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Mineral Resources Sensitivity by Cut-off Grade

		Average Grade				Metal Content
Cut-off g/t AuEq	Tonnage Mt	Gold g/t	Silver g/t	Copper %	Lead %	Gold oz	Silver Moz	Copper Mlb	Lead Mlb
Total Indicated
5.0	0.372	10.99	131.3	0.20	0.120	131,463	1.6	1.7	0.99
4.0	0.465	9.57	111.2	0.20	0.105	142,911	1.7	2.0	1.07
3.0	0.592	8.18	90.5	0.19	0.090	155,730	1.7	2.5	1.18
2.0	0.736	7.02	74.8	0.18	0.077	165,993	1.8	2.9	1.25
1.0	0.862	6.19	65.2	0.17	0.069	171,441	1.8	3.1	1.32
Total Inferred
5.0	2.158	8.25	145.7	0.21	0.216	572,444	10.1	9.8	10.26
4.0	2.972	6.78	133.4	0.18	0.189	648,212	12.8	11.9	12.36
3.0	4.136	5.52	118.6	0.15	0.163	734,275	15.8	14.0	14.84
2.0	5.545	4.58	100.0	0.13	0.142	816,719	17.8	15.9	17.34
1.0	6.448	4.09	90.9	0.12	0.127	847,996	18.9	17.0	18.07
Notes: 1. Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves dated May 10, 2014 (CIM (2014) definitions), as incorporated by reference in NI 43-101, were followed for Mineral Resource estimation. 2. Mineral Resources are estimated at a cut-off grade of 2.0 g/t AuEq. 3. AuEq values were calculated using a long-term gold price of US$1,300 per ounce, silver price at US$20 per ounce and copper price at US$2.5 per pound and an exchange rate of US$/C$1.20. The AuEq calculation included provisions for metallurgical recoveries, treatment charges, refining costs and transportation. 4. Bulk density ranges from 2.69 t/m3 to 3.03 t/m3, depending on the domain. 5. Differences may occur in totals due to rounding. 6. The Qualified Person responsible for this mineral resource estimate is Philip A. Geusebroek, P. Geo., RPA.

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PEA Summary

Base Case: $1,350/oz gold, $12/oz silver, $3.00/pound copper, $1.00/pound lead and an exchange rate of 0.70 (US$/C$)
Net present value (NPV5%) after tax and mining duties	US$108 million
Internal rate of return (IRR) after tax	23.6%
Pre-production capital costs	US$88 million
After tax payback period	36 months
All in sustaining costs (AISC) per ounce gold	US$670
PEA life of mine (LOM)	13 years
LOM metal production gold equivalent ounces	590,040 AuEq ounces
LOM average diluted head grade	6.42g/t AuEq
Peak year annual production (year three)	88,660 AuEq ounces
Average LOM payable production	45,400 AuEq ounces
LOM mineralized material mined	3.4 Million tonnes
Mining scenario tonnes per day	900 tonnes

The Company cautions that the PEA is preliminary in nature in that it includes Inferred Mineral Resources which are considered too speculative geologically to have the economic considerations applied to them that would enable them to be characterized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

The PEA was prepared in accordance with National Instrument 43-101 (“NI 43-101”) by MineFill Services Inc. of Seattle, WA with other contributors including Roscoe Postle Associates Inc. (RPA), now part of SLR Consulting Ltd. (SLR), (QP for updated mineral resource estimate) and One-Eighty Consulting Group (environmental, permitting and social). The Company plans to file the PEA on SEDAR at www.sedar.com within 45 days in accordance with NI 43-101.

¹All-in sustaining cost (“AISC”) is a Non-GAAP measure. The Company has calculated AISC using operating costs as a basis, and then adjusting it in accordance with the World Gold Council guidance.

Bria Target Rock Samples*

 

The southern target area, Kombi, has been defined by historical stream sediment samples taken in 2019, which Tropical’s technical team believes are robust due to the sample collection methodology and assaying methods. One of the high-priority areas at Kombi is defined by a two kilometer trend of gold-in-stream sediments within multiple adjoining drainage basins, demonstrating peak values of 0.91 g/t gold. This continuous trend of gold over multiple catchment areas coincides geologically with the Betty Creek Formation that also hosts the defined Homestake Ridge deposits.

The second high-priority area within Kombi has been identified through stream sediment samples from adjoining dranage basins that define a one-kilometer-long trend at the southern limit of the property. The anomalies are defined by strong gold, silver, copper, antimony and arsenic responses that coincide with the Stuhini group formation, which hosts the former producing high-grade Snip mine that produced approximately one million ounces of gold at an average grade of 27.5 g/t (1).

1. Source: https://www.skeenaresources.com/projects/snip

The 2018 2,482 metre drill program at the South Reef target consisted of six drill holes, that did not produce any significan tresults, although sporadic gold mineralization was encountered in each drill hole as presented below in Table 2.

Table 2:

Intercepts Highlight 2018 – South Reef

The 2017 summer drill program was designed to test two of seven major target areas across the project with a focus on expanding the South Reef mineralized zone as well as the potential northwestern extension to the Homestake Main deposit. Drilling was discovery oriented which targeted new potential zones of mineralization or significant extensions. None of the drilling occurred within 500 metres of the Homestake Main and Homestake Silver deposits, leaving them open for expansion.

The drilling from South Reef demonstrated that the high-grade mineralization has a 15 - 20 degree shallow plunge to the northwest with the width of the structure and associated breccia’s increasing in the same direction. The shallow plunge observed at the South Reef main zone is similar to that observed at the Homestake Main and Silver deposits and represents an excellent opportunity to significantly expand mineralization on the project. The Company also discovered a 600-metre long gold-in-soil anomaly that coincides with the northwest direction of plunging high-grade mineralization that remains undrilled demonstrating the highly prospective nature of this structural corridor.

The Company’s 37 hole (14,850 metres) program at Homestake Ridge, which was completed under budget, represented its first field season on the project. Total drilling costs were approximately $400 per meter showing that this area of the Golden Triangle can be explored in an efficient manner.

Significant results from the South Reef diamond drilling are provided in the table below. No significant results were obtained from the Homestake Main extension drilling or other holes.

Significant Intercepts 2017 – South Reef