A Preliminary Feasibility Study is a comprehensive study of the viability of a mineral
project that has advanced to a stage where the mining method, in the case of underground
mining, or the pit configuration, in the case of an open pit, has been established, and where
an effective method of mineral processing has been determined. This Study must include a
financial analysis based on reasonable assumptions of technical, engineering, operating,
and economic factors and evaluation of other relevant factors which are sufficient for a
Qualified Person acting reasonably, to determine if all or part of the Mineral Resource may
be classified as a Mineral Reserve.