
|
239.1
|
191.9
|
153.1
|
||||||||||||
|
Interest income
|
US$ M
|
1.0
|
1.0
|
1.0
|
1.0
|
1.0
|
1.0
|
1.0
|
1.0
|
1.0
|
1.0
|
||||||||||||
|
Intercompany
|
US$ M
|
1.2
|
1.1
|
1.5
|
0.9
|
0.7
|
0.3
|
0.0
|
3.0
|
—
|
—
|
||||||||||||
|
EBITDA
|
US$ M
|
815.2
|
520.5
|
410.9
|
491.2
|
337.6
|
249.8
|
251.3
|
263.7
|
352.9
|
238.6
|
||||||||||||
|
Depreciation, Depletion, and Amortization
|
US$ M
|
320.9
|
335.9
|
382.8
|
356.5
|
301.2
|
220.6
|
187.1
|
43.1
|
182.7
|
154.8
|
||||||||||||
|
Income before taxes
|
US$ M
|
494.3
|
184.6
|
28.1
|
134.7
|
36.4
|
29.3
|
64.2
|
220.7
|
170.2
|
83.9
|
||||||||||||
|
Income tax expense (benefit)
|
US$ M
|
95.9
|
138.0
|
85.4
|
97.4
|
56.2
|
30.7
|
23.6
|
36.2
|
60.1
|
36.6
|
||||||||||||
|
Net income
|
US$ M
|
398.4
|
46.6
|
(57.4)
|
37.3
|
(19.8)
|
(1.4)
|
40.6
|
184.5
|
110.0
|
47.3
|
||||||||||||
|
Add back amortization
|
US$ M
|
320.9
|
335.9
|
382.8
|
356.5
|
301.2
|
220.6
|
187.1
|
43.1
|
182.7
|
154.8
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
Item
|
Units
|
2026
|
2027
|
2028 |
2029
|
2030 | 2031 | 2032 |
2033
|
2034 |
2035+
|
||||||||||||
|
Add back accretion
|
US$ M
|
(3.6)
|
(4.2)
|
(8.4)
|
(7.5)
|
(9.5)
|
(15.3)
|
(15.3)
|
(15.3)
|
(15.3)
|
(15.3)
|
||||||||||||
|
Add back other non-cash items
|
US$ M
|
192.0
|
159.7
|
74.8
|
2.4
|
0.1
|
0.0
|
0.0
|
20.6
|
20.4
|
40.4
|
||||||||||||
|
Operating cash flow before working capital changes
|
US$ M
|
907.7
|
538.0
|
391.9
|
388.7
|
272.0
|
203.8
|
212.4
|
232.8
|
297.8
|
227.1
|
||||||||||||
|
Working Capital
|
US$ M
|
80.5
|
58.5
|
(56.8)
|
9.3
|
1.8
|
(13.1)
|
7.6
|
20.3
|
21.7
|
(72.9)
|
||||||||||||
|
Operating cash flow
|
US$ M
|
988.3
|
596.5
|
335.1
|
398.0
|
273.9
|
190.8
|
220.0
|
253.1
|
319.5
|
154.1
|
||||||||||||
|
Investing activities
|
US$ M
|
(131.8)
|
(161.2)
|
(103.4)
|
(68.2)
|
(53.0)
|
(47.3)
|
(50.0)
|
(50.9)
|
(19.5)
|
—
|
||||||||||||
|
Payments on capital leases
|
US$ M
|
(3.8)
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||
|
Total cash flow
|
US$ M
|
852.6
|
435.3
|
231.7
|
329.8
|
220.9
|
143.4
|
170.0
|
202.2
|
300.0
|
154.1
|
||||||||||||
|
Free Cash Flow
|
US$ M
|
856.5
|
435.3
|
231.7
|
329.8
|
220.9
|
143.4
|
170.0
|
202.2
|
300.0
|
154.1
|
Note: EBITDA = earnings before interest, taxes, depreciation, and amortization. DDA = Numbers have been rounded.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Table 19‑4: |
Sensitivity Table (US$ M)
|
|
Parameters
|
-30%
|
-20%
|
-10%
|
-5%
|
0%
|
5%
|
10%
|
20%
|
30%
|
||||||||||
|
Metal price
|
700
|
1,345
|
1,990
|
2,313
|
2,635
|
2,958
|
3,281
|
3,926
|
4,571
|
||||||||||
|
Operating costs
|
3,611
|
3,286
|
2,961
|
2,798
|
2,635
|
2,473
|
2,310
|
1,985
|
1,660
|
||||||||||
|
Capital costs
|
2,817
|
2,756
|
2,696
|
2,666
|
2,635
|
2,605
|
2,575
|
2,514
|
2,454
|
||||||||||
|
Gold grade
|
700
|
1,345
|
1,990
|
2,313
|
2,635
|
2,958
|
3,281
|
3,926
|
4,571
|
Note: Numbers have been rounded.
The Project is most sensitive to gold price and gold grade, less sensitive to operating cost increases, and least sensitive to capital expenditure changes.
The primary sensitivity is to the world economy and the effect this has upon gold pricing. Coeur typically ensures that production from the Rainy River Operations is sold in the year that the doré is
produced.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 20 |
ADJACENT PROPERTIES
|
This Chapter is not relevant to this Report.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 21 |
OTHER RELEVANT DATA AND INFORMATION
|
This Chapter is not relevant to this Report.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 22 |
INTERPRETATION AND CONCLUSIONS
|
| 22.1 |
Introduction
|
The QPs note the following interpretations and conclusions within their areas of expertise, based on the review of data available for this Report.
| 22.2 |
Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements
|
Information provided by Coeur’s legal and tenure experts on the mining tenure held by Coeur supports that Coeur has valid title that is sufficient to support mineral resource and mineral reserve
estimates.
Coeur holds sufficient surface rights to support current mining operations and mining of mineral reserves.
Environmental liabilities for the Rainy River Operations are typical of those that would be expected to be associated with a mining operation conducted via open-pit and underground mining methods.
The Qualified Person is not aware of any other significant factors and risks that may affect access, title, or the right or ability to perform the proposed work program on the property that are not
discussed in this Report.
| 22.3 |
Geology and Mineralization
|
The understanding of geological controls, geometry, and grade variability of the auriferous VMS system at Rainy River Operations is sufficient to support estimation of mineral resources and mineral
reserves. This understanding benefits from production data acquired since mining began in 2017.
The characteristics of the VMS system associated with gold mineralization are well understood and support both the interpretation of mineral resource domains for estimation purposes and exploration
concepts for targeting.
Exploration potential exists within the Rainy River deposit area and surrounding property. Within the mine, exploration potential includes the down-plunge extension of multiple mineralized lenses
within the Main Zone, as these zones are all open at depth. Additional in-mine opportunities include testing between known zones for additional mineralization. Beyond the mine, multiple early-stage prospects occur throughout the Rainy River
Greenstone Belt, including VMS-style mineralization in the Off Lake area, soil and till anomalies throughout the property, and EM anomalies southeast of the mine.
| 22.4 |
Exploration, Drilling, and Sampling
|
The exploration programs completed by Coeur to date and predecessor companies are appropriate for the mineralization styles.
|
Rainy River Operations
Ontario
Technical Report Summary
|
The quantity and quality of the lithological, collar and down-hole survey data collected in the exploration program completed are sufficient to support mineral resource estimation. No drilling,
sampling, or core recovery issues that could materially affect the accuracy or reliability of the core samples have been identified.
The collected sample data adequately reflect deposit dimensions, true widths of mineralization, and the deposit style.
Sampling is representative of the gold and silver values, reflecting areas of higher and lower grades.
The independent analytical laboratories used by Coeur and predecessor companies, where known, are accredited for selected analytical techniques.
Sample preparation has used procedures and protocols that are/were standard in the industry and has been adequate throughout the history of the Project. Sample analysis uses
procedures that are standard in the industry.
The QA/QC programs adequately address issues of precision, accuracy, and contamination, and indicate that the analytical results are adequately accurate, precise, and contamination free to support
mineral resource estimation.
The sample preparation, analysis, and security procedures are adequate for use in the estimation of mineral resources.
| 22.5 |
Data Verification
|
The Qualified Person is of the opinion that the quality of the analytical data is sufficiently reliable to support mineral resource estimation without limitation on mineral resource confidence
categories.
| 22.6 |
Metallurgical Testwork
|
Metallurgical testwork completed for the Rainy River Operations is considered adequate to characterize the metallurgical behavior of both open-pit and underground ore and to support the derivation of
metallurgical recovery factors used in the mineral reserve estimates. The testwork programs, together with multiple years of operating data, demonstrate that the selected processing flowsheet is suitable for the range of ore types currently included
in the LOM plan. Grade-recovery models developed for the various ore types provide a reasonable basis for forecasting gold and silver recoveries. No modifications to the existing processing plant are required to achieve these recoveries under the
current mine plan.
Metallurgical assumptions are supported by sustained production performance, and no known deleterious elements or processing characteristics have been identified that would be expected to materially
affect economic extraction. The primary metallurgical uncertainty relates to natural variability in ore characteristics across different zones, which may result in localized variations in recovery or throughput; however, this variability is
considered to be within the range captured by the testwork programs and historical operating data. Overall, no significant metallurgical risks have been identified that would reasonably be expected to materially affect the confidence in the mineral
reserve estimates or the projected economic outcomes.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 22.7 |
Mineral Resource Estimates
|
The mineral resource estimate is reported using the definitions set out in SK-1300, and is reported exclusive of those mineral resources converted to mineral reserves.
The reference point for the estimate is in situ.
The estimate is current as at December 31, 2025. The estimate was constrained using reasonable prospects of economic extraction that assumed open pit mining and underground mining methods.
Factors that may affect the mineral resource estimates include: metal price and exchange rate assumptions; changes to the assumptions used to generate the gold equivalent grade cut-off grade; changes
in local interpretations of mineralization geometry and continuity of mineralized zones; changes to geological and mineralization shape and geological and grade continuity assumptions; density and domain assignments; changes to geotechnical, mining
and metallurgical recovery assumptions; changes to the input and design parameter assumptions that pertain to the assumptions for the conceptual pit shell constraining the estimates; and assumptions as to the continued ability to access the site,
retain mineral and surface rights titles, maintain environment and other regulatory permits, and maintain the social license to operate.
There are no other environmental, permitting, legal, title, taxation, socioeconomic, marketing, political or other relevant factors known to the Qualified Person that would materially affect the
estimation of Mineral Resources that are not discussed in this Report.
| 22.8 |
Mineral Reserve Estimates
|
The mineral reserve estimate is reported using the definitions set out in SK-1300. The reference point for the estimate is the point of delivery to the mill.
The estimate is current as at December 31, 2025.
The Qualified Person is of the opinion that mineral reserves were estimated using industry-accepted practices and are based on conventional open-pit and underground mining assumptions.
Factors that may affect the mineral reserve estimates include variations to the following assumptions: the commodity price; metallurgical recoveries; operating cost estimates, including assumptions as
to equipment leasing agreements; geotechnical conditions; hydrogeological conditions; geological and structural interpretations; and the inability to maintain, renew, or obtain environmental and other regulatory permits, to retain mineral and surface
right titles, to maintain site access, and to maintain social license to operate. A portion of the reserves are not currently permitted. If the permits are not granted, a portion of the estimated mineral reserves will not be available to mine.
There are no other environmental, legal, title, taxation, socioeconomic, marketing, political or other relevant factors known to the Qualified Person that would materially affect the estimation of
mineral reserves that are not discussed in this Report.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 22.9 |
Mining Methods
|
Current operations use conventional open-pit truck-and-shovel mining methods and Modified Avoca underground mining methods. Coeur has successfully operated the open-pit and underground mines at Rainy
River since 2017 and 2022, respectively.
Phase 4 of the open pit is expected to be completed in 2026. Phase 5 of the open pit is expected to be completed in 2027. NW Trend stripping is planned to commence in 2027 and is expected to extend
open pit mining to 2029.
Underground ore production is planned to ramp up to a steady-state capacity of approximately 6,100 t/d by 2027 and extend until the end of 2035.
The planned open-pit and underground mobile equipment fleets are suitable for the selected mining methods. No additional open-pit mining equipment is required to achieve the LOM plan.
Based on current mineral reserves, the Rainy River Operations have a projected mine life of 10 years (2026–2035).
| 22.10 |
Recovery Methods
|
The process plant uses conventional processes and equipment. The plant has been in operation since 2017.
Planned processing rates and metallurgical recoveries are aligned with current plant performance. No modifications are required to the processing plant.
The operation has access to an adequate supply of process water and power to support the LOM plan.
| 22.11 |
Infrastructure
|
Infrastructure required for current mining operations has been constructed and is operational.
Three dam crest raises are planned for the existing tailings management area in 2026, 2027, and 2028. The final crest elevation of 381.5 m is expected to provide sufficient containment for the
projected tailings storage requirements and for operational pond volumes, based on current mineral reserve estimates. This includes utilizing the NW Trend pit for in-pit deposition of 7.3 Mt of tailings.
Open-pit Phase 5 and NW Trend operations are not expected to require additional surface facilities. One additional portal at the western side of the mine is planned to support the underground mine.
| 22.12 |
Market Studies
|
The gold-silver doré produced by the Rainy River Operations is readily marketable.
Contract terms are considered to be within industry norms, and typical of similar contracts in Canada.
|
Rainy River Operations
Ontario
Technical Report Summary
|
Commodity pricing assumptions, marketing assumptions, and current major contract areas are acceptable for use in estimating mineral reserves and in the economic analysis that supports the mineral
reserves.
| 22.13 |
Environmental, Permitting and Social Considerations
|
The information provided by Coeur’s environmental experts supports that there are adequate baseline data and ongoing environmental studies to understand potential environmental risks and potential
mitigations which may be required.
Coeur submitted an amendment to the Closure Plan in December 2024 that listed an estimated cost of closure of C$136.9 million. This Closure Plan was filed in April 2025, and the surety bond was C$136.9
million. The current financial asset retirement obligation, based on disturbances as of December 31, 2025, is C$151.8 million.
Coeur holds all major permits, authorizations and licenses for mine operations at Rainy River, and has received all the permits and authorizations needed to construct major infrastructure and operate.
However, periodic dam raises must be permitted annually.
Environmental liabilities for the Rainy River Operations are typical of those that would be expected to be associated with a mining operation conducted via underground and open-pit mining.
Coeur maintains strong relationships with Indigenous partners and collaborates on environmental and business matters.
Coeur has Impact Benefit Agreements with First Nations in the region, those agreements are in good standing.
The Qualified Person is not aware of any other significant environmental or social factors and risks that may affect access, or the right or ability to perform the proposed work program that are not
discussed in this Report.
| 22.14 |
Capital Cost Estimates
|
Capital costs consists mostly of underground development and growth open-pit stripping, related to the Phase 5 and NW Trend. It also comprises TMA raises, overall infrastructure and mobile equipment.
Capital cost estimates are acceptable to support the mineral reserve estimate. The LOM plan estimated total capital cost is US$685 million.
| 22.15 |
Operating Cost Estimates
|
Operating costs are based on actual costs incurred at the site and current budget and LOM plan. The production plan drove the calculation of the mining and processing costs, as the mining mobile
equipment fleet, workforce, contractors, power, and consumables requirements were calculated based on specific consumption rates.
Operating cost estimates are acceptable to support the mineral reserve estimate. The LOM plan estimated total operating cost is US$2,673 million, averaging $61.80/t processed.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 22.16 |
Economic Analysis
|
The NPV at 5% is $2,635 million. As the cash flow is based on existing operations, considerations of payback and internal rate of return are not relevant.
The Project is most sensitive to gold price and gold grade, less sensitive to operating cost increases, and least sensitive to capital expenditure changes.
| 22.17 |
Risks and Opportunities
|
| 22.17.1 |
Risks
|
Factors that may affect the mineral resource and mineral reserve estimates were identified in Chapter 11.15 and Chapter 12.7 respectively.
Other risks noted include:
| • |
The mineral reserve estimates are most sensitive to metal prices. Coeur’s current strategy is to sell most of the metal production at spot prices, exposing the company to both positive and negative changes in the
market, both of which are outside of the company’s control;
|
| • |
Geotechnical and hydrological assumptions used in mine planning are based on historical performance, and to date historical performance has been a reasonable predictor of current conditions. Any changes to the
geotechnical and hydrological assumptions could affect mine planning, affect capital cost estimates if any major rehabilitation is required due to a geotechnical or hydrological event, affect operating costs due to mitigation measures that
may need to be imposed, and impact the economic analysis that supports the mineral reserve estimates;
|
| • |
Additional dilution or ore losses due to overbreak or underbreak from underground stoping;
|
| • |
Shortfall of underground workforce due to a lack of human resources in northern Ontario;
|
| • |
Maintenance of site water volumes and the TMA construction schedule is contingent on the ability to treat water at forecasted rates. If water treatment does not meet the efficiencies required, additional costs for
water treatment or water storage may be required.
|
| 22.17.2 |
Opportunities
|
Opportunities include:
| • |
Conversion of some or all of the measured and indicated mineral resources currently reported exclusive of mineral reserves to mineral reserves, with appropriate supporting studies;
|
| • |
Upgrade of some or all of the inferred mineral resources to higher-confidence categories, such that such better-confidence material could be used in mineral reserve estimation;
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| • |
Additional open-pit pushbacks and satellite pits, with the potential to extend open-pit mine life, keep the mill operating at full capacity for longer, and deferring reclaim of the low-grade stockpile;
|
| • |
In-pit waste rock and tailings storage.
|
| 22.18 |
Conclusions
|
Under the assumptions in this Report, the operations evaluated show a positive cash flow over the remaining LOM. The mine plan is achievable under the set of assumptions and
parameters used.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 23 |
RECOMMENDATIONS
|
The QPs have no material recommendations to make.
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
24
|
REFERENCES
|
|
24.1
|
Bibliography
|
AACE International. (2020, August 7). Cost Estimate Classification System
AMC 2020, “NI 43-101 Technical Report for Rainy River Mine in Ontario, Canada” prepared for New Gold Inc., 12 March 2020
AMC 2022, “Report for Rainy River UG Block Model Estimation” prepared for New Gold Inc., December 2021
AMEC 2013, “Rainy River Gold Project, Geotechnical and Hydrogeological, Site Investigations, Rainy River, Ontario”, Version 3.1 – Draft, [100126-000- DT00-RPT-0002], 25 February 2013.
AMEC 2013, “Rock Mechanics Underground Mine Design Report, Rainy River Resources Limited Rainy River Feasibility Study”.
AMEC 2014, “Rainy River Project, 2013/2014 Geotechnical Site Investigations, Rainy River, Ontario”, [100126-4000-DT00-STY-0001], 11 July 2014.
AMEC 2014, “Rainy River Project Final Environmental Assessment Report (Environmental Impact Statement) Version 2”, January 2014
AMEC 2016, “Geotechnical Investigations Report – Tailings Management Area”, Volume 2 – Investigation Data and Interpretations, [RRP-GEO-REP-001B], 30 August 2016.
AMEC 2017a, “As-Built Report, Start-Up Cell (TMA Cell 1), Rainy River Project”, [RRP-GEO-REP-032 R1], 6 December 2017.
AMEC 2017b, “As-Built Report, Water Management Pond, Rainy River Project”, [RRP-GEO-REP-030], 31 October 2017.
AMEC Foster Wheeler. 2017. “Rainy River Project: Compensation Plan for MMER Schedule 2 Amendment Waterbodies” January 2017
Averill, S.A. 2013, Discovery and Delineation of the Rainy River Gold Deposit Using Glacially Dispersed Gold Grains Sampled By Deep Overburden Drilling: A 20 Year Odyssey; Geological
Survey of Canada, Open File 7374, p. 37-46. doi: 10.4095/292679
AtkinsRéalis 2024, “Rainy River Mine Groundwater Flow Modeling Update”, [695572], July 22 2024.
Bajc, A. (2001). Quaternary Geology, Fort Frances - Rainy River Area. Ontario Geological Survey, Report 286: Queen's Printer for Ontario.
Barnett, P.J. 1992, Quaternary geology of Ontario in “Geology of Ontario, Ontario Geological Survey”, special volume 4, part 2, pp. 1,011-1,090.
|
Rainy River Operations
Ontario
Technical Report Summary
|
Barton, N., Lien, R., and Lunde, J. 1974, “Engineering Classification of Rock masses for the design of Tunnel Support”, Journal of Rock Mechanics, Vol 6, p. 189-236.
BBA, Inc., in collaboration with AMEC, SRK Consulting (Canada) Inc. & Golder Associates Ltd. 2013, “NI 43-101 Feasibility Study of the Rainy River Gold Project, Ontario, Canada”,
prepared for Rainy River Resources Inc., 23 May 2013.
BBA, Inc., in collaboration with AMEC, SRK Consulting (Canada) Inc. & AMC Mining Consultants (Canada) Ltd. 2014, “NI 43-101 Feasibility Study of the Rainy River Project, Ontario,
Canada”, prepared for New Gold Inc., 14 February 2014.
BGC Engineering Inc. (2019, September 10). Surficial Geological Model Development LT-0921051.0052. [Letter]. Prepared for New Gold Inc.
BGC Engineering Inc. (2021, October 1). Tailings Deposition Plan and Dam Raise Schedule - 2021 Update - FINAL LT-0921090.0127. [Letter]. Prepared for New Gold Inc.
BGC Engineering Inc. (2021, October 29). TMA Foundation Characterization and Geotechnical Parameters Report. RP-0921090.0126 Rev. 1. [Report]. Prepared for New Gold Inc.
BGC Engineering Inc. (2022, January 28). TMA Ultimate Design Report – 2021 Update, DRAFT. RP-0921051.0132 - Rev A. [Report]. Prepared for New Gold Inc.
BGC Engineering Inc. (2022, March 14). NI 43-101 2022 Update for the Tailings Management Area – DRAFT. LT-0921090.0146 - Rev A. [Letter]. Prepared for New Gold Inc.
BGC Engineering Inc. (2022a, January 12). TMA Stage 4 Raise Detailed Design Report RP-0921051.0136 - Rev 1. [Report]. Prepared for New Gold Inc.
BGC Engineering Inc. (2022b, January 12). TMA 2021 Design Basis Report RP-0921051.0135 - Rev 1. [Report]. Prepared for New Gold Inc.
BGC Engineering Inc. 2017, “Rainy River Project – Stockpile and Open-Pit Excavation Geotechnical Report”, prepared for New Gold Inc. 9 June 2017.
BGC Engineering Inc. 2017, “Stockpiles and Open Pit Overburden Excavation Geotechnical Report”, [RP-0921035.0016], report prepared for New Gold Inc., 17 July 2017.
BGC Engineering Inc. 2018, “TMA Stage 2 Raise – Detailed Design Report”, [RP-0921051.0021], report prepared for New Gold Inc., 21 December 2018.
BGC Engineering Inc. 2019, “TMA Stage 1 Raise and Stage 2 Raise – Downstream Buttress Design Update Report”, [LT-0921051.0047], report prepared for New Gold Inc., 16 May 2019.
BGC Engineering Inc. 2020, “NI 43-101 Life of Mine Material Quantities”, [LT-0921051.0071], letter report prepared for New Gold Inc., 31 January 2020.
BGC Engineering Inc. 2020, “Tailings Deposition Plan and Dam Raise Schedule” 2019 Update – Rev. 1 DRAFT, letter report prepared for New Gold Inc., 25 January 2020.
|
Rainy River Operations
Ontario
Technical Report Summary
|
BGC Engineering Inc. 2020, “TMA Stage 1 Raise and Stage 2 Raise – Downstream Buttress Design Update Report – Addendum A: 2020 Raise”, report prepared for New Gold Inc., 11 January 2020.
Bishop, A.W. 1954, “The Use of Pore-Pressure Coefficients in Practice. Géotechnique”, Vol. 4, No. 4, p. 143-147.
Blackburn, C.E., Johns, G.W., Ayer, J., and Davis, D.W. 1991, Wabigoon Suprovince In: Geology of Ontario, Ontario Geological Survey, Special Volume 4, Part 1, p.303-382.
Bray, J.D. and Travasarou, T. 2009, “Pseudostatic Coefficient for Use in Simplified Seismic Slope Stability Evaluation”, Journal of Geotechnical and Geoenvironmental Engineering, ASCE,
135(9), 1336-1340, September 2009.
Canadian Dam Association (CDA) 2014, “Technical Bulletin: Application of Dam Safety Guidelines to Mining Dams”.
Caracle Creek International Consulting Inc. 2008, Independent Technical Report for the Rainy River Property in North-Western Ontario, Canada prepared for Rainy River Resources Ltd. Public
document filed on SEDAR, 30 April 2008.
CIM 2014, CIM Definition Standards for Mineral Resources and Mineral Reserves, prepared by the CIM Standing Committee on Reserve Definitions, adopted by CIM Council on 10 May 2014.
CIM 2019, CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines, prepared by the CIM Mineral Resource and Mineral Reserve Committee, adopted by the CIM Council
on 29 November 2019.
Clark, L. and Pakalnis, R. 1997, “An empirical design approach for estimating unplanned dilution from open stope hangingwalls and footwalls”, 99th Annual AGM–CIM conference, Vancouver.
Contango Strategies Ltd. 2019, “Rainy River Mine – Water Treatment Train Design Report, Report. Document #053_719_20B”, prepared for New Gold Inc., July 2019, p. 46.
Duke and Logsdon 2018, “Rainy River Mine 2017 Annual Geochemical Monitoring Report, Technical Memorandum”, prepared by Kate Duke – Duke Hydrochem, LLC and Mark Logson – Geochemica, Inc.,
March 2018, p. 160.
Duke, C. 2014, Burns Block National Instrument 43-101 Compliant Technical Report, prepared for Bayfield Ventures Corp., Public document filed on SEDAR, 14 January 2014.
Dyke, A.S., Vincent, J.-S., Andrews, J.T., Dredge, L.A. and Cowan, W.R. 1989, The Laurentide Ice Sheet and an introduction to the Quaternary geology of the Canadian Shield, Chapter 3 In
Quaternary Geology of Canada and Greenland, (ed.) R.J. Fulton. Geological Survey of Canada, Geology of Canada, No.1 (also Geological Society of America, The Geology of North America, v. K-1), p. 178-189.
Franklin, J.M., Gibson, H.L., Jonasson, I.R., and Galley, A.G. 2005, Volcanogenic massive sulfide deposits in “Economic Geology 100th Anniversary volume”, (ed.) Hedenquist, J.W.,
Thompson, J.F.H., Goldfarb, R.J., and Richards, J.P., pp. 523-560.
|
Rainy River Operations
Ontario
Technical Report Summary
|
G Mining Services 2019, “Diluted Block Model for Reconciliation Exercise with Two Levels – August 2019”, memo, 14 August 2019.
G Mining Services 2019, “Rainy River Site Visit Observations - Grade Control”, memo, 1 February 2019.
Geo-Slope International Ltd. 2019, SLOPE/W [Computer Program], Version 10.1.0.18696. Geo‑Slope International Ltd., Calgary, Canada.
Golder Associates Ltd. 2020a, “Detailed Design Report for East Mine Rock Stockpile”, May 8, 2020.
Golder Associates Ltd. 2020b, “Detailed Design Report for Open Pit Overburden Slopes”, July 6, 2020.
Golder Associates Ltd. 2021, “Detailed Design Report for West Mine Rock Stockpile”, December 21, 2021.
Grimstad, E. and Barton, N. 1993, “Updating of the Q-System for NMT”, Proceedings of the International Symposium on Sprayed Concrete - Modern Use of Wet Mix Sprayed Concrete for
Underground Support, Fagernes.
Hadjigeorgiou, J., Leclaire, J. & Y. and Potvin, Y. 1995, “An update of the stability graph method of open stope design, 97th Annual General Meeting, CIM, Halifax, Nova Scotia, p.
154-161.
Hannington, M.D., Poulsen, K.H., Thompson, J.F.H., and Sillitoe, R.H. 1999, “Volcanogenic Gold in Massive Sulfide Environment: Reviews in Economic Geology”, v. 8, p. 325-356.
Hrabi, B. and Vos, I. 2010, Rainy River Structural Study Interim Results, Northwestern Ontario. Internal presentation by SRK Consulting (Canada) presented to Rainy River personnel, June
2010.
Huston, David L. 2000, Gold in Volcanic-Hosted Massive Sulfide Deposits: Distribution, Genesis, and Exploration, 2000, p. 401-426.
Johns, G.W. 1988, “Precambrian Geology of the Rainy River area, District of Rainy River, Ontario Geological Survey”, Map P. 3110, scale 1:50,000 in OGS Miscellaneous Paper 137, p. 45-48.
Kaufman, A. and Stoker, P. 2009, Improving quality assurance and quality control practices ‑ Basic Methodology using worked examples, The AusIMM New Leaders’ Conference. Brisbane,
Queensland, 29 - 30 April 2009.
Kenny, T. 2016, New Gold Inc., “2016 Silver Recovery Calculations – New Formulas Proposed”, Memo, 21 June 2016.
Klohn Crippen Berger 2021, “Rainy River 3D Groundwater Modelling Report”, [210222R RR 3D Model Report], February 22 2021
Kulhawy, F.H. and Mayne, P.W. 1990, “Manual on Estimating Soil Properties for Foundation Design”, Report No. EL-6800. Electric Power Research Institute, Palo Alto, CA, August 1990.
|
Rainy River Operations
Ontario
Technical Report Summary
|
Leps, T.M. 1970, Review of the shearing strength of rockfill. J.Soil Mech. Div., ASCE, 96(4), p. 1159-1170.
Long, S.D. Parker, H.M. and Françis-Bongarçon, D. 1997, “Assay quality assurance quality control programme for drilling projects at the prefeasibility to feasibility report level”,
Prepared by Mineral Resources Development Inc. (MRDI) August 1997.
Mackie, B., Puritch, E., and Jones, P. 2003, “Rainy River Project, Exploration Summary and Mineral Resource Estimate for the #17 Zone”, prepared for Nuinsco Resources Ltd.
MNDM, 2024, “Ministry of Mines Mining Lands Administration System“, https://www.lioapplications.lrc.gov.on.ca/MLAS/Index.html?viewer=MLAS.MLAS&locale=en-CA
Mercier-Langevin 2005, “Géologie du gisement de sulfurs mass
fs volcanogènes aurifères LaRonde, Abitibi, Québec”, Ph.D. thesis, Institut National de la Recherche Scientifique, Centre Eau, Terre, Environnement, Quebec, p. 694.
Mercier-Langevin et al. 2007, “The LaRonde Penna Au-rich volcanogenic massive sulphide deposit, Abitibi greenstone belt, Quebec: Part II”, Lithogeochemistry and paleotectonic setting.
Economic Geology 102, p. 611-631.
Mercier-Langevin et al. 2011, “The gold content of volcanogenic massive sulphide deposits”, Mineralium Deposita 46, p. 509-539.
Mercier-Langevin et al. 2015, Precious metal enrichment processes in volcanogenic massive sulphide deposits – A summary of key features, with an emphasis on TGI-4 research contributions,
In: Targeted Geoscience Initiative 4: Contributions to the understanding of volcanogenic massive sulphide deposit genesis and exploration methods development, (ed.) J.M. Peter and P. Mercier-Langevin. Geological Survey of Canada, Open File
7853, pp. 117-130.
N Nielsen, E., Ringrose, S., Matile, G.L.D., Groom, H.D., Mihychuck, M.A., and Conley, G.G. 1981, Surficial geological map of Manitoba. Manitoba Energy and Mines, Mineral Resources
Division, Geoscientific Map 81-1.
New Gold Inc. 2015, Rainy River QA/QC Report. Internal Report by New Gold Inc.
New Gold Inc. 2018, Technical Report on the Rainy River Mine, NI 43-101 Report Ontario, Canada, 25 July 2018.
New Gold Inc., “ODME Block Model Factor Proposal”, 04 January 2022.
New Gold Inc. 2023, “2023 Photo Updates to Cultural Heritage Project Completion Report Existing Conditions (2013 and 2019)”. August 2023.
New Gold Inc. 2024, “Environmental Assessment Compliance Report Reporting Period January to December 2023. Per Provincial Environmental Assessment Notice of Approval Condition 6 EAB File
# EA 05-09-02/EAIMS 13102 and Per Federal Environmental Assessment Decision Statement Condition 2.3” [New Gold 2023 Annual Compliance Report], March 2024
|
Rainy River Operations
Ontario
Technical Report Summary
|
Nickson, S. D. 1992, “Cablebolt Support Guidelines for Underground Hard Rock Mine Operations”, MASc thesis, University of British Columbia, Vancouver, British Columbia, Canada.
NRMS 2018, “Rainy River Underground Project, Ground Control Management Plan Rev.2”, December 2018.
NRMS 2018, “Rainy River Underground Project, Stope Geotechnics Rev. 2”, January 2018.
Orway Mineral Consultants Canada Ltd 2019, “7237.30-RPT-001 Rev 1 - Rainy River Grinding Circuit Audit Site Trip Report and Modelling”, 3 September 2019.
Pelletier, M. 2016, The Rainy River Gold Deposit, Wabigoon Subprovince, Western Ontario: Style, Geometry, Timing and Structural Controls on Ore Distribution and Grades, Mémoire présenté
pour l’obtention du grade de Maȋtre ès sciences (M.Sc.) en sciences de la Terre, Université du Québec, Institut National de la Recherche Scentifique, Centre Eau Terre Environnement, M.Sc. thesis.
Percival, J.A., Sanborn-Barrie, M., Skulski, T., Stott, G.M., Helmstaedt, H., and White, D.J. 2006, “Tectonic evolution of the western Superior Province from NATMAP and Lithoprobe
studies”, Canadian Journal of Earth Sciences, v. 43, pp. 1,085–1,117.
Percival, J. A. 2007, Geology and metallogeny of the Superior Province, Canada, In: Goodfellow, W.D., ed., Mineral Deposits of Canada: A Synthesis of Major Deposit-Types, District
Metallogeny, the Evolution of Geological Provinces, and Exploration Methods: Geological Association of Canada, Mineral Deposits Division, Special Publication No. 5, p. 903-928
Poulsen, H.K. 2005, Memorandum regarding October, 2005 visit to the Richardson township property, Emo area, northwestern Ontario. Confidential memo prepared for Rainy River Resources
Ltd., unpublished report.
Poulsen, H.K. 2006, Memorandum regarding July, 2006 visit to the Richardson township property, Emo area, northwestern Ontario. Confidential memo prepared for Rainy River Resources Ltd.,
unpublished report.
Added Potvin, Y. 1988, “Empirical Open Stope Design in Canada”, PhD Thesis, University of British Columbia, Vancouver, British Columbia, Canada.
Potvin, Y. and Hadjigeorgiou J. 2001, “The Stability Graph Method for Open-Stope Design, Underground Mining Methods: Engineering Fundamentals and International Case Studies”.
Rankin, L.R. 2013, Structural setting of the Rainy River Au mineralization – NW Ontario, Geointerp confidential report 2013/8 prepared for Rainy River Resources Ltd., unpublished report.
Sanborn-Barrie, M. 1991, Structural geology and tectonic history of the eastern Lake of the Woods greenstone belt, Kenora district, northwestern Ontario. Ontario Geological Survey Open
File Report 5773,137 p.
|
Rainy River Operations
Ontario
Technical Report Summary
|
Siddorn, J. 2007, Structural Investigations, Rainy River Project, Ontario, Canada. Internal presentation by SRK Consulting (Canada) presented to Rainy River personnel, October 2007.
Skempton, A.W. 1954, “The Pore-Pressure Coefficients A and B. Géotechnique”, Vol. 4, No. 4, p. 143-147.
SRK Consulting (Canada) Inc. 2008, Due Diligence Review of the Rainy River Resource Estimate, Ontario, Canada. Project 3CR009.002. Internal Report for Rainy River Resources Ltd.
SRK Consulting (Canada) Inc. 2009, Mineral Resource Evaluation, Rainy River Gold Project, Western Ontario, Canada prepared for Rainy River Resources Ltd. Public document filed on SEDAR,
10 July 2009.
SRK Consulting (Canada) Inc. 2011a, Mineral Resource Evaluation, Rainy River Gold Project, Western Ontario, Canada prepared for Rainy River Resources Ltd. Public document filed on SEDAR,
8 April 2011.
SRK Consulting (Canada) Inc. 2011b, Mineral Resource Evaluation, Rainy River Gold Project, Western Ontario, Canada prepared for Rainy River Resources Ltd., 11 August 2011.
SRK Consulting (Canada) Inc. 2012, Mineral Resource Evaluation, Rainy River Gold Project, Western Ontario, Canada prepared for Rainy River Resources Ltd., 9 April 2012.
SRK Consulting (SRK) 2015, “Rainy River Gold Project 2015 Mineral Resource Update – Lithological Domains”, memorandum prepared for New Gold, 20 August 2015, p. 97.
SRK Consulting (SRK) 2021, “Rainy River Mine – Interim Phase 4 Pit Slope Design Review”, memorandum prepared for New Gold, December 2021, p. 187.
Stark, T.D. and Hussain, M. 2013, “Empirical Correlations: Drained Shear Strength for Slope Stability Analyses”, Journal of Geotechnical and Geoenvironmental Engineering, Vol. 139, No.6,
pp. 853-862.
Stoker, P.T. 2006, Newmont Australia technical services sampling notes, AMC report to Australia Technical Services. January 2006, p. 3
Vick, S.G. 1990, “Planning, Design, and Analysis of Tailings Dams”, Vancouver, BC: BiTech Publishers Ltd.
Von Thun and Wiltshire 1983, “Shear Strength of Compacted Cohesive Material Under Earthquake Loading Conditions”, Technical Memorandum No. 222-TS-4.
Wartman, Jakob, M. 2011, “Physical Volcanology and Hydrothermal Alteration of the Rainy River Gold Mine, Northwest Ontario”, 154 pages, http://www.d.umn.edu/geology/research/thesis.html.
Wood Canada Limited 2016, “Rainy River Project, Construction and Operations Phases Geochemical Monitoring Plan”, Version 3, prepared by Amec Foster Wheeler, January 2016, p. 23.
|
Rainy River Operations
Ontario
Technical Report Summary
|
Wood Canada Limited 2018, “Rainy River Project Annual Groundwater Monitoring Report for 2017”, prepared by Amec Foster Wheeler for New Gold Inc. Project TC111504, March 2018, p. 1,189.
Yang, Kaihui and Scott, Steven D. 2003, Geochemical Relationships of Felsic Magmas to Ore Metals in Massive Sulphide Deposits of the Bathurst Mining Camp, Iberian Pyrite Belt, Hokuroku
District, and the Abitibi Belt, 2003, p. 457-478.Yergeau, D. 2015, “Géologie du gisement synvolcanique aurifère atypique Westwood, Abitibi, Québec”; Ph.D. thesis, Institut National de la Recherche Scientifique, centre eau, terre,
environnement, Quebec, Quebec, 641 pages.
|
24.2
|
Abbreviations and Units of Measure
|
|
Abbreviation/Symbol
|
Definition
|
||
|
'
|
minutes (geographic)
|
||
|
"
|
seconds (geographic)
|
||
|
#
|
number
|
||
|
%
|
percent
|
||
|
/oz
|
per troy ounce
|
||
|
/t
|
per tonne
|
||
|
<
|
less than
|
||
|
>
|
greater than
|
||
|
µm
|
micrometer
|
||
|
AA
|
atomic absorption spectroscopy
|
||
|
Ag
|
silver
|
||
|
Au
|
gold
|
||
|
AuEq
|
gold equivalent
|
||
|
ft
|
feet
|
||
|
ft3
|
cubic foot/cubic feet
|
||
|
g/t
|
grams per tonne
|
||
|
GPS
|
global positioning system
|
||
|
ha
|
hectares
|
||
|
HP
|
horsepower
|
||
|
HQ
|
2.5 inch core size
|
||
|
ICP
|
inductively-couple plasma
|
||
|
ID
|
inverse distance interpolation; number after indicates the power, e.g.. ID2 indicates inverse distance to the second power.
|
||
|
km
|
kilometer
|
||
|
kV
|
kilo volt
|
||
|
kW
|
kilo watts
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Abbreviation/Symbol | Definition | ||
|
kWh/t
|
kilo watts per tonne
|
||
|
lb
|
pound
|
||
|
Lbs
|
pounds
|
||
|
LHD
|
load–haul–dump
|
||
|
LOM
|
life-of-mine
|
||
|
M
|
million
|
||
|
m
|
meter
|
||
|
m3/h
|
cubic meters per hour
|
||
|
masl
|
meters above sea level
|
||
|
mesh
|
size based on the number of openings in one inch of screen
|
||
|
mm
|
millimeter
|
||
|
Mm3
|
million cubic meters
|
||
|
Mst/a
|
million tons per year
|
||
|
Mt
|
million tonnes
|
||
|
Mt/a
|
million tonnes per year
|
||
|
MWh
|
megawatt
|
||
|
NAG
|
non-acid generating
|
||
|
NN
|
nearest-neighbor
|
||
|
NPI
|
net profits interest
|
||
|
NPV
|
net present value
|
||
|
NSR
|
net smelter return
|
||
|
º
|
degrees
|
||
|
ºC
|
degrees Celcius
|
||
|
OK
|
ordinary kriging
|
||
|
oz
|
ounce/ounces (troy ounce)
|
||
|
oz/st
|
ounces per ton
|
||
|
P.Eng.
|
Professional Engineer
|
||
|
P.Geo.
|
Professional Geologist
|
||
|
PAG
|
potentially acid generating
|
||
|
pH
|
measure of the acidity or alkalinity of a solution
|
||
|
ppm
|
parts per million
|
||
|
QA/QC
|
quality assurance and quality control
|
||
|
QP
|
Qualified Person
|
||
|
RC
|
reverse circulation
|
||
|
ROM
|
run-of-mine
|
||
|
RQD
|
rock quality designation
|
||
|
SAG
|
semi-autogenous grind
|
||
|
SMU
|
selective mining unit
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Abbreviation/Symbol | Definition | ||
|
SO2
|
sulphur dioxide
|
||
|
st
|
ton, meaning US ton (short ton), 2,000 pounds
|
||
|
st/ft3
|
tons per cubic foot
|
||
|
st/h
|
tons per hour
|
||
|
t/d
|
tonnes per day
|
||
|
TMA
|
tailings management area
|
||
|
UTM
|
Universal Transverse Mercator
|
||
|
VMS
|
volcanogenic massive sulphide
|
||
|
WRSF
|
waste rock storage facility
|
||
|
µ
|
micron
|
||
|
a
|
annum
|
||
|
A
|
ampere
|
||
|
BWi
|
Bond Work Index
|
||
|
C$
|
Canadian dollars
|
||
|
cfm
|
cubic feet per minute
|
||
|
cm
|
centimetre
|
||
|
cm2
|
square centimetre
|
||
|
CWi
|
crusher work index
|
||
|
d
|
day
|
||
|
F80
|
80% passing size of the circuit feed, in microns
|
||
|
g
|
gram
|
||
|
g/L
|
gram per litre
|
||
|
g/t
|
gram per tonne
|
||
|
Ga
|
giga annum (billion years)
|
||
|
ha
|
hectare
|
||
|
hp
|
horsepower
|
||
|
k
|
kilo (thousand)
|
||
|
kg
|
kilogram
|
||
|
kcfm
|
thousand cubic feet per minute
|
||
|
km
|
kilometre
|
||
|
km2
|
square kilometre
|
||
|
kW
|
kilowatt
|
||
|
kWh
|
kilowatt-hour
|
||
|
L
|
litre
|
||
|
m
|
metre
|
||
|
M
|
mega (million)
|
||
|
m2
|
square metre
|
||
|
m3
|
cubic metre
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Abbreviation/Symbol | Definition | ||
|
m3/h
|
cubic metres per hour
|
||
|
masl
|
metres above sea level
|
||
|
mg
|
milligram
|
||
|
mm
|
millimetre
|
||
|
Mt
|
million tonnes
|
||
|
MPa
|
megapascal
|
||
|
MVA
|
megavolt-amperes
|
||
|
MW
|
megawatt
|
||
|
MWh
|
megawatt-hour
|
||
|
oz
|
troy ounce
|
||
|
P80
|
80% passing size of the circuit product, in microns
|
||
|
PM
|
particulate matter
|
||
|
PM2.5
|
airborne particulate matter smaller than 2.5 µm
|
||
|
ppb
|
part per billion
|
||
|
ppm
|
part per million
|
||
|
s
|
second
|
||
|
t
|
metric tonnes
|
||
|
tpa
|
tonnes per year
|
||
|
tpd
|
tonnes per calendar day
|
||
|
tpod
|
tonnes per operating day
|
||
|
tph
|
tonnes per hour
|
||
|
US$
|
United States dollar
|
||
|
W
|
watt
|
||
|
wt%
|
weight percent
|
||
|
3D
|
three-dimensional
|
||
|
AA
|
atomic absorption
|
||
|
AEP
|
annual exceedance probability
|
||
|
Ag
|
silver
|
||
|
ANFO
|
ammonium nitrate / fuel oil (explosive)
|
||
|
ARD
|
acid rock drainage
|
||
|
As
|
arsenic
|
||
|
Au
|
gold
|
||
|
AuEq
|
gold equivalent
|
||
|
Azi.
|
azimuth
|
||
|
ca.
|
circa
|
||
|
CIP
|
carbon in pulp
|
||
|
CMS
|
cavity-monitoring system
|
||
|
COG
|
cut-off grade
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Abbreviation/Symbol | Definition | ||
|
CoV
|
coefficient of variation
|
||
|
Cu
|
copper
|
||
|
DH
|
drill hole
|
||
|
DSO
|
Deswik Stope Optimizer
|
||
|
ECA
|
Environmental Compliance Approval
|
||
|
EDF
|
environmental design flood
|
||
|
EDL
|
effluent discharge location
|
||
|
ELOS
|
equivalent linear overbreak slough
|
||
|
EMRS
|
east mine rock stockpile
|
||
|
EMS
|
Environmental Management System
|
||
|
EOM
|
end of mine
|
||
|
EOR
|
engineer of record
|
||
|
ESS
|
electrical cutouts
|
||
|
FW
|
footwall
|
||
|
Fe
|
iron
|
||
|
GRG
|
gravity-recoverable gold
|
||
|
FS
|
Feasibility Study
|
||
|
FOS
|
factor of safety
|
||
|
G&A
|
general and administrative
|
||
|
HGO
|
high-grade ore
|
||
|
HHERA
|
Human Health and Ecological Risk Assessment
|
||
|
HSRC
|
Health, Safety and Reclamation Code
|
||
|
HW
|
hanging wall
|
||
|
ID2
|
inverse distance weighting to the second power
|
||
|
IDF
|
inflow design flood
|
||
|
InSAR
|
interferometric synthetic aperture radar
|
||
|
ITRB
|
Independent Tailings Review Board
|
||
|
LGO
|
low-grade ore
|
||
|
LHD
|
load-haul-dump
|
||
|
LOM
|
life of mine
|
||
|
LTE
|
long-term evolution
|
||
|
MAC
|
Mining Association of Canada
|
||
|
MAG
|
magnetic
|
||
|
Mg
|
magnesium
|
||
|
max
|
maximum
|
||
|
MGO
|
medium-grade ore
|
||
|
min
|
minimum
|
||
|
MMI
|
mobile metal ion
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Abbreviation/Symbol | Definition | ||
|
MOWL
|
maximum operating water level
|
||
|
NaCN
|
cyanide
|
||
|
MR
|
mining rights
|
||
|
NN
|
nearest neighbour
|
||
|
NAG
|
non-acid generating
|
||
|
NOWL
|
normal operating water level
|
||
|
NPAG
|
non-potentially acid-generating
|
||
|
NSERC
|
Natural Sciences and Engineering
Research Council
|
||
|
OES
|
optical emission spectroscopy
|
||
|
OK
|
ordinary kriging
|
||
|
OMC
|
Orway Mineral Consultants
|
||
|
OP
|
open pit
|
||
|
P.Eng.
|
Professional Engineer
|
||
|
P.Geo.
|
Professional Geologist
|
||
|
PAG
|
potentially acid generating
|
||
|
PEA
|
Preliminary Economic Assessment
|
||
|
PIN
|
Property Identification Number
|
||
|
PM2.5
|
fine particulate matter in air that are 2.5 micrometers or less in diameter
|
||
|
PWQO
|
provincial water quality objectives
|
||
|
QA
|
quality assurance
|
||
|
QC
|
quality control
|
||
|
QPO
|
Qualitative Performance Objective
|
||
|
RC
|
reverse circulation
|
||
|
ROM
|
run-of-mine
|
||
|
RSD
|
relative standard deviation
|
||
|
RQD
|
rock quality designation
|
||
|
S
|
sulphur
|
||
|
SABC
|
semi-autogenous ball-milling-crushing
|
||
|
SAG
|
semi-autogenous grinding
|
||
|
S-major
|
semi-major
|
||
|
SMC
|
semi-autogenous mill comminution
|
||
|
SMU
|
selective mining unit
|
||
|
SPDC
|
stockpile pond diversion channel
|
||
|
SPI
|
SAG Power Index
|
||
|
SR
|
surface rights
|
||
|
Struct.
|
structure
|
||
|
SWIR
|
short-wavelength infrared
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Abbreviation/Symbol | Definition | ||
|
TARP
|
Trigger Action Response Plan
|
||
|
TMA
|
tailings management area
|
||
|
TSM
|
Towards Sustainable Mining, a standard of the MAC
|
||
|
TSS
|
total suspended solids
|
||
|
UAV
|
unmanned aerial vehicle
|
||
|
UG
|
underground
|
||
|
VFD
|
variable frequency drive
|
||
|
VMS
|
volcanogenic massive sulphide
|
||
|
VO
|
variable orientation
|
||
|
WMP
|
water management pond
|
||
|
WMRS
|
west mine rock stockpile
|
||
|
WST
|
Whiteshell till
|
|
24.3
|
Glossary of Terms
|
|
Term
|
Definition
|
||
|
acid rock drainage/ acid mine drainage
|
Characterized by low pH, high sulfate, and high iron and other metal species.
|
||
|
amphibolite
|
A rock composed largely or dominantly of minerals of the amphibole group
|
||
|
ANFO
|
A free-running explosive used in mine blasting made of 94% prilled aluminum nitrate and 6% No. 3 fuel oil.
|
||
|
aquifer
|
A geologic formation capable of transmitting significant quantities of groundwater under normal hydraulic gradients.
|
||
|
argillic alteration
|
Introduces any one of a wide variety of clay minerals, including kaolinite, smectite and illite. Argillic alteration is generally a low temperature event, and some may occur in atmospheric conditions
|
||
|
azimuth
|
The direction of one object from another, usually expressed as an angle in degrees relative to true north. Azimuths are usually measured in the clockwise direction; thus, an azimuth of 90 degrees indicates
that the second object is due east of the first.
|
||
|
batholith
|
A very large igneous intrusion extending deep in the earth's crust
|
||
|
bullion
|
Unrefined gold and/or silver mixtures that have been melted and cast into a bar or ingot.
|
||
|
calc-alkaline
|
Rich in alkaline earths (magnesia and calcium oxide) and alkali metals. The diverse rock types in the calc-alkaline series include volcanic types such as basalt, andesite, dacite, rhyolite, and also their
coarser-grained intrusive equivalents (gabbro, diorite, granodiorite, and granite).
|
||
|
carbon-in-column (CIC)
|
A method of recovering gold and silver from pregnant solution from the heap leaching process by adsorption of the precious metals onto fine carbon suspended by up-flow of solution through a tank.
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Term | Definition | ||
|
carbon-in-pulp (CIP)
|
The sequential leach then absorption of gold from ore. During the CIP stage, pulp flows through several agitated tanks where sodium cyanide and oxygen have been added to dissolve gold into solution. In the
absorption stage, this solution flows through several agitated tanks containing activated carbon. Gold absorbs onto the activated carbon, which flows countercurrent to the pulp, while screens separate the barren pulp from the
gold-loaded carbon
|
||
|
comminution/crushing/grinding
|
Crushing and/or grinding of ore by impact and abrasion. Usually, the word "crushing" is used for dry methods and "grinding" for wet methods. Also, "crushing" usually denotes reducing the size of coarse
rock while "grinding" usually refers to the reduction of the fine sizes.
|
||
|
cut-off grade
|
A grade level below which the material is not “ore” and considered to be uneconomical to mine and process. The minimum grade of ore used to establish reserves.
|
||
|
cyanidation
|
A method of extracting gold or silver by dissolving it in a weak solution of sodium cyanide.
|
||
|
data verification
|
The process of confirming that data has been generated with proper procedures, has been accurately transcribed from the original source and is suitable to be used for mineral resource and mineral reserve
estimation
|
||
|
density
|
The mass per unit volume of a substance, commonly expressed in grams/ cubic centimeter.
|
||
|
dilution
|
Waste of low-grade rock which is unavoidably removed along with the ore in the mining process.
|
||
|
diorite
|
An intrusive igneous rock formed by the slow cooling underground of magma (molten rock) that has a moderate content of silica and a relatively low content of alkali metals
|
||
|
doré
|
A bar composed of a mixture of precious metals, typically gold and silver
|
||
|
easement
|
Areas of land owned by the property owner, but in which other parties, such as utility companies, may have limited rights granted for a specific purpose.
|
||
|
elution
|
Recovery of the gold from the activated carbon into solution before zinc precipitation or electro-winning.
|
||
|
encumbrance
|
An interest or partial right in real property which diminished the value of ownership, but does not prevent the transfer of ownership. Mortgages, taxes and judgements are encumbrances known as liens.
Restrictions, easements, and reservations are also encumbrances, although not liens.
|
||
|
feasibility study
|
A feasibility study is a comprehensive technical and economic study of the selected development option for a mineral project, which includes detailed assessments of all applicable modifying factors, as defined by this section,
together with any other relevant operational factors, and detailed financial analysis that are necessary to demonstrate, at the time of reporting, that extraction is economically viable. The results of the study may serve as the
basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project.
A feasibility study is more comprehensive, and with a higher degree of accuracy, than a pre-feasibility study. It must contain mining, infrastructure, and process designs completed with sufficient rigor to serve as the basis for
an investment decision or to support project financing.
|
||
|
felsic
|
Silicate minerals, magma, and rocks which are enriched in the lighter elements such as silicon, oxygen, aluminium, sodium, and potassium
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Term | Definition | ||
|
flowsheet
|
The sequence of operations, step by step, by which ore is treated in a milling, concentration, or smelting process.
|
||
|
gangue
|
The fraction of ore rejected as tailing in a separating process. It is usually the valueless portion, but may have some secondary commercial use
|
||
|
granite
|
A coarse-grained (phaneritic) intrusive igneous rock composed mostly of quartz, alkali feldspar, mica and plagioclase
|
||
|
granodiorite
|
A coarse-grained (phaneritic) intrusive igneous rock similar to granite, but containing more plagioclase feldspar than orthoclase feldspar
|
||
|
greenschist
|
A laminated metamorphic rock characterized by muscovite, quartz, and chlorite
|
||
|
heap leaching
|
A process whereby valuable metals, usually gold and silver, are leached from a heap or pad of crushed ore by leaching solutions percolating down through the heap and collected from a sloping, impermeable
liner below the pad.
|
||
|
igneous
|
Rocks or minerals formed by the cooling and hardening of magma or molten lava
|
||
|
indicated mineral resource
|
An indicated mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The term adequate
geological evidence means evidence that is sufficient to establish geological and grade or quality continuity with reasonable certainty. The level of geological certainty associated with an indicated mineral resource is sufficient
to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit.
|
||
|
inferred mineral resource
|
An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The term limited geological evidence means evidence
that is only sufficient to establish that geological and grade or quality continuity is more likely than not. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical
and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability.
A qualified person must have a reasonable expectation that the majority of inferred mineral resources could be upgraded to indicated or measured mineral resources with continued exploration; and should be able to defend the basis
of this expectation before his or her peers.
|
||
|
initial assessment
|
An initial assessment is a preliminary technical and economic study of the economic potential of all or parts of mineralization to support the disclosure of mineral resources. The
initial assessment must be prepared by a qualified person and must include appropriate assessments of reasonably assumed technical and economic factors, together with any other relevant operational factors, that are necessary to
demonstrate at the time of reporting that there are reasonable prospects for economic extraction. An initial assessment is required for disclosure of mineral resources but cannot be used as the basis for disclosure of mineral
reserves
|
||
|
internal rate of return (IRR)
|
The rate of return at which the Net Present Value of a project is zero; the rate at which the present value of cash inflows is equal to the present value of the cash outflows.
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Term | Definition | ||
|
kinetic
|
Relating to or resulting from motion
|
||
|
lacustrine
|
Relating to, formed in, living in, or growing in lakes
|
||
|
Lerchs–Grossmann
|
An algorithm used to select the optimum design for an open pit mine.
|
||
|
life of mine (LOM)
|
Number of years that the operation is planning to mine and treat ore, and is taken from the current mine plan based on the current evaluation of ore reserves.
|
||
|
mafic
|
Felating to, denoting, or containing a group of dark-colored, mainly ferromagnesian minerals such as pyroxene and olivine
|
||
|
measured mineral resource
|
A measured mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The term conclusive
geological evidence means evidence that is sufficient to test and confirm geological and grade or quality continuity. The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified
person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit.
|
||
|
merger
|
A voluntary combination of two or more companies whereby both stocks are merged into one.
|
||
|
Merrill-Crowe (M-C) circuit
|
A process which recovers precious metals from solution by first clarifying the solution, then removing the air contained in the clarified solution, and then precipitating the gold and silver from the
solution by injecting zinc dust into the solution. The valuable sludge is collected in a filter press for drying and further treatment
|
||
|
metasediment
|
Sedimentary rock that has undergone metamorphism
|
||
|
mineral reserve
|
A mineral reserve is an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it
is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted.
The determination that part of a measured or indicated mineral resource is economically mineable must be based on a preliminary feasibility (pre-feasibility) or feasibility study, as defined by this section, conducted by a
qualified person applying the modifying factors to indicated or measured mineral resources. Such study must demonstrate that, at the time of reporting, extraction of the mineral reserve is economically viable under reasonable
investment and market assumptions. The study must establish a life of mine plan that is technically achievable and economically viable, which will be the basis of determining the mineral reserve.
The term economically viable means that the qualified person has determined, using a discounted cash flow analysis, or has otherwise analytically determined, that extraction of the mineral reserve is economically viable under
reasonable investment and market assumptions.
The term investment and market assumptions includes all assumptions made about the prices, exchange rates, interest and discount rates, sales volumes, and costs that are necessary to determine the economic viability of the
mineral reserves. The qualified person must use a price for each commodity that provides a reasonable basis for establishing that the project is economically viable.
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Term | Definition | ||
|
mineral resource
|
A mineral resource is a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction.
The term material of economic interest includes mineralization, including dumps and tailings, mineral brines, and other resources extracted on or within the earth’s crust. It does not include oil and gas resources as defined in
Regulation S-X (§210.4-10(a)(16)(D) of this chapter), gases (e.g., helium and carbon dioxide), geothermal fields, and water.
When determining the existence of a mineral resource, a qualified person, as defined by this section, must be able to estimate or interpret the location, quantity, grade or quality continuity, and other geological characteristics
of the mineral resource from specific geological evidence and knowledge, including sampling; and conclude that there are reasonable prospects for economic extraction of the mineral resource based on an initial assessment, as defined
in this section, that he or she conducts by qualitatively applying relevant technical and economic factors likely to influence the prospect of economic extraction.
|
||
|
mining claim
|
A description by boundaries of real property in which metal ore and/or minerals may be located.
|
||
|
modifying factors
|
The factors that a qualified person must apply to indicated and measured mineral resources and then evaluate in order to establish the economic viability of mineral reserves. A qualified person must apply
and evaluate modifying factors to convert measured and indicated mineral resources to proven and probable mineral reserves. These factors include, but are not restricted to: mining; processing; metallurgical; infrastructure;
economic; marketing; legal; environmental compliance; plans, negotiations, or agreements with local individuals or groups; and governmental factors. The number, type and specific characteristics of the modifying factors applied will
necessarily be a function of and depend upon the mineral, mine, property, or project.
|
||
|
monzodiorite
|
An intrusive rock with a composition intermediate between diorite and monzonite
|
||
|
monzonite
|
A granular igneous rock composed of plagioclase and orthoclase in about equal quantities
|
||
|
net smelter return royalty (NSR)
|
A defined percentage of the gross revenue from a resource extraction operation, less a proportionate share of transportation, insurance, and processing costs.
|
||
|
open pit
|
A mine that is entirely on the surface. Also referred to as open-cut or open-cast mine.
|
||
|
ounce (oz) (troy)
|
Used in imperial statistics. A kilogram is equal to 32.1507 ounces. A troy ounce is equal to 31.1035 grams.
|
||
|
plant
|
A group of buildings, and especially to their contained equipment, in which a process or function is carried out; on a mine it will include warehouses, hoisting equipment, compressors, repair shops,
offices, mill or concentrator.
|
||
|
potassic alteration
|
A relatively high temperature type of alteration which results from potassium enrichment. Characterized by biotite, K-feldspar, adularia.
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Term | Definition | ||
|
preliminary feasibility study, pre-feasibility study
|
A preliminary feasibility study (prefeasibility study) is a comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a qualified person has
determined (in the case of underground mining) a preferred mining method, or (in the case of surface mining) a pit configuration, and in all cases has determined an effective method of mineral processing and an effective plan to
sell the product.
A pre-feasibility study includes a financial analysis based on reasonable assumptions, based on appropriate testing, about the modifying factors and the evaluation of any other relevant factors that are sufficient for a qualified
person to determine if all or part of the indicated and measured mineral resources may be converted to mineral reserves at the time of reporting. The financial analysis must have the level of detail necessary to demonstrate, at the
time of reporting, that extraction is economically viable
|
||
|
probable mineral reserve
|
A probable mineral reserve is the economically mineable part of an indicated and, in some cases, a measured mineral resource. For a probable mineral reserve, the qualified person’s confidence in the
results obtained from the application of the modifying factors and in the estimates of tonnage and grade or quality is lower than what is sufficient for a classification as a proven mineral reserve, but is still sufficient to
demonstrate that, at the time of reporting, extraction of the mineral reserve is economically viable under reasonable investment and market assumptions. The lower level of confidence is due to higher geologic uncertainty when the
qualified person converts an indicated mineral resource to a probable reserve or higher risk in the results of the application of modifying factors at the time when the qualified person converts a measured mineral resource to a
probable mineral reserve. A qualified person must classify a measured mineral resource as a probable mineral reserve when his or her confidence in the results obtained from the application of the modifying factors to the measured
mineral resource is lower than what is sufficient for a proven mineral reserve.
|
||
|
propylitic
|
Characteristic greenish colour. Minerals include chlorite, actinolite and epidote. Typically contains the assemblage quartz-chlorite-carbonate
|
||
|
proven mineral reserve
|
A proven mineral reserve is the economically mineable part of a measured mineral resource. For a proven mineral reserve, the qualified person has a high degree of confidence in the results obtained from
the application of the modifying factors and in the estimates of tonnage and grade or quality. A proven mineral reserve can only result from conversion of a measured mineral resource.
|
||
|
qualified person
|
A qualified person is an individual who is a mineral industry professional with at least five years of relevant experience in the type of mineralization and type of deposit under consideration and in the specific type of activity
that person is undertaking on behalf of the registrant; and an eligible member or licensee in good standing of a recognized professional organization at the time the technical report is prepared.
For an organization to be a recognized professional organization, it must:
(A) Be either:
(1) An organization recognized within the mining industry as a reputable professional association, or
(2) A board authorized by U.S. federal, state or foreign statute to regulate professionals in the mining, geoscience or related field;
(B) Admit eligible members primarily on the basis of their academic qualifications and experience;
(C) Establish and require compliance with professional standards of competence and ethics;
(D) Require or encourage continuing professional development;
(E) Have and apply disciplinary powers, including the power to suspend or expel a member regardless of where the member practices or resides; and;
(F) Provide a public list of members in good standing.
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Term | Definition | ||
|
reclamation
|
The restoration of a site after mining or exploration activity is completed.
|
||
|
refining
|
A high temperature process in which impure metal is reacted with flux to reduce the impurities. The metal is collected in a molten layer and the impurities in a slag layer. Refining results in the
production of a marketable material.
|
||
|
refractory
|
Gold mineralization normally requiring more sophisticated processing technology for extraction, such as roasting or autoclaving under pressure.
|
||
|
rheology
|
The study of the deformation and flow of matter, focusing on the relationships between stress, strain, temperature, and time
|
||
|
rock quality designation (RQD)
|
A measure of the competency of a rock, determined by the number of fractures in a given length of drill core. For example, a friable ore will have many fractures and a low RQD.
|
||
|
royalty
|
An amount of money paid at regular intervals by the lessee or operator of an exploration or mining property to the owner of the ground. Generally based on a specific amount per tonne or a percentage of the
total production or profits. Also, the fee paid for the right to use a patented process.
|
||
|
run-of-mine (ROM)
|
Rehandle where the raw mine ore material is fed into the processing plant’s system, usually the crusher. This is where material that is not direct feed from the mine is stockpiled for later feeding.
Run-of-mine relates to the rehandle being for any mine material, regardless of source, before entry into the processing plant’s system.
|
||
|
sanukitoid
|
Monzodioritic to monzogranitic rocks
|
||
|
stockpile
|
Large piles of mined or processed materials like ore or coal, stored for later use
|
||
|
strip ratio
|
The ratio of waste tons to ore tons mined calculated as total tonnes mined less ore tonnes mined divided by ore tonnes mined.
|
||
|
terrane
|
A fault-bounded area or region with a distinctive stratigraphy, structure, and geological history
|
||
|
tholeiite
|
Fine-grained extrusive igneous rock, a basalt that contains plagioclase feldspar (labradorite), clinopyroxene (augite with pigeonite), and iron ore (magnetite and ilmenite). Tholeiitic lavas often contain
glass, but little or no olivine.
|
||
|
till
|
Unsorted material deposited directly by glacial ice and showing no stratification
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| Term | Definition | ||
|
tonalite
|
Igneous, plutonic (intrusive) rock, of felsic composition, with phaneritic (coarse-grained) texture, consisting of quartz, andesine, and small amounts of orthoclase
|
||
|
transpression
|
A wrench or transcurrent shear accompanied by horizontal shortening across, and vertical lengthening along, the shear plane
|
||
|
VMS
|
Stratabound accumulations of sulphide minerals that precipitated at or near the sea floor
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 25 |
RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT
|
| 25.1 |
Introduction
|
The QPs fully relied on the registrant for the guidance in the areas noted in the following sub-sections. As the operations have been in production for nine years, under New Gold, now
Coeur’s management, the registrant has considerable experience in this area.
The QPs took undertook checks that the information provided by the registrant was suitable to be used in the Report.
| 25.2 |
Macroeconomic Trends
|
| • |
Information relating to inflation, interest rates, discount rates, taxes.
|
This information is used in the economic analysis in Chapter 19. It supports the mineral resource estimate in Chapter 11, and the mineral reserve estimate in Chapter 12.
| 25.3 |
Markets
|
| • |
Information relating to market studies/markets for product, market entry strategies, marketing and sales contracts, product valuation, product specifications, refining and treatment charges,
transportation costs, agency relationships, material contracts (e.g. mining, concentrating, smelting, refining, transportation, handling, hedging arrangements, and forward sales contracts), and contract status (in place,
renewals).
|
This information is used when discussing the market, commodity price and contract information in Chapter 16, and in the economic analysis in Chapter 19. It supports the mineral resource
estimate in Chapter 11, and the mineral reserve estimate in Chapter 12.
| 25.4 |
Legal Matters
|
| • |
Information relating to the corporate ownership interest, the mineral tenure (concessions, payments to retain, obligation to meet expenditure/reporting of work conducted), surface rights, water rights
(water take allowances), royalties, encumbrances, easements and rights-of-way, violations and fines, permitting requirements, ability to maintain and renew permits
|
This information is used in support of the property ownership information in Chapter 3, the permitting and closure discussions in Chapter 17, and the economic analysis in Chapter 19. It
supports the mineral resource estimate in Chapter 11, and the mineral reserve estimate in Chapter 12.
|
Rainy River Operations
Ontario
Technical Report Summary
|
| 25.5 |
Environmental Matters
|
| • |
Information relating to baseline and supporting studies for environmental permitting, environmental permitting and monitoring requirements, ability to maintain and renew permits, emissions controls,
closure planning, closure and reclamation bonding and bonding requirements, sustainability accommodations, and monitoring for and compliance with requirements relating to protected areas and protected species.
|
This information is used when discussing property ownership information in Chapter 3, the permitting and closure discussions in Chapter 17, and the economic analysis in Chapter 19. It
supports the mineral resource estimate in Chapter 11, and the mineral reserve estimate in Chapter 12.
| 25.6 |
Stakeholder Accommodations
|
| • |
Information relating to social and stakeholder baseline and supporting studies, relationships with the local ski areas, hiring and training policies for workforce from local communities, partnerships
with stakeholders (including national, regional, and state mining associations; trade organizations; fishing organizations; state and local chambers of commerce; economic development organizations; non-government organizations;
and, state and federal governments), and the community relations plan.
|
This information is used in the social and community discussions in Chapter 17, and the economic analysis in Chapter 19. It supports the mineral resource estimate in Chapter 11, and the
mineral reserve estimate in Chapter 12.
| 25.7 |
Governmental Factors
|
| • |
Information relating to taxation and royalty considerations at the Project level, monitoring requirements and monitoring frequency, and bonding requirements.
|
This information is used in the economic analysis in Chapter 19. It supports the mineral resource estimate in Chapter 11, and the mineral reserve estimate in Chapter 12.
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
APPENDIX A – UNPATENTED CLAIMS
|
|
Tenure
ID
|
Anniversary
Date
|
Tenure Type
|
|
|
100482
|
26-Jun-2026
|
Single Cell Mining Claim
|
|
|
100489
|
11-Jan-2027
|
Single Cell Mining Claim
|
|
|
100490
|
11-Jan-2027
|
Single Cell Mining Claim
|
|
|
100496
|
27-Oct-2026
|
Single Cell Mining Claim
|
|
|
100559
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
100560
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
100839
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
100995
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
101019
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
101040
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
101087
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
101262
|
26-Jun-2026
|
Boundary Cell Mining Claim
|
|
|
101271
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
101300
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
101425
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
101426
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
101427
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
101513
|
06-May-2026
|
Single Cell Mining Claim
|
|
|
101520
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
101521
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
101522
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
101550
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
101646
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
101647
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
101678
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
101680
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
101681
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
101682
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
101701
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
101818
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
101846
|
01-Mar-2025
|
Single Cell Mining Claim
|
|
|
101917
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
101958
|
16-May-2026
|
Single Cell Mining Claim
|
|
|
101980
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
101995
|
19-Apr-2026
|
Single Cell Mining Claim
|
|
|
101996
|
19-Apr-2026
|
Single Cell Mining Claim
|
|
|
102013
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
Tenure
ID
|
Anniversary
Date
|
Tenure Type
|
|
102048
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
102051
|
06-May-2026
|
Single Cell Mining Claim
|
|
|
102052
|
06-May-2026
|
Single Cell Mining Claim
|
|
|
102588
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
102697
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
102698
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
102699
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
102723
|
04-Aug-2026
|
Single Cell Mining Claim
|
|
|
102758
|
11-Jan-2027
|
Single Cell Mining Claim
|
|
|
102777
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
102832
|
08-May-2026
|
Single Cell Mining Claim
|
|
|
102833
|
08-May-2026
|
Single Cell Mining Claim
|
|
|
102834
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
102900
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
102901
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
102920
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
103071
|
13-Oct-2026
|
Single Cell Mining Claim
|
|
|
103072
|
13-Oct-2026
|
Single Cell Mining Claim
|
|
|
103175
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
103211
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
107516
|
13-Jun-2026
|
Single Cell Mining Claim
|
|
|
108292
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
110923
|
13-Jun-2026
|
Single Cell Mining Claim
|
|
|
114878
|
01-Mar-2025
|
Single Cell Mining Claim
|
|
|
115763
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
115791
|
27-Oct-2026
|
Single Cell Mining Claim
|
|
|
115792
|
27-Oct-2026
|
Single Cell Mining Claim
|
|
|
115945
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
115963
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
115964
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
115966
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
116008
|
30-Jun-2026
|
Single Cell Mining Claim
|
|
|
116058
|
19-Dec-2026
|
Single Cell Mining Claim
|
|
|
116173
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
116192
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
116204
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
116218
|
26-Oct-2026
|
Boundary Cell Mining Claim
|
|
Tenure
ID
|
Anniversary
Date
|
Tenure Type
|
|
116219
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
116551
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
116748
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
116749
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
116846
|
03-Mar-2025
|
Single Cell Mining Claim
|
|
|
116852
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
116853
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
116871
|
21-Jun-2026
|
Single Cell Mining Claim
|
|
|
116873
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
117119
|
26-Jun-2026
|
Single Cell Mining Claim
|
|
|
117133
|
11-Jan-2027
|
Single Cell Mining Claim
|
|
|
117150
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
117158
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
117159
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
117160
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
117166
|
20-Feb-2027
|
Single Cell Mining Claim
|
|
|
117167
|
20-Feb-2027
|
Single Cell Mining Claim
|
|
|
117293
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
117294
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
117295
|
25-May-2026
|
Boundary Cell Mining Claim
|
|
|
117397
|
04-Aug-2026
|
Boundary Cell Mining Claim
|
|
|
117464
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
117465
|
28-Jan-2027
|
Boundary Cell Mining Claim
|
|
|
117466
|
28-Jan-2027
|
Boundary Cell Mining Claim
|
|
|
117749
|
26-Jun-2026
|
Boundary Cell Mining Claim
|
|
|
117757
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
117789
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
117903
|
26-Oct-2026
|
Boundary Cell Mining Claim
|
|
|
117904
|
26-Oct-2026
|
Boundary Cell Mining Claim
|
|
|
117907
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
118006
|
02-Jun-2026
|
Boundary Cell Mining Claim
|
|
|
118007
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
118008
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
118009
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
118010
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
118011
|
04-May-2026
|
Boundary Cell Mining Claim
|
|
|
118012
|
04-May-2026
|
Single Cell Mining Claim
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
Tenure
ID
|
Anniversary
Date
|
Tenure Type
|
|
118013
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
118014
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
118036
|
08-May-2026
|
Single Cell Mining Claim
|
|
|
118037
|
08-May-2026
|
Boundary Cell Mining Claim
|
|
|
118038
|
08-May-2026
|
Single Cell Mining Claim
|
|
|
118151
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
118152
|
08-May-2026
|
Single Cell Mining Claim
|
|
|
118153
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
118154
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
118155
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
118156
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
118242
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
118243
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
120316
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
120317
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
120434
|
03-Mar-2025
|
Single Cell Mining Claim
|
|
|
120435
|
03-Mar-2025
|
Single Cell Mining Claim
|
|
|
120457
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
121027
|
19-Dec-2026
|
Single Cell Mining Claim
|
|
|
121145
|
06-May-2026
|
Single Cell Mining Claim
|
|
|
121146
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
121677
|
21-Jun-2026
|
Single Cell Mining Claim
|
|
|
121678
|
21-Jun-2026
|
Single Cell Mining Claim
|
|
|
121684
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
121685
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
121758
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
121759
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
121761
|
15-May-2026
|
Single Cell Mining Claim
|
|
|
122333
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
122352
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
122358
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
122359
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
122386
|
13-Feb-2027
|
Boundary Cell Mining Claim
|
|
|
122387
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
122388
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
122483
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
123755
|
28-Jan-2027
|
Boundary Cell Mining Claim
|
|
|
123756
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
123757
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
123767
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
Tenure
ID
|
Anniversary
Date
|
Tenure Type
|
|
123787
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
124451
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
125056
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
125057
|
04-May-2026
|
Boundary Cell Mining Claim
|
|
|
125058
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
125080
|
08-May-2026
|
Single Cell Mining Claim
|
|
|
125082
|
04-Aug-2026
|
Single Cell Mining Claim
|
|
|
125083
|
04-Aug-2026
|
Single Cell Mining Claim
|
|
|
125113
|
11-Jan-2027
|
Single Cell Mining Claim
|
|
|
125128
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
125129
|
02-Jun-2026
|
Boundary Cell Mining Claim
|
|
|
125184
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
125185
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
125186
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
125187
|
11-Jul-2026
|
Boundary Cell Mining Claim
|
|
|
125604
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
125605
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
125635
|
27-Oct-2026
|
Single Cell Mining Claim
|
|
|
125747
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
125748
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
125749
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
125750
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
125751
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
125752
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
125782
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
125783
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
125802
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
126238
|
03-Mar-2025
|
Single Cell Mining Claim
|
|
|
126365
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
126525
|
25-May-2026
|
Boundary Cell Mining Claim
|
|
|
126526
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
127048
|
25-May-2026
|
Boundary Cell Mining Claim
|
|
|
127049
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
127081
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
127082
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
127083
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
128132
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
128259
|
16-Jul-2026
|
Single Cell Mining Claim
|
|
|
128264
|
01-Mar-2025
|
Single Cell Mining Claim
|
|
|
128307
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
Tenure
ID
|
Anniversary
Date
|
Tenure Type
|
|
128314
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
128932
|
16-May-2026
|
Single Cell Mining Claim
|
|
|
128961
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
128962
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
128963
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
128964
|
03-Mar-2025
|
Single Cell Mining Claim
|
|
|
129578
|
06-May-2026
|
Single Cell Mining Claim
|
|
|
130236
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
130237
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
131751
|
27-Oct-2029
|
Single Cell Mining Claim
|
|
|
137682
|
13-Jun-2026
|
Single Cell Mining Claim
|
|
|
138229
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
140174
|
13-Jun-2026
|
Single Cell Mining Claim
|
|
|
142699
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
142755
|
03-Mar-2025
|
Single Cell Mining Claim
|
|
|
143453
|
16-Jul-2026
|
Single Cell Mining Claim
|
|
|
144034
|
01-Mar-2025
|
Single Cell Mining Claim
|
|
|
144783
|
03-Mar-2025
|
Single Cell Mining Claim
|
|
|
145346
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
145347
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
145358
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
145402
|
09-Jan-2027
|
Single Cell Mining Claim
|
|
|
145463
|
16-May-2026
|
Boundary Cell Mining Claim
|
|
|
145634
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
146947
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
151591
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
151631
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
151632
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
151686
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
152272
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
152280
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
153044
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
153045
|
02-Jun-2026
|
Boundary Cell Mining Claim
|
|
|
153046
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
153047
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
153048
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
153049
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
153071
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
153666
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
153667
|
08-May-2026
|
Single Cell Mining Claim
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
Tenure
ID
|
Anniversary
Date
|
Tenure Type
|
|
153668
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
153722
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
153747
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
154331
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
154885
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
154963
|
04-Aug-2026
|
Single Cell Mining Claim
|
|
|
154990
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
154991
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
154992
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
155023
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
156137
|
01-Mar-2025
|
Single Cell Mining Claim
|
|
|
157580
|
11-Jan-2027
|
Single Cell Mining Claim
|
|
|
157596
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
157834
|
13-Jun-2026
|
Single Cell Mining Claim
|
|
|
158210
|
16-May-2026
|
Single Cell Mining Claim
|
|
|
158216
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
158217
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
158238
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
158239
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
158250
|
19-Apr-2026
|
Single Cell Mining Claim
|
|
|
158251
|
19-Apr-2026
|
Single Cell Mining Claim
|
|
|
158782
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
158783
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
158847
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
158851
|
06-May-2026
|
Single Cell Mining Claim
|
|
|
158852
|
06-May-2026
|
Single Cell Mining Claim
|
|
|
158853
|
06-May-2026
|
Single Cell Mining Claim
|
|
|
159471
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
159487
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
159581
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
159596
|
03-Mar-2025
|
Single Cell Mining Claim
|
|
|
160185
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
160280
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
160805
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
160806
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
160807
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
160828
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
160946
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
160947
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
160948
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
Tenure
ID
|
Anniversary
Date
|
Tenure Type
|
|
160949
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
160950
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
161477
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
161478
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
161483
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
161484
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
161485
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
161501
|
13-Feb-2027
|
Boundary Cell Mining Claim
|
|
|
161502
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
161505
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
161506
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
161581
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
161582
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
161583
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
161642
|
13-Mar-2025
|
Single Cell Mining Claim
|
|
|
161925
|
27-Oct-2029
|
Single Cell Mining Claim
|
|
|
162157
|
01-Mar-2025
|
Single Cell Mining Claim
|
|
|
163622
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
163627
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
163633
|
20-Feb-2027
|
Single Cell Mining Claim
|
|
|
164191
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
164234
|
16-May-2026
|
Single Cell Mining Claim
|
|
|
164259
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
164297
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
164298
|
30-Jun-2026
|
Single Cell Mining Claim
|
|
|
164832
|
19-Dec-2026
|
Single Cell Mining Claim
|
|
|
164854
|
19-Dec-2026
|
Single Cell Mining Claim
|
|
|
165574
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
165575
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
165576
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
166206
|
19-Dec-2026
|
Single Cell Mining Claim
|
|
|
166290
|
06-May-2026
|
Single Cell Mining Claim
|
|
|
166299
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
166325
|
21-Jun-2026
|
Single Cell Mining Claim
|
|
|
166941
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
166942
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
166945
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
166946
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
166947
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
166964
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
Tenure
ID
|
Anniversary
Date
|
Tenure Type
|
|
166967
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
166968
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
166988
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
166989
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
166990
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
167638
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
167651
|
13-Mar-2025
|
Single Cell Mining Claim
|
|
|
167652
|
26-Jun-2026
|
Boundary Cell Mining Claim
|
|
|
167653
|
28-Jan-2027
|
Boundary Cell Mining Claim
|
|
|
168190
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
168222
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
168873
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
168893
|
26-Jun-2026
|
Single Cell Mining Claim
|
|
|
168930
|
04-May-2026
|
Boundary Cell Mining Claim
|
|
|
168931
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
169012
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
169578
|
26-Oct-2026
|
Boundary Cell Mining Claim
|
|
|
169579
|
26-Oct-2026
|
Boundary Cell Mining Claim
|
|
|
169580
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
169682
|
02-Jun-2026
|
Boundary Cell Mining Claim
|
|
|
169683
|
02-Jun-2026
|
Boundary Cell Mining Claim
|
|
|
169685
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
169686
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
169687
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
169688
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
170225
|
04-Aug-2026
|
Boundary Cell Mining Claim
|
|
|
170226
|
04-Aug-2026
|
Single Cell Mining Claim
|
|
|
170310
|
08-May-2026
|
Single Cell Mining Claim
|
|
|
170311
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
170312
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
170374
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
170892
|
04-May-2026
|
Boundary Cell Mining Claim
|
|
|
170905
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
170973
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
171439
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
171464
|
27-Oct-2026
|
Single Cell Mining Claim
|
|
|
171526
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
171527
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
171528
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
171529
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
Tenure
ID
|
Anniversary
Date
|
Tenure Type
|
|
171613
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
171658
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
172298
|
28-Jan-2027
|
Boundary Cell Mining Claim
|
|
|
173073
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
173074
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
173075
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
173093
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
173749
|
13-Oct-2026
|
Single Cell Mining Claim
|
|
|
173841
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
173855
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
173856
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
173878
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
174210
|
13-Jun-2026
|
Single Cell Mining Claim
|
|
|
174458
|
04-Aug-2026
|
Boundary Cell Mining Claim
|
|
|
177619
|
30-Jun-2026
|
Single Cell Mining Claim
|
|
|
177651
|
19-Dec-2026
|
Single Cell Mining Claim
|
|
|
177652
|
19-Dec-2026
|
Single Cell Mining Claim
|
|
|
177653
|
19-Dec-2026
|
Single Cell Mining Claim
|
|
|
177670
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
177672
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
177676
|
06-May-2026
|
Single Cell Mining Claim
|
|
|
177677
|
06-May-2026
|
Single Cell Mining Claim
|
|
|
177678
|
06-May-2026
|
Single Cell Mining Claim
|
|
|
178324
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
178349
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
178957
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
179030
|
19-Dec-2026
|
Single Cell Mining Claim
|
|
|
179644
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
179652
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
179653
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
179672
|
21-Jun-2026
|
Single Cell Mining Claim
|
|
|
179673
|
21-Jun-2026
|
Single Cell Mining Claim
|
|
|
179674
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
179729
|
15-May-2026
|
Single Cell Mining Claim
|
|
|
179766
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
179795
|
26-Oct-2026
|
Boundary Cell Mining Claim
|
|
|
180310
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
180311
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
180312
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
| 180313 |
02-Dec-2026
|
Single Cell Mining Claim
|
|
Tenure
ID
|
Anniversary
Date
|
Tenure Type
|
|
180331
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
180332
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
180333
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
180352
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
180367
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
180368
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
180429
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
180430
|
17-May-2026
|
Single Cell Mining Claim
|
|
|
180470
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
180471
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
180479
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
180481
|
17-May-2026
|
Single Cell Mining Claim
|
|
|
181696
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
181707
|
26-Jun-2026
|
Single Cell Mining Claim
|
|
|
181717
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
181752
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
181753
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
182368
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
182478
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
182480
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
182481
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
182482
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
182483
|
04-May-2026
|
Boundary Cell Mining Claim
|
|
|
182484
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
182485
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
182487
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
183125
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
183126
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
183181
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
183182
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
183718
|
27-Oct-2029
|
Boundary Cell Mining Claim
|
|
|
188419
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
188483
|
11-Jan-2027
|
Single Cell Mining Claim
|
|
|
188484
|
11-Jan-2027
|
Single Cell Mining Claim
|
|
|
188504
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
188505
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
188555
|
08-May-2026
|
Single Cell Mining Claim
|
|
|
188556
|
08-May-2026
|
Single Cell Mining Claim
|
|
|
189140
|
02-Jun-2026
|
Boundary Cell Mining Claim
|
|
|
189141
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
Tenure
ID
|
Anniversary
Date
|
Tenure Type
|
|
189142
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
189210
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
189890
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
189905
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
190572
|
28-Jan-2027
|
Boundary Cell Mining Claim
|
|
|
192182
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
194225
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
194849
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
194851
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
194959
|
19-Dec-2026
|
Single Cell Mining Claim
|
|
|
194960
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
194969
|
26-Jun-2026
|
Single Cell Mining Claim
|
|
|
194970
|
26-Jun-2026
|
Single Cell Mining Claim
|
|
|
195264
|
27-Oct-2029
|
Boundary Cell Mining Claim
|
|
|
195554
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
195555
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
196185
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
196213
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
196214
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
196234
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
196253
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
196266
|
26-Oct-2026
|
Boundary Cell Mining Claim
|
|
|
197525
|
17-May-2026
|
Single Cell Mining Claim
|
|
|
197526
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
197549
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
197596
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
197630
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
198301
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
200785
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
200786
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
202511
|
13-Jun-2026
|
Single Cell Mining Claim
|
|
|
202707
|
03-Mar-2025
|
Single Cell Mining Claim
|
|
|
202708
|
03-Mar-2025
|
Single Cell Mining Claim
|
|
|
203360
|
16-Jul-2026
|
Single Cell Mining Claim
|
|
|
203385
|
26-Jun-2026
|
Single Cell Mining Claim
|
|
|
203387
|
01-Mar-2025
|
Single Cell Mining Claim
|
|
|
203408
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
203409
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
203410
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
203419
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
Tenure
ID
|
Anniversary
Date
|
Tenure Type
|
|
203420
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
203524
|
16-May-2026
|
Boundary Cell Mining Claim
|
|
|
204051
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
204064
|
25-Sep-2026
|
Single Cell Mining Claim
|
|
|
204068
|
19-Apr-2026
|
Single Cell Mining Claim
|
|
|
204069
|
19-Apr-2026
|
Single Cell Mining Claim
|
|
|
204092
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
204136
|
19-Dec-2026
|
Single Cell Mining Claim
|
|
|
204138
|
15-May-2026
|
Single Cell Mining Claim
|
|
|
204882
|
13-Feb-2027
|
Boundary Cell Mining Claim
|
|
|
204883
|
13-Feb-2027
|
Boundary Cell Mining Claim
|
|
|
204884
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
204968
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
204969
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
204970
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
205006
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
205007
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
205008
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
205379
|
27-Oct-2029
|
Single Cell Mining Claim
|
|
|
205583
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
205627
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
205628
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
205708
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
206230
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
206367
|
13-Feb-2027
|
Boundary Cell Mining Claim
|
|
|
206368
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
206907
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
206991
|
13-Oct-2026
|
Single Cell Mining Claim
|
|
|
207632
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
207633
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
207634
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
207635
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
207636
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
207637
|
04-May-2026
|
Boundary Cell Mining Claim
|
|
|
207661
|
08-May-2026
|
Boundary Cell Mining Claim
|
|
|
207698
|
11-Jan-2027
|
Single Cell Mining Claim
|
|
|
207699
|
11-Jan-2027
|
Single Cell Mining Claim
|
|
|
207723
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
207724
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
207725
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
Tenure
ID
|
Anniversary
Date
|
Tenure Type
|
|
207726
|
02-Jun-2026
|
Boundary Cell Mining Claim
|
|
|
208263
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
208264
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
208265
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
208266
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
208267
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
208268
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
208269
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
208326
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
208327
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
208328
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
208343
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
208397
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
208823
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
208924
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
208940
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
209063
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
209412
|
03-Mar-2025
|
Single Cell Mining Claim
|
|
|
211476
|
01-Mar-2025
|
Single Cell Mining Claim
|
|
|
211499
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
211513
|
01-Mar-2025
|
Single Cell Mining Claim
|
|
|
212121
|
16-May-2026
|
Single Cell Mining Claim
|
|
|
212147
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
212190
|
19-Apr-2026
|
Single Cell Mining Claim
|
|
|
212191
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
212192
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
212246
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
212757
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
212758
|
03-Mar-2025
|
Single Cell Mining Claim
|
|
|
212762
|
06-May-2026
|
Single Cell Mining Claim
|
|
|
213491
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
213495
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
213515
|
03-Mar-2025
|
Single Cell Mining Claim
|
|
|
214127
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
214226
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
214227
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
214228
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
214229
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
214254
|
21-Jun-2026
|
Single Cell Mining Claim
|
|
|
214255
|
21-Jun-2026
|
Single Cell Mining Claim
|
|
Tenure
ID
|
Anniversary
Date
|
Tenure Type
|
|
214257
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
214258
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
214259
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
214483
|
27-Oct-2029
|
Single Cell Mining Claim
|
|
|
214904
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
214905
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
214926
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
214929
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
214932
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
214989
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
214990
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
214998
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
214999
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
215012
|
21-Jun-2026
|
Single Cell Mining Claim
|
|
|
215013
|
21-Jun-2026
|
Single Cell Mining Claim
|
|
|
215015
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
215065
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
215632
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
215633
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
215657
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
215658
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
215659
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
215684
|
13-Feb-2027
|
Boundary Cell Mining Claim
|
|
|
215685
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
215686
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
215690
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
215714
|
26-Oct-2026
|
Boundary Cell Mining Claim
|
|
|
215784
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
215785
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
215786
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
215787
|
13-Feb-2027
|
Boundary Cell Mining Claim
|
|
|
216309
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
216369
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
217069
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
217070
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
217093
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
217094
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
217126
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
217694
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
| 217764 |
26-Oct-2026
|
Single Cell Mining Claim
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
Tenure
ID
|
Anniversary
Date
|
Tenure Type
|
|
218105
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
218374
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
218375
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
218376
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
218377
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
218378
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
218396
|
04-Aug-2026
|
Single Cell Mining Claim
|
|
|
218397
|
04-Aug-2026
|
Single Cell Mining Claim
|
|
|
218398
|
04-Aug-2026
|
Single Cell Mining Claim
|
|
|
218486
|
08-May-2026
|
Single Cell Mining Claim
|
|
|
218487
|
08-May-2026
|
Single Cell Mining Claim
|
|
|
218488
|
08-May-2026
|
Single Cell Mining Claim
|
|
|
218490
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
218491
|
11-Jul-2026
|
Boundary Cell Mining Claim
|
|
|
219074
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
219163
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
220352
|
25-May-2026
|
Boundary Cell Mining Claim
|
|
|
220428
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
220896
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
222989
|
16-Jul-2026
|
Single Cell Mining Claim
|
|
|
222990
|
16-Jul-2026
|
Single Cell Mining Claim
|
|
|
223521
|
26-Jun-2026
|
Single Cell Mining Claim
|
|
|
223522
|
26-Jun-2026
|
Single Cell Mining Claim
|
|
|
223548
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
223549
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
223550
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
223559
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
223567
|
20-Feb-2027
|
Single Cell Mining Claim
|
|
|
223675
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
223676
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
224177
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
224178
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
224179
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
224258
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
224260
|
06-May-2026
|
Single Cell Mining Claim
|
|
|
224909
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
225616
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
225617
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
225726
|
26-Oct-2026
|
Boundary Cell Mining Claim
|
|
|
225813
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
Tenure
ID
|
Anniversary
Date
|
Tenure Type
|
|
225814
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
225815
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
225840
|
08-May-2026
|
Single Cell Mining Claim
|
|
|
225841
|
08-May-2026
|
Single Cell Mining Claim
|
|
|
226386
|
11-Jan-2027
|
Single Cell Mining Claim
|
|
|
226405
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
226439
|
08-May-2026
|
Single Cell Mining Claim
|
|
|
226440
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
226516
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
226517
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
227056
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
227057
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
227102
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
227400
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
227625
|
27-Oct-2026
|
Single Cell Mining Claim
|
|
|
227626
|
27-Oct-2026
|
Single Cell Mining Claim
|
|
|
227627
|
27-Oct-2026
|
Single Cell Mining Claim
|
|
|
227684
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
227685
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
227780
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
227781
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
227795
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
227829
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
228398
|
28-Jan-2027
|
Boundary Cell Mining Claim
|
|
|
228399
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
229466
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
229584
|
03-Mar-2025
|
Single Cell Mining Claim
|
|
|
229585
|
03-Mar-2025
|
Single Cell Mining Claim
|
|
|
230274
|
16-Jul-2026
|
Single Cell Mining Claim
|
|
|
230295
|
26-Jun-2026
|
Single Cell Mining Claim
|
|
|
230301
|
11-Jan-2027
|
Single Cell Mining Claim
|
|
|
230302
|
11-Jan-2027
|
Single Cell Mining Claim
|
|
|
230883
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
230884
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
230923
|
16-May-2026
|
Single Cell Mining Claim
|
|
|
230946
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
230947
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
230963
|
25-Sep-2026
|
Single Cell Mining Claim
|
|
|
230983
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
230984
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
Tenure
ID
|
Anniversary
Date
|
Tenure Type
|
|
231544
|
06-May-2026
|
Single Cell Mining Claim
|
|
|
232195
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
232297
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
232905
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
232992
|
06-May-2026
|
Single Cell Mining Claim
|
|
|
232993
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
233019
|
21-Jun-2026
|
Single Cell Mining Claim
|
|
|
233020
|
21-Jun-2026
|
Single Cell Mining Claim
|
|
|
233559
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
233588
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
233589
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
233655
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
233656
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
233659
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
233660
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
233661
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
233680
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
233681
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
233682
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
234219
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
234225
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
234244
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
234246
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
234316
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
234372
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
234900
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
235003
|
17-May-2026
|
Single Cell Mining Claim
|
|
|
235669
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
238958
|
13-Jun-2026
|
Single Cell Mining Claim
|
|
|
240838
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
241631
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
241632
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
248333
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
248334
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
249632
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
251188
|
27-Oct-2029
|
Single Cell Mining Claim
|
|
|
251189
|
27-Oct-2029
|
Single Cell Mining Claim
|
|
|
257542
|
01-Mar-2025
|
Single Cell Mining Claim
|
|
|
258930
|
16-Jul-2026
|
Single Cell Mining Claim
|
|
|
259488
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
Tenure
ID
|
Anniversary
Date
|
Tenure Type
|
|
259586
|
16-May-2025
|
Boundary Cell Mining Claim
|
|
|
259592
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
260197
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
261588
|
26-Jun-2026
|
Single Cell Mining Claim
|
|
|
262194
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
262195
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
262196
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
262219
|
21-Jun-2026
|
Single Cell Mining Claim
|
|
|
262220
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
262844
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
262864
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
262865
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
262866
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
262867
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
262891
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
262907
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
262908
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
262915
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
263505
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
263550
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
263551
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
263558
|
28-Jan-2027
|
Boundary Cell Mining Claim
|
|
|
263585
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
264293
|
28-Jan-2027
|
Boundary Cell Mining Claim
|
|
|
264859
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
264921
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
264922
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
264986
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
265589
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
265590
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
265591
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
265593
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
265594
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
265595
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
265596
|
04-May-2026
|
Boundary Cell Mining Claim
|
|
|
265597
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
265628
|
08-May-2026
|
Single Cell Mining Claim
|
|
|
265629
|
04-Aug-2026
|
Single Cell Mining Claim
|
|
|
265672
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
266212
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
Tenure
ID
|
Anniversary
Date
|
Tenure Type
|
|
266213
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
266214
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
266215
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
266293
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
266294
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
266295
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
266844
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
266845
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
266991
|
04-Aug-2026
|
Single Cell Mining Claim
|
|
|
266992
|
04-Aug-2026
|
Boundary Cell Mining Claim
|
|
|
266993
|
04-Aug-2026
|
Boundary Cell Mining Claim
|
|
|
267413
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
267529
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
267530
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
267551
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
267648
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
268216
|
19-Dec-2026
|
Single Cell Mining Claim
|
|
|
268217
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
268218
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
268219
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
268220
|
03-Mar-2025
|
Single Cell Mining Claim
|
|
|
268221
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
269226
|
27-Oct-2029
|
Single Cell Mining Claim
|
|
|
269556
|
19-Dec-2026
|
Single Cell Mining Claim
|
|
|
269637
|
06-May-2026
|
Single Cell Mining Claim
|
|
|
269638
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
269648
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
270177
|
21-Jun-2026
|
Single Cell Mining Claim
|
|
|
270244
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
270246
|
15-May-2026
|
Single Cell Mining Claim
|
|
|
270292
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
270293
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
270315
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
270319
|
26-Oct-2026
|
Boundary Cell Mining Claim
|
|
|
270320
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
270335
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
270336
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
270341
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
270343
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
270871
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
Tenure
ID
|
Anniversary
Date
|
Tenure Type
|
|
270872
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
270876
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
270877
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
270878
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
270879
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
270894
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
270962
|
17-May-2026
|
Single Cell Mining Claim
|
|
|
271013
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
271578
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
271658
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
271659
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
271660
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
272327
|
04-May-2026
|
Boundary Cell Mining Claim
|
|
|
272901
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
272956
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
272960
|
26-Oct-2026
|
Boundary Cell Mining Claim
|
|
|
272961
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
273553
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
273554
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
273555
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
273556
|
04-May-2026
|
Boundary Cell Mining Claim
|
|
|
273574
|
04-Aug-2026
|
Single Cell Mining Claim
|
|
|
273575
|
08-May-2026
|
Boundary Cell Mining Claim
|
|
|
273576
|
04-Aug-2026
|
Single Cell Mining Claim
|
|
|
273622
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
273671
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
273672
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
273673
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
273674
|
11-Jul-2026
|
Boundary Cell Mining Claim
|
|
|
273675
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
273676
|
11-Jul-2026
|
Boundary Cell Mining Claim
|
|
|
274237
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
274240
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
274241
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
274261
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
274262
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
274274
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
274275
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
274757
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
274758
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
Tenure
ID
|
Anniversary
Date
|
Tenure Type
|
|
274788
|
27-Oct-2026
|
Single Cell Mining Claim
|
|
|
274789
|
27-Oct-2026
|
Single Cell Mining Claim
|
|
|
274843
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
274844
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
274845
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
274846
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
275006
|
25-May-2026
|
Boundary Cell Mining Claim
|
|
|
275554
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
275555
|
02-Jun-2026
|
Boundary Cell Mining Claim
|
|
|
275556
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
276047
|
01-Mar-2025
|
Single Cell Mining Claim
|
|
|
277475
|
01-Mar-2025
|
Single Cell Mining Claim
|
|
|
277487
|
26-Jun-2026
|
Single Cell Mining Claim
|
|
|
277502
|
11-Jan-2027
|
Single Cell Mining Claim
|
|
|
277514
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
277515
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
277516
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
277522
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
277523
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
277533
|
20-Feb-2027
|
Single Cell Mining Claim
|
|
|
278093
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
278142
|
16-May-2026
|
Single Cell Mining Claim
|
|
|
278171
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
278173
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
278174
|
03-Mar-2025
|
Single Cell Mining Claim
|
|
|
278201
|
30-Jun-2026
|
Single Cell Mining Claim
|
|
|
279029
|
11-Jan-2027
|
Single Cell Mining Claim
|
|
|
279040
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
279549
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
279552
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
279658
|
16-May-2026
|
Boundary Cell Mining Claim
|
|
|
279679
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
279682
|
03-Mar-2025
|
Single Cell Mining Claim
|
|
|
280268
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
280269
|
15-May-2026
|
Single Cell Mining Claim
|
|
|
280270
|
06-May-2026
|
Single Cell Mining Claim
|
|
|
280893
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
281017
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
281019
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
281565
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
Tenure
ID
|
Anniversary
Date
|
Tenure Type
|
|
281645
|
19-Dec-2026
|
Single Cell Mining Claim
|
|
|
281646
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
281647
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
282246
|
06-May-2026
|
Single Cell Mining Claim
|
|
|
282247
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
282248
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
282249
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
282255
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
282256
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
282257
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
282272
|
21-Jun-2026
|
Single Cell Mining Claim
|
|
|
282273
|
21-Jun-2026
|
Single Cell Mining Claim
|
|
|
282274
|
21-Jun-2026
|
Single Cell Mining Claim
|
|
|
282276
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
282386
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
282387
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
282920
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
282921
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
282922
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
282940
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
282949
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
282955
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
283586
|
17-May-2026
|
Single Cell Mining Claim
|
|
|
283587
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
283635
|
13-Mar-2025
|
Single Cell Mining Claim
|
|
|
283694
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
283695
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
284268
|
17-May-2026
|
Single Cell Mining Claim
|
|
|
284376
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
284377
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
284378
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
284411
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
284970
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
285018
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
285638
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
285639
|
04-May-2026
|
Boundary Cell Mining Claim
|
|
|
285662
|
08-May-2026
|
Single Cell Mining Claim
|
|
|
285689
|
11-Jan-2027
|
Single Cell Mining Claim
|
|
|
285713
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
285714
|
02-Jun-2026
|
Boundary Cell Mining Claim
|
|
Tenure
ID
|
Anniversary
Date
|
Tenure Type
|
|
285763
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
286030
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
286348
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
286365
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
286409
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
286903
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
287087
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
287549
|
03-Mar-2025
|
Single Cell Mining Claim
|
|
|
287550
|
03-Mar-2025
|
Single Cell Mining Claim
|
|
|
288151
|
01-Mar-2025
|
Single Cell Mining Claim
|
|
|
288873
|
03-Mar-2025
|
Single Cell Mining Claim
|
|
|
289621
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
289632
|
26-Oct-2026
|
Boundary Cell Mining Claim
|
|
|
289633
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
289634
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
289635
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
289658
|
21-Jun-2026
|
Single Cell Mining Claim
|
|
|
290297
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
290298
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
290300
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
290325
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
290446
|
13-Mar-2025
|
Single Cell Mining Claim
|
|
|
290980
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
291018
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
291075
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
291076
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
291689
|
26-Jun-2026
|
Single Cell Mining Claim
|
|
|
292359
|
21-Jun-2026
|
Single Cell Mining Claim
|
|
|
292360
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
292435
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
292436
|
02-Jun-2026
|
Boundary Cell Mining Claim
|
|
|
292438
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
292439
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
292440
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
292441
|
04-May-2026
|
Boundary Cell Mining Claim
|
|
|
292442
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
292456
|
04-Aug-2026
|
Single Cell Mining Claim
|
|
|
293061
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
293062
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
293063
|
11-Jul-2026
|
Boundary Cell Mining Claim
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
Tenure
ID
|
Anniversary
Date
|
Tenure Type
|
|
293140
|
02-Jun-2026
|
Boundary Cell Mining Claim
|
|
|
293143
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
293725
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
293738
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
294051
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
294224
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
294288
|
03-Mar-2025
|
Single Cell Mining Claim
|
|
|
294396
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
294434
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
294435
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
294501
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
294896
|
01-Mar-2025
|
Single Cell Mining Claim
|
|
|
294897
|
01-Mar-2025
|
Single Cell Mining Claim
|
|
|
295630
|
03-Mar-2025
|
Single Cell Mining Claim
|
|
|
296316
|
16-Jul-2026
|
Single Cell Mining Claim
|
|
|
296857
|
11-Jan-2027
|
Single Cell Mining Claim
|
|
|
296866
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
296873
|
20-Feb-2027
|
Single Cell Mining Claim
|
|
|
296979
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
296982
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
296983
|
03-Mar-2025
|
Single Cell Mining Claim
|
|
|
296992
|
25-Sep-2026
|
Single Cell Mining Claim
|
|
|
296996
|
19-Apr-2026
|
Single Cell Mining Claim
|
|
|
297524
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
297585
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
298203
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
298224
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
298930
|
19-Dec-2026
|
Single Cell Mining Claim
|
|
|
298931
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
299839
|
27-Oct-2029
|
Single Cell Mining Claim
|
|
|
306216
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
310722
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
312710
|
16-May-2026
|
Boundary Cell Mining Claim
|
|
|
312743
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
312744
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
312747
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
312755
|
25-Sep-2026
|
Single Cell Mining Claim
|
|
|
312756
|
25-Sep-2026
|
Single Cell Mining Claim
|
|
|
312759
|
19-Apr-2026
|
Single Cell Mining Claim
|
|
| 312775 |
30-Jun-2026
|
Single Cell Mining Claim
|
|
Tenure
ID
|
Anniversary
Date
|
Tenure Type
|
|
313383
|
03-Mar-2025
|
Single Cell Mining Claim
|
|
|
314076
|
26-Jun-2026
|
Single Cell Mining Claim
|
|
|
314077
|
26-Jun-2026
|
Single Cell Mining Claim
|
|
|
314078
|
01-Mar-2025
|
Single Cell Mining Claim
|
|
|
314099
|
13-Jun-2026
|
Single Cell Mining Claim
|
|
|
314100
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
314101
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
314106
|
01-Mar-2025
|
Single Cell Mining Claim
|
|
|
314657
|
19-Dec-2026
|
Single Cell Mining Claim
|
|
|
314674
|
19-Dec-2026
|
Single Cell Mining Claim
|
|
|
314675
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
314676
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
314677
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
314682
|
06-May-2026
|
Single Cell Mining Claim
|
|
|
314683
|
06-May-2026
|
Single Cell Mining Claim
|
|
|
314797
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
314798
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
314799
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
320899
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
320908
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
320943
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
321009
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
321680
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
321704
|
08-May-2026
|
Single Cell Mining Claim
|
|
|
322254
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
322255
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
322256
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
322309
|
08-May-2026
|
Single Cell Mining Claim
|
|
|
322310
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
322396
|
04-May-2026
|
Boundary Cell Mining Claim
|
|
|
322915
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
322973
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
322974
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
323074
|
04-Aug-2026
|
Boundary Cell Mining Claim
|
|
|
323478
|
27-Oct-2026
|
Single Cell Mining Claim
|
|
|
323479
|
27-Oct-2026
|
Single Cell Mining Claim
|
|
|
323538
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
323602
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
323643
|
02-Jun-2026
|
Boundary Cell Mining Claim
|
|
|
323644
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
Tenure
ID
|
Anniversary
Date
|
Tenure Type
|
|
326138
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
326139
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
326142
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
326764
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
326767
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
326768
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
326783
|
25-Sep-2026
|
Single Cell Mining Claim
|
|
|
326808
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
326809
|
30-Jun-2026
|
Single Cell Mining Claim
|
|
|
326881
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
326883
|
06-May-2026
|
Single Cell Mining Claim
|
|
|
327520
|
15-Oct-2026
|
Single Cell Mining Claim
|
|
|
328213
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
328221
|
26-Jun-2026
|
Single Cell Mining Claim
|
|
|
328822
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
328831
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
328856
|
21-Jun-2026
|
Single Cell Mining Claim
|
|
|
328857
|
21-Jun-2026
|
Single Cell Mining Claim
|
|
|
328860
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
328861
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
328862
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
329433
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
329434
|
15-May-2026
|
Single Cell Mining Claim
|
|
|
329514
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
329519
|
26-Oct-2026
|
Boundary Cell Mining Claim
|
|
|
329520
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
329521
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
329522
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
329538
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
329540
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
329563
|
13-Feb-2027
|
Boundary Cell Mining Claim
|
|
|
329574
|
13-Feb-2027
|
Boundary Cell Mining Claim
|
|
|
329575
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
329576
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
329595
|
26-Oct-2026
|
Boundary Cell Mining Claim
|
|
|
329596
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
329597
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
330170
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
330189
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
330207
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
Rainy River Operations
Ontario
Technical Report Summary
|
|
Tenure
ID
|
Anniversary
Date
|
Tenure Type
|
|
330208
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
330217
|
28-Jan-2027
|
Boundary Cell Mining Claim
|
|
|
330231
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
330833
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
330834
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
330940
|
28-Jan-2027
|
Boundary Cell Mining Claim
|
|
|
335401
|
04-Aug-2026
|
Boundary Cell Mining Claim
|
|
|
335421
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
335422
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
335448
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
335449
|
02-Jun-2026
|
Boundary Cell Mining Claim
|
|
|
335469
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
335470
|
02-Jun-2026
|
Boundary Cell Mining Claim
|
|
|
335471
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
335763
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
335764
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
337117
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
337118
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
339966
|
03-Mar-2025
|
Single Cell Mining Claim
|
|
|
340573
|
19-Dec-2026
|
Single Cell Mining Claim
|
|
|
340574
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
340688
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
341220
|
21-Jun-2026
|
Single Cell Mining Claim
|
|
|
341221
|
21-Jun-2026
|
Single Cell Mining Claim
|
|
|
341224
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
341325
|
22-Nov-2026
|
Single Cell Mining Claim
|
|
|
341350
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
341351
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
341354
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
341355
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
341356
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
341888
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
341909
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
341910
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
341911
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
341932
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
342008
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
342571
|
28-Jan-2027
|
Single Cell Mining Claim
|
|
|
342572
|
28-Jan-2027
|
Boundary Cell Mining Claim
|
|
|
342573
|
28-Jan-2027
|
Boundary Cell Mining Claim
|
|
Tenure
ID
|
Anniversary
Date
|
Tenure Type
|
|
342583
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
342630
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
342631
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
343290
|
27-Nov-2026
|
Single Cell Mining Claim
|
|
|
343305
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
343919
|
13-Feb-2027
|
Single Cell Mining Claim
|
|
|
343974
|
13-Feb-2027
|
Boundary Cell Mining Claim
|
|
|
344057
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
344058
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
344059
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
344060
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
344061
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
344062
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
344589
|
08-May-2026
|
Single Cell Mining Claim
|
|
|
344590
|
08-May-2026
|
Boundary Cell Mining Claim
|
|
|
344591
|
02-Jun-2026
|
Boundary Cell Mining Claim
|
|
|
344639
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
344640
|
02-Jun-2026
|
Boundary Cell Mining Claim
|
|
|
344689
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
344690
|
02-Jun-2026
|
Single Cell Mining Claim
|
|
|
344935
|
26-Jan-2027
|
Single Cell Mining Claim
|
|
|
345265
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
345266
|
11-Jul-2026
|
Single Cell Mining Claim
|
|
|
345286
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
345287
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
345288
|
04-May-2026
|
Single Cell Mining Claim
|
|
|
345289
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
345302
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
345303
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
345304
|
02-Dec-2026
|
Single Cell Mining Claim
|
|
|
345341
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
345358
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
345359
|
25-May-2026
|
Single Cell Mining Claim
|
|
|
535472
|
28-Nov-2026
|
Multi-cell Mining Claim
|
|
|
535473
|
28-Nov-2026
|
Single Cell Mining Claim
|
|
|
538576
|
08-Jan-2027
|
Single Cell Mining Claim
|
|
|
538577
|
08-Jan-2027
|
Single Cell Mining Claim
|
|
|
538578
|
08-Jan-2027
|
Single Cell Mining Claim
|
|
|
538579
|
08-Jan-2027
|
Single Cell Mining Claim
|
|
| 538580 |
08-Jan-2027
|
Single Cell Mining Claim
|
|
Tenure
ID
|
Anniversary
Date
|
Tenure Type
|
|
538581
|
08-Jan-2027
|
Single Cell Mining Claim
|
|
|
538582
|
08-Jan-2027
|
Single Cell Mining Claim
|
|
|
538583
|
08-Jan-2027
|
Single Cell Mining Claim
|
|
|
538584
|
08-Jan-2027
|
Single Cell Mining Claim
|
|
|
538585
|
08-Jan-2027
|
Single Cell Mining Claim
|
|
|
538586
|
08-Jan-2027
|
Single Cell Mining Claim
|
|
|
538587
|
08-Jan-2027
|
Single Cell Mining Claim
|
|
|
538588
|
08-Jan-2027
|
Single Cell Mining Claim
|
|
|
538589
|
08-Jan-2027
|
Single Cell Mining Claim
|
|
|
538590
|
08-Jan-2027
|
Single Cell Mining Claim
|
|
|
538591
|
08-Jan-2027
|
Single Cell Mining Claim
|
|
|
538592
|
08-Jan-2027
|
Single Cell Mining Claim
|
|
|
538593
|
08-Jan-2027
|
Single Cell Mining Claim
|
|
|
538594
|
08-Jan-2027
|
Single Cell Mining Claim
|
|
|
539565
|
26-Oct-2026
|
Single Cell Mining Claim
|
|
|
612706
|
14-Sep-2026
|
Single Cell Mining Claim
|
FAQ
What major transaction did Coeur Mining (CDE) complete with New Gold?
Coeur completed the acquisition of all issued and outstanding New Gold common shares, making New Gold a wholly owned subsidiary. The deal was executed via a Canadian plan of arrangement and involved issuing approximately 393 million shares of Coeur common stock as consideration.
How does the New Gold acquisition change Coeur Mining’s 2026 production outlook?
With New Afton and Rainy River included, Coeur now guides to 2026 production of 680,000–815,000 ounces of gold, 18.68–21.93 million ounces of silver, and 50–65 million pounds of copper. Management notes the addition is expected to increase overall gold production by about 80%.
What new credit facility did Coeur Mining (CDE) secure after the New Gold deal?
Coeur entered a new five‑year senior secured revolving credit facility totaling $1.0 billion, with an option to increase commitments by up to $250 million. Interest margins and commitment fees are tied to leverage and, after a collateral release event, to Coeur’s credit ratings from major agencies.
What is Coeur Mining’s exchange offer for New Gold’s 6.875% notes?
Coeur launched a private exchange offer for any and all of New Gold’s $400 million 6.875% senior notes due 2032, offering new Coeur 6.875% notes plus cash. Concurrently, it is soliciting consents to strip most restrictive covenants and remove the change‑of‑control repurchase obligation from the existing indenture.
How is Coeur Mining updating its board and governance after acquiring New Gold?
Effective at closing of the arrangement, Coeur appointed Patrick Godin and Marilyn Schonberner to its board, as previously announced. Schonberner also joined the audit committee, reflecting the board changes that were contingent upon completion of the New Gold acquisition.
What are Coeur Mining’s key 2026 spending and tax guidance figures?
For 2026, Coeur guides to sustaining capital of $291–$337 million and development capital of $146–$189 million on a combined basis. Exploration, G&A, and other items are detailed, and cash income and mining taxes are forecast at $475–$600 million with an effective tax rate of roughly 30–36%.
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Mar 23, 2026
[Form 4] Coeur Mining, Inc. Insider Trading Activity
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[Form 4] Coeur Mining, Inc. Insider Trading Activity