2021 Annual Report by pdac

ABOVE AND BEYOND 2021

ANNUAL REPORT

2021 ANNUAL REPORT The Prospectors & Developers Association of Canada (PDAC) is the leading voice of the mineral exploration and development community. With over 4,400 members around the world, PDAC’s work centres on supporting a competitive, responsible mineral sector. PDAC is known worldwide for its annual PDAC Convention—the premier international event for the industry—that has attracted over 25,000 people from 135 countries in recent years. Please visit www.pdac.ca

President’s Message

Year in Review

10 Federal Budget Recommendations 12 PDAC 2021 Convention 22 Awards 42 Industry Numbers by Province 48 Membership Statistics 50 Masthead

MESSAGE FROM THE PRESIDENT

Nowhere was that perhaps most evident in our work than when it comes to what we are renowned for around the world—the annual PDAC Convention in Toronto. As the industry’s premier event that in recent years had brought together upwards of 25,000+ people from 130+ countries, we knew PDAC 2021 would be an event like never before. Our Board of Directors, staff and various committees knew one thing though—the show must go on. And it did, as we brought the industry together virtually for the first time in the event’s history to network in new and innovative ways, while offering an outstanding lineup of speakers, programs, short courses, core displays and investment opportunities. Less visible than our work surrounding convention are the initiatives PDAC pursues day-in and day-out, often out of the spotlight. We continue with our efforts to advance a robust understanding and commitment to equity, diversion and inclusion (EDI) within our organization and membership. The association hosted a series of EDI webinars and presentations, and established an EDI Policy Implementation Working Group to proactively advance initiatives in this area. To enhance membership engagement we launched a new multi-year renewal plan that provides individual and corporate members more flexibility to renew their respective memberships for up to three years. From the loss of life and far-reaching impacts on our health care and educational systems, to the waves of economic volatility that have shaken the very foundation of business and industry, to the personal and social adjustments that have altered our relationships with each other and the world around us—the pandemic has forever altered our perception of what normal is and who we are. Two years ago it would have been implausible to fully comprehend and quantify the impact COVID-19 would have on our lives and the world around us. For us at PDAC, the past two years have been unlike any other in our 90-year existence. Within these overwhelming and uncertain times, we have once again witnessed our industry’s ability as a collective to remain resilient in the face of adversity, to take care of each other in the worst of times, and to even flourish where others may have lost faith. We have sought and utilized every available resource at our disposal to effectively represent the interests of our members, and to reimagine how best we can lead the more than 700,000 individuals who work in Canada’s mineral exploration and development community.

On the advocacy front, we continue to collaborate closely with government at all levels to establish and advance policies and initiatives that will help the mineral sector continue to be a key driver of Canada’s economy and maintain our position as a global leader. Our Federal Budget 2021 submission highlighted eight distinct recommendations, including the increase of the Mineral Exploration Tax Credit (METC) from 15% to 30% in each province, and to 40% in each territory until 2024, complementing the five-year METC renewal announced in 2019 that the association continues to advocate be further extended to support new and existing mineral development activities. In addition, we continue to support government on initiatives that drive the transition of our industry towards a lower carbon future, as well as taking on a leadership role in the Canada-US Joint Action Plan on Critical Minerals Collaboration that was established in 2020, along with the Framework for Canada-EU Strategic Partnership on Raw Materials that was created this past year. As we slowly move forward from the pandemic, PDAC will continue to support and stand shoulder to shoulder with our members as we find ways to turn challenge into opportunity and tackle the issues that matter most to our members and the industry at large. Our promise to you is that we will not yield in the face of adversity, and that we will continually champion the critical role that the mineral exploration and development community plays in our daily lives, and in the current and future prosperity of this great country. Alex Christopher President, PDAC

YEAR

REVIEW As the COVID-19 pandemic continued to drastically alter our lives and impact the mineral exploration and development industry across Canada and around the world in 2021, here are some of the major developments, decisions and stories that shaped the sector, and how PDAC strove to serve and enhance the interests of members. 4

PDAC’S RECOMMENDATIONS FOR BUDGET 2021 As the year begins, PDAC highlights eight recommendations for Federal Budget 2021 that will increase Canada’s mineral industry competitiveness. As an industry that employs over 719,000 Canadians in rural, remote, northern and Indigenous communities, and contributes 5% to Canada’s GDP, government action is deemed vital to help the mineral sector continue to be a key driver of Canada’s economy. Here are PDAC’s recommendations: 1. That the government increase the Mineral Exploration Tax Credit (METC) from 15% to 30% in each province, and to 40% in each territory, until 2024, in conjunction with the five-year METC renewal in 2019 with a mechanism to extend it further. 2. That the government consider adding a “Force Majeure” clause into legislation that would provide a regulatory mechanism to suspend or defer the timelines associated with flow-through shares (FTS) in the case that an event such as the current COVID19 pandemic reoccurs. 3. That the government equitably distribute the $98 million committed to the Targeted Geoscience Initiative (TGI) and Geo-mapping for Energy and Minerals (GEM) program over the next five years. 4. That in recognition of the recently announced investment towards geoscience initiatives, the government commit additional funding to identify, geologically map, and model critical mineral prospective regions in Canada. 5. That the government create a federal funding mechanism to help provincial and territorial governments undertake comprehensive mineral resource assessments, based on geoscientific studies, in order to understand and incorporate the value of mineral potential into land management decisions. 6. That the government establish an interdepartmental government-industry taskforce to investigate policy options and make recommendations to accelerate exploration and development of mineral resources critical for Canada’s transition to a lowcarbon economy. 7. That the government establish a broader mandate for the Economic and Finance Subcommittee Inter-Governmental Working Group (IGWG) to identify priority areas for regulatory modernization of the FTS regime, and commit to such a modernization initiative. 8. That the government commit to significant investments in housing, water, and access to high-speed internet, and other initiatives that contribute to improved health and educational outcomes and enhances engagement between government, the mineral industry and Indigenous communities under pandemic and post-pandemic conditions.

TOWARD A SAFE DAY EVERY DAY REPORT PDAC, the Association for Mineral Exploration (AME), and Canadian Diamond Drilling Association publish the 15th annual Toward a Safe Day Every Day report with findings from the Canadian Mineral Exploration Environment, Health and Safety Survey. The 2020 report collected data from 8.9 million hours of work in 2019, the equivalent of more than 4,500 full-time employees, and marked the eighth consecutive year that the mineral exploration industry’s lost-time injury frequency was below the rate for all Canadian industries dropping from 0.61 in 2018 to 0.49 in 2019.

CANADA LAUNCHES MINING ENERGY BENCHMARKING PLATFORM Natural Resources Canada (NRCan) and MiTRAQ unveil the Mining Energy Benchmarking Platform to promote energy efficiency and support a transition to the low-carbon future for Canada’s mining sector. The platform enables analysis of power generation and consumption at mine sites, and provides data-driven insight into energy use productivity. Miners can now anonymously compare their sites’ energy efficiency to the aggregated data supplied by peers, and the platform includes customizable indicators that are built specifically for open-pit and underground mines producing 46 different minerals and using power sources ranging from diesel to renewables. NRCan subsidizes licenses so mining companies can access the Energy Benchmarking Program until June 2021.

PDAC responds to a public consultation on Activist Short Selling In response to a public consultation in March on activist short selling, PDAC identifies several issues for further investigation and provides regulatory and enforcement-related recommendations to the Canadian Securities Administrators (CSA) that aim to level the playing field for all market participants. A key concern is potential market imbalances that could manifest due to limitations of issuers, particularly small and medium-sized companies, to rebut data or information provided to the public by activist short-sellers. 6

Federal Budget 2021 PDAC welcomes measures in the Federal Government’s 2021 Budget on April 19 that aim to bolster Canada’s mineral exploration and development sector competitiveness and regain its global leadership position. The 2021 Budget recommits to extending timelines for flow through share funds raised in 2019 and 2020, in line with PDAC’s recommendation. The government’s proposed legislation ensures that mineral exploration companies with operations impacted by COVID-19 can avoid penalties that would normally come from not meeting original flow-through share timelines. PDAC is also encouraged by some of the other industry-related commitments in Budget 2021 including: • $9.6 million over three years to create a Critical Battery Minerals Centre of Excellence at Natural Resources Canada • $36.8 million over three years to Natural Resources Canada for federal research and development to advance critical battery mineral processing and refining expertise • Infrastructure commitments of $1 billion increase to broadband fund, $1.9 billion reinvest in trade corridors, $6 billion for Indigenous infrastructure, northern roads and alternative energy • $5 billion over seven years, starting in 2021 to 2022, in the Net Zero Accelerator

Government moves forward with flow-through promise In late April, the Federal Government introduces Bill C-30, which enshrines in legislation the government’s promise to temporarily extend the timelines associated with flow-through share expenditures by 12 months. The bill would later receive Royal Assent in June and brought to fruition one of PDAC’s main advocacy efforts over the past year.

CANADA REJECTS FUTURE THERMAL COAL PROJECTS At the G-7 meeting in June in the United Kingdom, Jonathan Wilkinson, then Canada’s Minister of the Environment and Climate Change, releases a public policy statement indicating that the Canadian government will no longer approve thermal-coal mining projects due to their contribution to the climate crisis. “New thermal coal mining projects or expansions are not in line with the ambition Canadians want to see on climate, or with Canada’s domestic and international climate commitments,” says Minster Wilkinson.

MiHR LAUNCHES INDIGENOUS AWARENESS TRAINING Developed specifically for the mineral industry, the Mining Industry Human Resources Council (MiHR) launches an Indigenous Awareness Training program that provides an introduction to the history and experiences of Indigenous Peoples in Canada. Presented in eight distinct sections, learners can explore topics related to Indigenous Peoples in mining, and reflect on how the mineral sector can establish and sustain positive and effective working opportunities and relationships with Indigenous Peoples.

PDAC RESPONDS TO PUBLIC CONSULTATION ON BSCS PROMOTIONAL ACTIVITY DISCLOSURE REQUIREMENTS PDAC responds to the British Columbia Securities Committee’s (BSCS) proposal in July to regulate promotional activities of companies by recognizing the importance of maintaining market integrity. In PDAC’s letter to the BSCS the association recognizes the importance of regulating promotional activities in order to maintain market integrity, and supported the efforts of the British Columbia Securities Commission (BCSC) to introduce relevant regulation. However, PDAC highlights several areas of concern regarding the proposal, including where the proposed regulations may cause unintended consequences for mineral industry issuers.

Mineral Finance 2021—Trends to watch As the COVID-19 pandemic continues to cause widespread impacts on everyday life, economies around the world, and the supply chains that interconnect the global business environment, PDAC releases its Mineral Finance Report for 2021. The in-depth report examines the shifting dynamics over the last 18 months that have led to a surge in most commodity prices, along with the disruptive forces caused by the pandemic may have ripple effects on the mineral industry for several years to come.

Liberals win Federal Election In September, PDAC congratulates Prime Minister Justin Trudeau and the Liberal Party on their election win, and underscores our desire to work with the Government of Canada to support the mineral exploration and mining sector. “PDAC looks forward to working with the Federal Government at this important time of transition for Canada’s minerals and metals sector,” says PDAC President Alex Christopher. “Collaboration between industry and government is key as we work toward the overarching goal of supporting the mineral discoveries that are essential to modern life and to a low carbon future.” PDAC pledges to champion perspectives from our members and industry in our advocacy efforts with the Federal Government, and to engage on the commitments made in the Liberal election platform that impact our industry, including plans to: • Double the Mineral Exploration Tax Credit (METC) for materials on the Canadian list of critical minerals, which are essential to the manufacturing of vital clean technologies, such as batteries. • Use all tools, including the Investment Canada Act, to ensure the protection and development of our critical minerals from both an economic and national security perspective. • Build an end-to-end, sustainable battery supply chain and work to attract near-term multi-billion anchor investments in key areas like minerals processing and cell manufacturing. • Continuing to work with partners to ensure Canada meets its goals to conserve 25% of our lands and waters by 2025 and 30% of each by 2030.

PDAC RESPONDS TO CSA’S PUBLIC CONSULTATION ON CONTINUOUS DISCLOSURE OBLIGATIONS PDAC responds to the Canadian Securities Administrators (CSA) consultation that includes a proposal to enable non-author QPs to provide consent for technical reports and semi-annual reporting for venture issuers. PDAC recommends that companies must retain the ability to rank and group risks as they deem appropriate for public disclosure, and that non-author QPs can provide consent for technical reports in short form prospectus offerings. PDAC supports the elimination of repetitive continuous disclosure obligations, and a voluntary semi-annual reporting regime for companies with no significant revenue, irrespective of listing exchange. We are encouraged to see continued efforts to reduce burdens and improve market efficiencies by CSA.

PDAC SUPPORT FOR CSA FINANCING EXEMPTION In October, the Canadian Securities Administrators (CSA) proposes a new prospectus exemption for Canadian listed issuers, enabling companies to raise up to $10 million depending on their market capitalization. PDAC commends CSA for the proposal and makes a number of suggestions to consider that ensure unnecessary burdens are not adopted in the exemption. The association commits to working with securities commissions and stock exchanges on various reforms that will: • Expand access to wider and new pools of capital • Reduce the costs of capital-raising in Canada • Maintain investor confidence in Canadian capital markets through improved enforcement

MiHR launches Green Jobs Program MiHR launches a Green Jobs Program to help job-ready youth and young adults aged 15 to 30 gain relevant and meaningful work experience in mining through paid placements or training opportunities that focus on clean technology and innovation, and ultimately provide an environmental benefit to Canada. Placements are delivered through MiHR-approved hiring organizations whose work processes affect positive environmental outcomes. The Green Jobs Program provides 80% of participant’s compensation to a maximum of $25,000 for job-ready youth and $32,000 for youth furthest from employment (Indigenous youth, northern regions, rural and remote communities, and youth with disabilities). MiHR will provide 25 meaningful placements of up to 12 months in duration in the mining sector linked to the green economy.

PDAC LAUNCHES MULTI-YEAR RENEWAL PLAN The association develops a new initiative in October aimed at providing more flexibility for members. All individual and corporate members are able to renew or purchase a membership for up to three years, with the added benefit of locking in current fees for subsequent years. Shortly after launching the new initiative, 4% of current members purchased membership for two years and 7% purchased for three years. To take part members can sign up via their PDAC account.

FUNDING FOR EXPLORATION PROJECTS IN N.W.T. Five companies are selected to receive $100,000 in December from Federal and Territorial governments, while a sixth company receives almost $40,000 to conduct mining exploration in the N.W.T. The funding comes from the Mining Incentive Program (MIP), which received $500,000 in funding from the Canadian Northern Economic Development Agency (CanNor). The MIP provides funding to prospectors and exploration companies who propose new exploration projects or are already carrying out N.W.T. mineral exploration work. The companies that receive $100,000— Fortune Minerals Ltd., Kennady Diamonds Inc., Gold Terra Resource Corp., Cheetah Resources Corp., and Rover Metals—are exploring for gold, bismuth, cobalt, copper, diamonds and rare earth minerals. Gold Terra receives $39,388 for its Mispickel project.

Federal Government recognizes PDAC recommendations

PDAC’s call to increase the METC incentive is recognized by Prime Minister Trudeau in his mandate letter to Finance Minister Chrystia Freeland in December. The association continues to push government and industry to pursue initiatives that will ensure Canada’s mineral exploration and development sector is a leader in the discovery of the critical minerals that are needed for a net-zero future, and we are encouraged by this commitment by government. PDAC is also pleased to see Canada’s renewed commitment to developing a Critical Minerals Strategy, as outlined in Natural Resources Minister Jonathan Wilkinson’s mandate letter. As the leading voice of the sector, PDAC has long advocated for this strategy that will further our transition to a green economy and bolster Canada’s worldleading mineral sector.

PDAC implements EDI initiatives After approving our Equity, Diversity and Inclusion (EDI) policy in 2020, PDAC begins its implementation process in 2021 as a strategic priority of the association aimed at making substantial social and economic improvements within the communities our members operate. Highlights in the area of EDI this past year include: • For the first time ever, the association reported the percentage of female speakers (35%) that participated in the annual PDAC Convention. • PDAC hosted a webinar on Women in Mining: Taking the pulse of the industry that focused on the results of the McKinsey & Company December 2020 survey to gauge the state of diversity in the mining industry with a focus on attraction and retention of women in mining. The webinar was recorded and is available on the Members Portal. • PDAC celebrated Women’s History Month Campaign that featured new PDAC Directors Chantal Jolette and Jessie Liu-Ernsting. • Mary-Ann Crichton, PDAC Director and Co-Chair of the EDI Policy Implementation Working Group, gave a presentation on PDAC’s EDI outreach efforts to students in the Department of Earth Science at Memorial University of Newfoundland. • PDAC distributed an EDI Survey to the Board of Directors, the first step in the EDI implementation process.

DRIVING ECONOMIC RECOVERY AND A PATH TO LOWER EMISSIONS As the leading voice of Canada’s mineral exploration and development community, PDAC submitted nine recommendations in advance of Budget 2022 to help sustain— and advance—the sector into the future.

10 < CORE MAGAZINE

INCREASE CANADA’S ATTRACTIVENESS FOR EXPLORATION AND DEVELOPMENT OF MINERALS

As we emerge from the COVID-19 pandemic, the mineral industry continues to propel economic recovery that will be a key component in realizing Canada’s path to lower emissions. Canada’s mineral industry leads the world in evolving sustainability, community engagement, and environmental stewardship best practices. Mineral exploration and extraction is also carefully regulated in Canada to achieve world-leading standards. With these strengths, the Federal Government must be committed to fostering development of new mines so Canada has the minerals and metals needed to reduce future emissions. Recycling alone will not satisfy future demand for critical minerals, and reducing emissions in Canada will require exploration and development of new sources of minerals. Therefore, we must secure domestic supply of the upstream components needed for low-carbon and emission-reduction technologies. Competitiveness and investment attractiveness rely on regulatory certainty. Government must ensure sufficient funding and resources are provided to Indigenous and industry partners to navigate through Canadian regulatory processes that govern mineral development. Clear guidance and understanding of rights and responsibilities will lead to successful project partnerships. Federal priorities such as UNDRIP implementation, emission reduction and conservation require regulatory regimes that are efficient, transparent and predictable. The mineral industry contributed over $100 billion to GDP in 2019, is the largest private sector industrial employer of Indigenous Peoples on a proportional basis, and a cornerstone of Canada’s economy. Natural Resources Canada (NRCan) estimates nearly $2.9 billion will be spent on domestic mineral exploration in 2021. Much of this activity takes place in northern and remote Canada, and the mineral industry holds a unique potential to accelerate economic recovery and development in these regions. PDAC appreciates the immense challenges that Canada faces in rekindling our economy from the COVID-19 pandemic. As such, our nine recommendations are intended to help reinvigorate mineral exploration and development, bolster domestic competitiveness and support discovery of minerals critical to Canada’s economy and our transition to a low-carbon future.

Recommendation 1: That the Federal Government increase the METC from 15% to 30% in each province, and to 40% in each territory, until 2024, in alignment with the five-year renewal announced in 2019. Recommendation 2: That the Federal Government apply a focused enhancement to the METC to accelerate exploration of Canada’s critical minerals. Recommendation 3: That the Federal Government provide sufficient resources to develop assessment processes and a mechanism that would allow for multi-year renewal of the METC, a year prior to expiry of the incentive. Recommendation 4: That the Federal Government provide sufficient resources to facilitate an assessment of the Flow-Through Share (FTS) mechanism and identify recommendations to improve regulatory efficiency. BOLSTER EVIDENCE-BASED PROCESSES IN LAND MANAGEMENT DECISION MAKING Recommendation 5: That the Federal Government significantly expand the funding provided to NRCan to further develop the Pan-Canadian Geoscience Strategy (PGS) and accelerate programs related to mineral and energy potential modelling, in collaboration with provinces and territories. Recommendation 6: That the Federal Government create a federal funding mechanism to help provincial and territorial governments undertake comprehensive mineral potential modelling, based on geoscientific data and established best practices. Recommendation 7: That the Federal Government increase the initial funding allotted in Budget 2021 and expand the scope of NRCan’s Critical Battery Minerals Centre of Excellence to work with provinces, territories and industry to develop processes that better-integrate geoscientific data and mineral potential modelling into government economic development and conservation policies. IMPROVE THE EFFECTIVENESS OF REGULATORY REGIMES Recommendation 8: That the Federal Government allocate sufficient resources to facilitate development of an UNDRIP Action Plan through direct engagement with both Indigenous Peoples across Canada and the mineral exploration industry, on issues that affect infrastructure, economic development, and regulatory consultation processes. Recommendation 9: That the Federal Government provide additional funding for training and educational services for Indigenous leaders and communities to build capacity in order to ensure meaningful and equitable participation in future regulatory consultation processes.

PDAC

2021

GOING VIRTUAL FOR THE FIRST TIME SINCE 1965, PDAC did not host the world’s

premier mineral exploration and mining event in downtown Toronto. Back then it was cancelled, and the association almost forced to disband, due to the Ontario Securities Commission pushing to eliminate junior mine financing. This time it was due to the COVID-19 pandemic that swept across the world and impacted our lives in ways we could never have imagined. Yet although attendees could not join us in Toronto in early March the show must—and did—go on as the association brought it directly to attendees in a new, unique way. The PDAC 2021 Convention was entirely virtual, offering attendees access to a customized platform where they could navigate through various exhibit halls, network with colleagues, and join sessions that were available on-demand shortly after airing. This new virtual format allowed attendees to continue networking by sending direct messages to other participants, engaging through text lounges, and watching educational sessions along with newly added content for three months post-convention. “The 2021 PDAC Convention continued to foster and build industry connectivity, albeit in a new format,” said PDAC Past President Felix Lee. “Our virtual setting provided access to the broader international mining and exploration community, engaging attendees in the latest industry news, trends, and developments through our extensive programming.”

“The 2021 PDAC Convention continued to foster and build industry connectivity, albeit in a new format.” — Felix Lee, Past President, PDAC

PDAC 2021 HIGHLIGHTS • Daily Keynote sessions that featured discussions on four key areas: The fate of gold; The economy after COVID-19; Exploring the opportunity; and Kora North deposit, Kainantu Mine, Papua New Guinea. • Masterclass Series that offered exclusive key insights from industry leaders and sponsors. • An International Stage that featured presentations from various global mining jurisdictions, including Afghanistan, Argentina, Australia, Canada, Chile, Colombia, Egypt, Greenland, Ireland, Kazakhstan and Peru. • Reimagined PDAC Awards where recipients were honoured for their excellence in the industry and given their awards at a virtual Awards Gala. • An in-depth look at the future of space mining, and the mutually beneficial advantages of both space companies and mining sector cooperation.

EXHIBITS

• A range of virtual entertainment, including: Happy Hour with Trivia and Dueling Pianos; Royal Ontario Museum tour; a Peru Cocktail event; and a selection of program breaks that featured Stanley Cup stories from the Hockey Hall of Fame, tours of the Toronto Zoo, and Indigenous music and dance performances.

The largest marketplace of its kind

• The special Life Member Luncheon honoured PDAC Life Members and the Women’s Association of the Mining Industry of Canada (WAMIC) for their significant contributions to PDAC, and the mineral exploration and development community. The event was hosted by PDAC Past President Felix Lee and included a presentation by Glenn Mullan, President & CEO of Golden Valley Mines and a PDAC Past President, who shared his exciting career journey from early prospecting to running successful exploration and royalty companies. • And as the convention wrapped up a changing of the guard took place as Felix Lee handed over the reigns to the association’s 38th President, Alex Christopher. PDAC applauded Felix for his dedication and tireless work on behalf of the association, and warmly welcomed Alex in his new role.

Exhibitors had customized booths containing downloadable content, company brochures, investor materials and videos.

770

exhibiting organizations

exhibiting governments

257,355

total number of booth visits

10,347

total number of exhibitor & sponsor follows/favourites We welcomed exhibitors from these new countries: Indonesia, United Arab Emirates, Latvia and Eritrea

NETWORKING & MATCHMAKING Personalized experiences before, during and after the convention! COMPREHENSIVE FILTERS Attendee directory available for search by name, company, country or other criteria based on attendees’ interests and goals

MATCHMAKING After answering a series of questions, the sophisticated matchmaking algorithm suggested: • Connecting with other like-minded attendees • Attending sessions that align with attendees’ interests • Visiting exhibitors matching attendees’ selected criteria

SOCIAL MEDIA ENGAGEMENT [Timeframe March 8-11, 2021]

Facebook

Instagram

Twitter

Total Engagements

100,059

994

2,508

2,035

Impressions

2,838,995

238,946

36,354

113,092

PROGRAMING CAPITAL MARKETS PROGRAM The Capital Markets Program provided attendees with expert analysis and a forum for dialogue on a range of topics related to mineral industry financing. In total, five sessions took place that explored government support, digitization and innovation, capital markets and the mineral sector, mineral exploration and ESG, and a conversation with Evy Hambro & Mark Bristow hosted by Aline Cote.

137

hours of high calibre content across a diverse spectrum of industry topics

514 speakers

CORPORATE PRESENTATION FORUM FOR INVESTORS (CPFI) CPFI was transformed and featured introductions from thought leaders and links directly to Investor Exchange booths. Presentations were grouped by: base and energy materials; diamonds, uranium and silver; gold explorers and producers in North America, South America and around the world; and royalty companies. CUTTING EDGE Now in its second year, Cutting Edge showcased innovative and ground-breaking concepts from select organizations. Participants were given five minutes to present, using a slide deck that auto advanced every 15 seconds. In addition, an “ESG Hour” was offered where individuals presented projects that are committed to a low carbon economy, or inclusivity and diversity in the workplace, and ethical business practices.

35% female speakers

47%

international speakers

133,715 26,416 total number of session views

34,123

total number of session follows/favourites

downloads of exhibitor and speaker materials

3,224 polls taken

EXPLORATION INSIGHTS A high-profile venue where speakers presented on topical subjects in a forum outside the Technical Sessions. Selected from a call for abstracts, topics at PDAC 2021 covered new geological concepts, along with artificial intelligence and machine learning.

TOP 5 MOST VIEWED SESSIONS

INDIGENOUS PROGRAM A highlight of the PDAC Convention, the Indigenous Program provided a platform for discussion on fostering cooperative, respectful and mutually-beneficial relationships between Indigenous Peoples and the minerals industry. This program brought Indigenous Peoples and Indigenousowned companies together with the industry and other interested parties to share experiences, exchange ideas and network. Topics discussed this year ranged from lessons learned from Indigenous-led infrastructure projects and the impact of COVID-19, to how to translate corporate values into community engagement with Indigenous and Traditional Peoples.

Opening ceremonies

Commodities keynote: The fate of gold deposits

Mineral outlook keynote: The decade after COVID-19 Mineral systems through time: Improving deposit prediction Industry highlights and trends post COVID-19

LETTER WRITER PRESENTATIONS FOR INVESTORS Once again featuring ideas on how to select profitable investments in the resources sector, the theme for this year’s session—Combing your brains without money—included an expansive panel discussion. MINING FOR DIVERSITY Women in Mining Canada presented Together: Learning, Growing, Belonging where Trailblazer Award winners were celebrated and attendees participated in panel talks related to the importance of diversity in mining in three key areas: 1. Educate: How to promote cultures and build partnerships with marginalized groups 2. Elevate: Diversity throughout the value chain of an organization: How to promote culture 3. Empower: Retention—Empowering people to grow and lead within an organization ONE-ON-ONE MEETING PROGRAM PDAC again partnered with Precious Metals Summit Conferences, LLC to offer professionally organized one-onone meetings that brought qualified investors together with senior management. This exclusive program was available only to a select group of PDAC Investors Exchange Exhibitors, and carefully screened, qualified investors and portfolio managers from around the world. SHORT COURSES Mineral exploration professionals and students had access to eight Short Courses that covered a variety of topics and subject matter that aimed to heighten their knowledge of mineral exploration science, technology, management and other related issues.

STUDENT & EARLY CAREER PROGRAM Offering young professionals an opportunity to connect with industry leaders and peers, the Student & Early Career Program featured an array of sessions and events, including Flash Mentoring, a virtual S-IMEW Alumni event, resume review sessions, PDAC-SEG Student Minerals Colloquium, and How to Light up a Room workshops. In addition, hundreds of attendees viewed the finalist presentations, interviews and live awards of the inaugural Frank Arnott - Next Generation Explorers Award (NGEA™). It was a nailbiting finish and the judges presented the first-place winner and recipient of the $5,000 award to the Inca Team. Team UWA finished second and received $3,000, while the CSM Exploration Initiative placed third and received $2,000. SUSTAINABILITY PROGRAM Now in its 12th year at convention, the Sustainability Program facilitated multi-stakeholder dialogue and peerlearning on key issues related to responsible exploration and mining. Presentations and dialogue examined the innovative ways in which mineral exploration and mining companies are working to improve their sustainability performance, presenting challenges and successes, as well as lessons learned. TECHNICAL PROGRAM A long-standing staple at the convention, industry experts shared insights and presentations on 18 dynamic topics that examined everything from best practices that can be applied to the workplace right away, to timely insights from experts on topics that are currently shaping the industry.

GOVERNMENT INITIATIVES AND ANNOUNCEMENTS • PDAC hosted a virtual reception for Members of Parliament and Senators from across Canada. A test-drive of the PDAC 2021 platform was provided along with highlights of convention programming, as well as facilitated discussions with PDAC’s Board of Directors and parliamentarians to engage directly. • The Ontario government announced development of its provincial Critical Minerals Strategy to help generate investment, increase competitiveness, create jobs in the mining sector, and support Ontario’s transition to a low-carbon economy. • After a series of consultations between NRCan and PDAC, as well as the Canadian Mineral Industry Federation (CMIF) that began in 2020, PDAC joined the national announcement of the Government of Canada’s first-ever critical minerals list along with Minister Seamus O’Regan, during a live press conference. • Incoming PDAC President Alex Christopher and Executive Director Lisa McDonald participated in an industry roundtable with Minister Mary Ng (Small Business, Export Promotion and International Trade), discussing industry-relevant topics such as diversity and inclusion, responsible conduct, as well as innovation and clean technology. • PDAC once again successfully co-hosted the International Mines Ministers Summit (IMMS) in a virtual format this year, with 26 Ministers from the Americas, Africa, Europe and the Middle East taking part. IMMS gives the global mining community a chance to explore challenges and opportunities, with this year’s the discussion focused on ensuring that industry builds back stronger, is aligned with sustainable development priorities, and is ready for future crises.

NEW FOR 2021: All Access pass holders attended the Awards Gala (previously a ticketed event) and connected with the Award recipients via live chat

BROADER ACCESS Opportunity to join the convention from anywhere in the world Accessed from your home or office on all mobile and desktop devices Flexible agenda provided time to attend sessions, visit exhibitors and enjoy entertainment offerings Ability to continue making valuable connections inside the platform for three months post-show until June 1

7,990 412 convention attendees

student attendees

677

152

130

30%

investors

self-identified Indigenous attendees

media

attendees from outside of Canada

Outside of Canada, the top 10 countries represented: USA, Peru, Australia, United Kingdom, Brazil, Germany, Chile, France, Argentina, Mexico

PDAC 2021 THANK YOU TO OUR SPONSORS DIAMOND SPONSOR

2021

PLATINUM SPONSORS

MINING COUNTRY SPONSORS

PATRON SPONSORS

PDAC 2021 THANK YOU TO OUR SPONSORS PREMIER SPONSORS

GOLD PLUS SPONSORS

We were thrilled to adapt the PDAC Convention and offer a fully virtual experience to participants for the first time. The PDAC Convention plays a vital role in keeping the global mineral exploration and mining community connected, and that is more important than ever as our members, exhibitors, sponsors, attendees and partners overcome challenges presented by the global health crisis. Thank you for your ongoing support!

LISA MCDONALD, PDAC EXECUTIVE DIRECTOR 21

PDAC

AWARD 22

PDAC was pleased to recognize the following 2021 Award Recipients for their outstanding contribution to the mineral exploration and mining sector. Recipients received their awards and were celebrated at the PDAC 2021 Convention.

DS 23

BILL DENNIS AWARD Bill Dennis Award

This award, named for a former president of the association, honours individuals who have accomplished one or both of the following: made a significant mineral discovery; made an important contribution to the prospecting and/or exploration industry.

2021 Award Recipients

Phillip Walford & Sherry Dunsworth: For the discovery and delineation of Valentine, the largest undeveloped gold resource in Atlantic Canada

After 25 years of sporadic exploration, the Valentine gold project in

Newfoundland was growing stale. There seemed little hope of improving on a sub-economic non-compliant resource of less than half a million ounces announced in 2004. Everything changed in 2010 when Phillip Walford and Sherry Dunsworth arrived on the scene looking for a multimillion ounce gold acquisition. The two experienced geologists determined that the controls on gold mineralization were poorly understood at Valentine. They developed a new orogenic model that allowed their company, Marathon Gold, to delineate the largest undeveloped gold resource in Atlantic Canada and one of the leading gold development projects in North America. The first four years were tough. The markets were still recovering from the recession of 2007-2009 and the gold price was just beginning to climb above US$1,000 per ounce. Financing was hard to come by. Yet the team persevered, led by Phillip as President and Sherry as Vice-President of Exploration. The more they explored, the more they learned about the structural controls on existing gold zones. This growing understanding of the geological model led to the discovery of satellite deposits along a 20-kilometre strike length of the Valentine Lake Shear Zone. The breakthrough came in 2014 when the team discovered the plusthree-million-ounce Marathon deposit by following up historical soil anomalies. More discoveries would follow, changing the landscape of geological thinking in Eastern Canada and highlighting Newfoundland and Labrador as a top jurisdiction for global exploration spending. The April 22, 2020 press release of the updated technical report and pre-feasibility study on the Valentine Gold Project states that the Proven and Probable Reserves are 1.87 million ounces (41.05 million tonnes at 1.41 grams per tonne gold). These reserves are included in the mineral resources which are measured and indicated resources of 3.09 million ounces (54.9 million tonnes at 1.75 grams per tonne gold) and inferred resources containing 0.96 million ounces (16.77 million tonnes at 1.78 grams per tonne gold).

DISTINGUIS SERVICE AWARD Distinguished Service Award

This award recognizes an individual who has achieved one or more of the following: made a substantial contribution to mineral exploration and mining development over a number of years; given considerable time and effort to the PDAC; made outstanding contributions to the mineral industry in the field of finance, geology, geophysics, geochemistry research, or a related activity.

2021 Award Recipient

Dennis Jones: For his contribution to sustainability in the mineral exploration sector through strong leadership of PDAC’s e3 and e3 Plus initiatives as well as ongoing CSR efforts

SHED Dennis Jones applied his experience as a geologist to transform the mineral exploration sector’s approach to sustainability. In

2004 he joined the PDAC Board of Directors and became Chair of the Corporate Social Responsibility (CSR) Committee. In this capacity, Dennis spearheaded the expansion of PDAC’s Environmental Excellence in Exploration (e3) guide and its evolution to e3 Plus, an enhanced version that incorporates broader CSR guidelines. e3 Plus, translated into several languages, is considered the essential guide for building an environmentally and socially responsible exploration program. Dennis graduated from Nottingham University with a B.Sc. in 1966 and earned an M.Sc. in economic geology from the University of Toronto in 1975. He started his career as a mine geologist for the Iron Ore Company of Canada. He went on to work for the United Nations as an exploration geologist, mainly in Latin America. With international experience under his belt, Dennis started his own consulting company, GeoQuest International, to provide global exploration services to companies, financial groups and government agencies. Later, he joined IAMGOLD, retiring as the company’s VicePresident of Exploration in 2005. For two decades, Dennis has contributed countless hours of volunteer time to PDAC. Aside from his CSR committee leadership, he helped the association’s advocacy efforts through domestic and international representation, once serving as an advisor to the federal government on a national CSR roundtable. He is credited with enhancing PDAC’s reputation as a world leader in best practices for environmental and social responsibility in exploration. Authority, leader, trailblazer, champion and communicator: these are adjectives colleagues use to describe Dennis Jones. PDAC is much stronger for having him on board.

SKOOKUM JIM AWARD Skookum Jim Award

This award is named after Skookum Jim, the Indigenous leader of the group that discovered the Yukon Klondike goldfields, one of Canada’s most important mineral discoveries. Recipients of this award must be from a recognized Indigenous group in Canada (Metis, Inuit, First Nation) and have demonstrated exceptional achievement and/or service in an Indigenous business organization operating in the Canadian mining industry and/or a Canadian Indigenous exploration or mining company or have made a significant individual contribution to the mining industry. 28

As a nationally-recognized environmental assessment consultant, Nalaine Morin is known for

2021 Award Recipient

Nalaine Morin: For combining Indigenous traditional knowledge with Western science to improve the environmental assessment process for mining projects.

her ability to bridge the gap between Indigenous Peoples and the mining industry by combining traditional knowledge with Western science. A member of the Tahltan First Nation, Nalaine has a deep technical understanding of both mining and environmental assessment. She uses this unique background to assist companies and Indigenous communities navigating the complex waters of technical review, community consultation and permitting in British Columbia. She was instrumental in creating and executing a joint permitting process and agreement for the Red Chris mine, for example, that ensures the Tahltan share in regulatory oversight of the mine. Nalaine, Principal of ArrowBlade Consulting Services, is a member of BC’s standing Code Review Committee. As an Indigenous representative, she encouraged the province to revise the Code, making it among the strongest in the world for tailings storage. She served as a panel member for the proposed Prosperity Mine project for the Canadian Environmental Assessment Agency, is the technical advisor for the Citxw Nlaka’pamux Assembly’s traditional stewardship department, is a founder of the Tahltan heritage resource environmental assessment team, and serves as a director on the BC Hydro board and for Geoscience BC. Nalaine holds a B.Sc. in metals and materials engineering from the University of British Columbia (UBC) and a mechanical engineering technology diploma from the BC Institute of Technology. She is a guest lecturer at UBC’s School of Engineering, where she is known for her ability to connect with students and prepare them for work as engineers in a changing regulatory environment.

SUSTAINABI AWARD Sustainability Award

This award honours an individual or organization demonstrating outstanding initiative, leadership and accomplishment in protecting and preserving the natural environment and/or in establishing good community relations during an exploration program or operation of a mine. 30

ILITY

2021 Award Recipient

B2Gold: For exemplary resettlement and community development work with the village of Fadougou at the Fekola gold mine in Mali. When B2Gold, an operator of several mines and development projects worldwide, acquired the Fekola Project in Mali in 2014, the

village of Fadougou was located near the perimeter of the proposed open pit. Although relocating the residents wasn’t a condition of the mine permit, it soon became obvious that building a new village was an opportunity to invest in the long-term social and economic development of the villagers. Resettlement is a disruptive, stressful process. So it was only after extensive engagement with the government and community members that B2Gold devised a resettlement plan to account for risks such as loss of homes, loss of livelihoods and access to land, and social disorganization. The collaborative effort went beyond managing these risks. It improved living conditions in Fadougou by providing services, education and training, building new infrastructure and diversifying the economy. The resettlement project employed 400 members of the community during construction. It gave traditionally marginalized women a role in the planning and execution of the resettlement. And, most importantly, the process positioned the whole region for social and economic growth beyond the life of the Fekola Mine. A cornerstone of the process was a training program called AFECK, sponsored by B2Gold and the Canadian government. The four-year program provided trade skills such as carpentry, concrete finishing, and solar panel installation to community members so they could participate in village construction. AFECK also offered training and support to local entrepreneurs, resulting in several new businesses. A permanent vocational centre was established to train youth in locally relevant skills such as masonry, catering and auto mechanics. Another critical component was a grievance mechanism that allowed people affected by the resettlement to formally express their concerns and complaints. If complainants disagreed with the proposed resolution, they could appeal to a Community Resettlement Committee composed of village members, women, youth, in-migrants and local authorities. The Fekola Mine reached commercial production in 2017, and the village construction began later that year. The first residents moved to New Fadougou in April 2019, and since then 912 households representing 3,241 people have completed the move. B2Gold continues to invest in the village of New Fadougou to ensure their long-term success. In 2018, a three-year Community Development Plan (CDP) was developed with surrounding communities, setting mid-term and long-term objectives for their own development. Current projects include improved access to potable water infrastructure, construction of primary and secondary schools, equipment and capacity building on advanced agricultural techniques. B2Gold believes that it has a responsibility to share benefits and leave a positive legacy with communities that will last beyond the life of its mines and seeks to build a trust-based relationship with local stakeholders. The resettlement and development of the village of Fadougou by its Fekola Gold Mine demonstrates this commitment to responsible mining and to international best practice in community relations and development.

THAYER LINDSLEY AWARD

Thayer Lindsley Award

2021 Award Recipient

This award recognizes an individual or a team of explorationists credited with a recent significant mineral discovery anywhere in the world.

K92 Mining Inc.: For the 2017 discovery of the Kora North deposit at the Kainantu mine in Papua New Guinea

When K92 Mining Inc. acquired the Kainantu gold mine in Papua New Guinea from Barrick Gold in 2015, the operation

had been mothballed for several years. By questioning the geological model and acting on the reinterpretation, the K92 exploration team transformed the previously struggling mine into a highly profitable and rapidly expanding gold producer. The breakthrough came in 2017, when K92 tested the theory that two of the mine’s deposits, Kora and Eutompi, were in fact the same deposit. The team modified the development design to access the untested area 500 metres to the north of Kora and 400 metres below Eutompi. The first drill hole intersected 5.4 metres grading 11.68 grams per tonne gold and 1.33% copper about 500 metres north of the Kora deposit. Since then, the combined Kora North, Kora and Eutompi measured, indicated and inferred resource has grown to almost 5 million ounces AuEq at a discovery cost of less than US$5 per ounce. The exceptional characteristics of the Kora North discovery have allowed Kainantu to operate at head grade of more than 18 grams gold per tonne, placing the mine among the highest-grade operators in the world. An operation that was struggling to achieve 50,000 ounces annual production is now on track to produce more than 300,000 ounces gold per year upon completion of its Stage 3 expansion, due to come on line by late 2023. In September 2020, K92 completed the commissioning of a process plant expansion, doubling throughput to 400,000 tonnes per year and increasing annual production to 120,000 ounces. The next phase of expansion will more than double throughput again, to one million tonnes per year. A preliminary economic assessment (PEA) calls for production of 318,000 ounces AuEq annually at all-in sustaining costs of US$489 per AuEq beginning in 2023 and running until 2033. At a gold price of US$1,500 per ounce, the after-tax NPV is US$1.5 billion. In addition, there are several high priority targets close to current mining operations at Kainantu that promise to rapidly boost existing resources through both underground and surface drilling.

VIOLA R. MACMILL AWARD Viola R. MacMillan Award

This award, which is named in honour of PDAC’s longest serving president, is given to an individual or organization demonstrating leadership in management and financing for the exploration and development of mineral resources. research, or a related activity.

LAN

2021 Award Recipient

Mark O’Dea: For building and financing several international mining companies, taking them from exploration and discovery to development and operations. Since winning second place in the Goldcorp Challenge in 2001,

Mark O’Dea has built and financed several mining companies with worldwide operations. Great projects in good places. This statement acts as Mark’s keel and compass to building a portfolio of quality mining companies that have crystallized C$3 billion in shareholder value. Mark launched his first company, Fronteer Gold in 2001. A decade later, at the top of the last mining cycle, the young geologist sold Fronteer and its flagship Long Canyon gold project in Nevada to Newmont Mining for US$2.3 billion. He had vended Fronteer’s uranium assets in Labrador a year earlier for C$260 million. Mark then scaled up his business platform by founding Oxygen Capital to structure, finance, build and manage mining companies. True Gold Mining is just one example of this, putting the Karma gold mine in Burkina Faso into production. With traditional bank financing unavailable for gold projects in West Africa, Mark tapped into existing corporate relationships and private equity to raise C$33.5 million at a low point in the mining cycle. He and his team were later able to convince Franco-Nevada and Sandstorm to provide a syndicated gold loan and streaming package worth C$120 million, the first partnership of its kind for a single asset developer. Endeavour Mining purchased True Gold for C$240 million in 2016. Pure Gold Mining is another example. Securing support from large corporates and mining titans, the PureGold Mine in Red Lake Ontario is scheduled to complete its first gold pour in December 2020, becoming Canada’s newest high-grade gold mine. Mark has guided his companies by an ethos developed at the outset of his career: The Science of Discovery. Every company and project he worked on was science-driven, identified undervalued assets, defined team culture, while simultaneously leveraging existing and new financing avenues to advance projects to commercial status. Mark has shown an intrinsic knack for bringing together and motivating top-tier talent, allowing him to build teams bound for success. Creativity and resourcefulness are some of the core traits he seeks in every team member, and he attributes his success to those he has worked with over the past 20 years. Today, Mark remains actively involved with his Oxygen portfolio companies, and continues to be committed to a strong mining industry that balances responsible environmental stewardship, community benefits and sound financial returns.

MARY-CLA WARD

AIRE A W A RR DE C I P I E N T

Rebecca Canam of Simon Fraser University is this year’s recipient of the Mary-Claire Ward Geoscience Award for her MSc thesis that investigates the Paleoproterozoic structural evolution of the western margin of the Rae craton exposed in the Nonacho Lake area of the southeastern Northwest Territories.

This work integrates regional and detailed bedrock mapping, microstructural analyses, U-Pb geochronology, and 40Ar/39Ar thermochronology. Her results will be used to constrain the cooling history of the region and the timing and kinematics of major domain-bounding structures. The award, comprising $5,000 and a certificate, is given annually and honours the memory of Mary-Claire Ward who died in 2004. Mary-Claire was the chair of the PDAC’s Geoscience committee, Chairman of Watts Griffis McOuat Ltd., and a Past President of the Geological Association of Canada. She was a passionate advocate for the geosciences in Canada. The intent of the award is to encourage and support a graduate student in Canada whose thesis contributes to our knowledge about the geological history of Canada. Mapping must be a significant component of the winning thesis. The award is administered by PDAC, the Geological Association of Canada (GAC), the National Geological Surveys Committee, the Canadian Geological Foundation, and Watts, Griffis and McOuat Ltd.

Rebecca Canam MSc, Simon Fraser University

JOAN BATH CSA Global, an ERM Group company, and the Prospectors & Developers Association of Canada (PDAC) are pleased to sponsor two $3,000 bursaries—the Joan Bath Bursary and Peter Howe Bursary for Advancement in the Mineral Industry—that aim to assist geologist and engineers in a field related to mining with their further education in Canada.

B U R S A RR YE C I P I E N T

Tia Shapka-Fels of the University of British Columbia is this year’s recipient of the Joan Bath Bursary for her MASc research that aims to investigate the transition of an open pit mine with an underlying caving operation and identify the geomechanical risks.

Many of the world’s open pit mines plan to transition to underground block cave mining to extend mine life and continue to exploit resources at depth. The failure to understand the geomechanical relationship between the open pit and the caving operation can impact economic value due to surface disturbance of critical infrastructure, the loss of viable resources, and possible dilution of the resource. Deformation and failure of pit slopes from cave-induced subsidence can also affect concurrent surface and underground mining operations, and bring a premature end to the open pit. Through a series of conceptual hybrid continuumdiscontinuum models, different transitioning scenarios will be studied to identify the effects of both geological and mining factors. Results from these models will be analyzed to identify relationships and draw conclusions regarding the controlling factors. Certain factors remain flexible between different operations and can be optimized, while varying geological factors can increase understanding of the geomechanical uncertainty and risk. Statistical analyses and machine learning algorithms will be exploited to understand the implication of poor data quality and the confidence in quantifying risk, as well as the post-processing of models to further explore the importance and interdependence of input parameters. The bursary is in honour of Joan Bath, an inspirational mining engineer from the CSA Global’s headquarter in Perth, Australia who has embodied excellence and achievement in the mining industry over several decades.

Tia Shapka -Fels MASc Candidate, University of British Columbia

PETER HOWE

B U R S A RR YE C I P I E N T

Darius Kamal of the University of British Columbia is this year’s recipient of the Peter Howe Bursary for his MSc research project that focuses on deciphering the geometry and kinematic history of the world-class Zn-Pb deposits at Howard’s Pass, located on the border of the Yukon and NWT. This project aims to test the validity of the

different structural models as the regional geometry is poorly understood. Darius will integrate 1:10000 scale structural and lithostratigraphic mapping with detailed cross sections, logging of drill-core, and analysis of oriented thin sections for deformation fabrics during the course of this project. Additional analytical work, such as SEM, EBSD, and Microprobe work, are being considered to look at how the sulphides differ from each other in mechanics of remobilization. Two field seasons were undertaken. The first took place in the summer of 2020 with new maps of the XY region at Howard’s Pass published. The second was planned for the summer of 2021 where the regional structure was investigated to see how deformation changes across large-scale faults and folds. This project will assist in future exploration within the Selwyn basin from target generation to mature mining environments. It will contribute new geologic maps that will help link together the regional geology of the Selwyn basin to Howard’s Pass. The bursary is in honour of Peter Howe, who founded A.C.A Howe International in Toronto and went on to establish offices in the United Kingdom, Australia, South Africa and Indonesia. A.C.A Howe went on to become a leader in global exploration and consulting and was responsible for several discoveries around the world.

Darius Kamal MSc Candidate, University of British Columbia

THE FOUNDATION OF OUR NATION To showcase the expansive contribution and impact that Canada’s mineral exploration and mining sector has across the country, PDAC researched and compiled data on every province and territory. Here are what the stats tell us.

Stats and figures collected from NRCan and cover the period of 2017 to 2020.

Canada TOP 10 MINERAL PRODUCTS: 1. Gold, $10.1B 2. Coal, $6.5B 3. Iron Ore, $4.9B 4. Potash, $5.7B 5. Copper, $4.4B 6. Nickel, $3.0B 7. Sand and gravel, $2.3B 8. Diamonds, $2.9B 9. Stone, $2.0B 10. Platinum Group Metals (PGMs), $1.3B

Indigenous people make up

12%

of the labour force, and the mineral industry is the top private sector industrial employer of Indigenous Peoples

Canada Canadian exploration and mining companies have mining assets in over 100 countries abroad, worth nearly

$177.8 billion

The minerals sector directly employs

392,000 INDIVIDUALS And indirectly employs an additional

327,000 INDIVIDUALS Canada produces some 60 minerals and metals at 200 mines and 6,500 sand, gravel and stone quarries a year worth nearly $48 billion

Together, direct and indirect employment exceeds

719,000 JOBS

Domestic exports of mineral and metal products

$106 billion 19%

of Canada’s domestic export

That’s 1 in every 29 jobs in Canada

$2.3 billion spent on exploration-related activities

BRITISH COLUMBIA

700

A leading centre of expertise for mineral exploration and mining with diverse mineral deposits in every corner of the province.

exploration companies are headquartered in British Columbia

38,000

In 2017, more than people employed in mineral exploration and mining

2⁄3

Mineral employs over of all Indigenous Peoples who are employed in the extractives sector

2.38 billion

Total investment in mineral resource development

304.7 million

in exploration and

152.8 million

in deposit appraisals

Exploration and deposit appraisal expenditures grew 17.7% from 2019 to 2020

ALBERTA Home to the Western Canada Sedimentary Basin, underlying most of Alberta and containing vast mineral wealth.

2.2 billion

worth of minerals produced Value of exploration

24.3 million

$ $

141.8 million

Total investments in mineral exploration development

4.5

of Canadian minerals are produced in Alberta

Value of deposit appraisal

25 million

SASKATCHEWAN Consistently ranked one of the world’s Top 10 jurisdictions for investment attractiveness, Saskatchewan is the global leader in potash and uranium production.

Potash contributes to GDP (2017)

5.5 billion

Mineral exploration and mining is the 3rd largest industry in the province

Mineral exploration and deposit appraisal expenditures

158.9 million

The value of mining

6.7 billion

In 2017, more than

18,000 jobs in the minerals sector

Saskatchewan accounts for 30% of the world’s potash production

37.0%

Makes up of the country’s zinc output

MANITOBA

3,407kg

Over the last 100 years, Manitoba’s minerals industry has developed over 70 mines and is the 4th largest primary industry in the province.

MANITOBA ALSO MAKES UP 7.1% 1.9%

Produced of gold in 2018

of Canada’s nickel Mineral exploration and deposit appraisal expenditures

10,000

In 2017, over people employed in mineral exploration and mining

56.6 million

of Canada’s gold

4.6%

10.6%

of Canada’s copper

of Canada’s silver

ONTARIO The country’s centre for mineral exploration and mining financing, as well as Canada’s largest jurisdiction for mineral production, employment and investment.

253,000 Over mineral exploration projects

On a global level, Ontario ranks among the TOP 10 regions for exploration spending and production of platinum group metals (PGMs) and nickel

90%

active mineral claims

200

$569 million

invested in mineral exploration and deposit appraisal in 2020 alone Total investment in mineral resource development

$3.3 billion

in 2020

The value of mining production in Ontario

$10.7 billion

of mining GDP stays in Ontario

mine sites operating in Ontario In 2017, more than

151,000 people employed in mineral exploration and mining

Indigenous employment accounts for 11.2% of mineral exploration and mining jobs in Ontario

ONTARIO’S TOP MINERALS: Gold • Palladium • Platinum Copper • Zinc • Diamonds Nickel • Cobalt • Silver Uranium (refining)

QUÉBEC One of the top jurisdictions in Canada for exploration and deposit appraisal expenditures.

1⁄5

of Canada’s mining output comes from Québec Mineral exploration and deposit appraisal expenditures total

511.2 million $ 2.65 billion $

103,000

In 2017, more than people employed in mineral exploration and mining

Québec is ranked as one of the TOP 10 jurisdictions in the world for investment attractiveness

Total investment in mineral resource development

PRINCE EDWARD ISLAND The two major resources of P.E.I. are the soil and the sea. Mineral resources have not been discovered in commercial quantities, although trace deposits of coal, uranium, vanadium and other minerals exist.

NEWFOUNDLAND & LABRADOR

116 kilotonnes

of sand and gravel produced in 2019

$3.4 million

Produces more iron ore than any other jurisdiction in Canada, second only to Ontario in nickel production, and third in copper production behind Ontario and British Columbia.

minerals produced

661 kg

NOVA SCOTIA

of gold produced

40,192

Over the past 300 years, Nova Scotia has supplied more than 20 different mineral products to domestic users and export markets around the world.

tonnes of nickel

produced

NOVA SCOTIA’S TOP MINERALS Gypsum • Salt Limestone

230

In 2017, nearly companies and individuals hold exploration interests (licences or options) in the province That includes: 3 major, 11 junior, and 66 private companies, plus 148 individuals

3.5 billion

worth of minerals produced Total investment in mineral resource development Produced

2,698 kg of gold in 2019

903.1 million

Mineral development expenditures totals

66.8 million

Value of exploration

$ Mineral exploration and deposit appraisal expenditures

26.8 million

NEW BRUNSWICK New Brunswick’s complex geological past has given rise to a diversity of metallic mineral resources.

3,755

jobs in the minerals sector

NEW BRUNSWICK’S TOP MINERALS: Zinc • Lead Metal smelting

6,180

jobs in the minerals sector

52.2 million

Value of deposit appraisal

14.5 million

Mineral exploration and deposit appraisal expenditures

12.3 million

In 2019 the value of mineral production

373.9 million

YUKON

Value of exploration

The Yukon has a rich mineral exploration and mining history dating back to the famous Klondike Gold Rush, and is ranked as one of the Top 10 jurisdictions in the world for investment attractiveness.

Mineral exploration and mining accounts for around

of Yukon’s GDP

64.0 million

Value of deposit appraisal

11.8 million

Total investment in mineral resource development

$ Of Yukoners working in the goods producing

200

Approximately exploration and extraction businesses in the region

19.6

sector, had jobs in the minerals industry

137.9 million

Mining and quarrying businesses revenues in 2016 account for

18.5%

of all Yukon business’ gross revenues

NUNAVUT

NORTHWEST TERRITORIES

Representing one-fifth of Canada’s land mass, Nunavut has tremendous resource potential and is a place of significant opportunity.

With three operating mines, the N.W.T. is the country’s dominant source of diamonds.

Nunavut’s total mining production for 2019 is estimated at

Total investment in mineral resource development

833.5 billion 71 million

1.315 billion, up $ 151 million (13 ) $

Nunavut’s mineral exploration and deposit expenditure was

Total estimated mining production in 2019 valued at

from 2018

1.82 billion $ 144.4 million $

Total investment in mineral resource development

OF THIS Gold production value is

850 million

Iron ore is projected at

463 million

Silver production value is

2.0 million

Click here for infographics in French and Spanish

2021 PDAC MEMBERSHIP STATISTICS INDIVIDUAL MEMBERS (excluding students)

Canada 2,508

3,458 73%

NT 11 NU 7 YT 20 BC 570 AB 92 SK 54 MB 44 ON 1,367 QC 219 PE 1 NB 33 NS 52 NL 38

USA 348

10%

International 602 Latin America / Caribbean Europe Australia Africa Asia

17%

243 172 81 63 43

PDAC MEMBERSHIP TREND Individual members Core Regular Senior Student Life Total Variance (%)

2011 2,432 3,283 644 1,048 288 7,695 22%

2012 2,524 3,891 768 1,543 290 9,016 17%

2013 2,540 3,827 832 1,662 293 9,154 2%

2014 2,355 3,124 808 1,407 289 7,983 -13%

2015 2,068 2,794 792 1,228 283 7,165 -10%

2016 1,805 2,450 733 1,114 294 6,396 -11%

2017 1,636 2,713 688 1,092 396 6,525 2%

2018 1,619 2,981 728 1,074 406 6,808 4%

2019 1,603 2,767 733 897 425 6,425 -6%

2020 1,553 2,564 689 859 441 6,106 -5%

2021 1,389 995 618 320 456 3,778 -38%

719

CORPORATE MEMBERS

78%

Canada 557 NT 3 NU 4 YT 2 BC 208 AB 18 SK 13 MB 10 ON 229 QC 55 PE NB 5 NS 6 NL 4

USA 58

14%

INT 104 Europe 47 Australia 24 Latin America / Caribbean 15 Asia 10 Africa 8

320

Corporate members Class A Class B Class C Class D Class E Junior Exploration Non-Mining Total Variance (%)

2011 26 10 20 22 17 577 430 1,102 8%

2012 24 8 23 24 15 651 525 1,270 15%

2013 25 9 22 21 18 583 556 1,234 -3%

2014 23 5 9 26 12 449 537 1,061 -14%

2015 20 9 10 18 12 384 507 960 -10%

2016 16 8 9 15 11 303 514 876 -9%

2017 18 6 9 14 14 355 492 908 4%

2018 19 7 10 13 16 423 525 1,013 12%

STUDENT MEMBERS

65%

Canada 207 NT NU 1 YT BC 14 AB 9 SK 4 MB 4 ON 143 QC 14 PE NB 2 NS 9 NL 7

USA 16

INT 97 Europe 56 Latin America / Caribbean 25 Asia 11 Australia 4 Africa 1

2019 19 7 8 13 15 422 607 1,091 8%

2020 19 9 10 13 13 407 625 1,096 0.5%

2021 18 3 6 7 11 305 369 719 -34%

PDAC BOARD OF DIRECTORS

PDAC Staff

Officers Alex Christopher President Raymond Goldie First Vice President Karen Rees Second Vice President James Lusby Treasurer

Laural Adams Manager, Communications Ariya Andrighetti Coordinator, Convention Munisha Basiram Analyst, Indigenous & Regulatory Affairs Zoe Bell Coordinator, Convention Presentations Gillian Blakey Coordinator, Convention Exhibits Lynn Bodwell Convention Marketing Lead Kimberly Charters Coordinator, Convention Exhibits Sanket Das Analyst, Indigenous & Regulatory Affairs Sandra Doig Coordinator, Membership, Administration & Reception Danielle Gaudet Manager, Convention Operations Pat Gramsch Coordinator, Convention Sponsorship Harriett Han Coordinator, Digital Communications Lynda Joyet Senior Manager, Convention Events and Sponsorship Sher Khan Coordinator, IT & Administration Madina Kaytmazova Manager, IT & Administration Kristy Kenny Senior Manager, Communications Jeff Killeen Director, Policy & Programs Joan Marilyn Leslie Chief Accountant Florence MacLeod Manager, Member Engagement & Outreach Ran Maoz Analyst, Tax Policy & Capital Markets Mark McCleary Coordinator, Member Engagement Lisa McDonald Executive Director Krishana Michaud Manager, Student & Early Career Program Maria Avramova Milanova Director, Operations & Human Resources Andrea Murdoch Executive Assistant Sarah Nazar Manager, Convention Programming Jessica Provencher (Maternity Leave) Coordinator, Convention Exhibits Nicole Sampson Director, Convention Steve Shapka Analyst, Government Relations Petrona Tulloch Staff Accountant

Board of Directors Rosario Astuvilca-Rojas Charles Beaudry Bob Bosshard Robert Boyd Alex Christopher MaryAnn Crichton Conrad Dix Lana Eagle Elaine Ellingham Jonathan Fowler Siri Genik Raymond Goldie Chantal Jolette Mary Louise Hill Jessie Liu-Ernsting Gordon Maxwell Karen Rees Keith Spence Aaron Steeghs Rob Stevens Jeff Swinoga Ian Thomson Kerem Usenmez Raziel Zisman

EDITORIAL Produced by PDAC’s Communications Department Cameron Ainsworth-Vincze Editor & Publisher Hambly & Woolley Inc. Design pdac.ca twitter.com/the_PDAC facebook.com/thePDAC ca.linkedin.com/company/thepdac instagram.com/the_PDAC

Contributors Alex Christopher Jeff Killeen Nicole Sampson Kristy Kenny Florence MacLeod Lynda Joyet Ran Maoz Krishana Michaud

Photography Ryan Bachynski Anne Belanger PDAC

COMMITTEES Audit Bob Bosshard Chair Rosario Astuvilca-Rojas Bob Bosshard Jeff Swinoga Awards Rodney Thomas Chair Jon Baird Robert Boyd Alex Christopher Patricia Dillon Peter Dimmell Raymond Goldie Gerald Harper John Heslop Scott Jobin-Bevans Felix Lee Bill Mercer Glenn Mullan Glenn Nolan Robert Schafer Rodney Thomas Edward Thompson Convention Planning (2020-2021) Robert Boyd and Patrick Chance Co-Chairs Charles Beaudry Katarina Bjorkman Peter Bojtos Robert Boyd Antoine Cate Patrick Chance Natalie Chu Mark Fellows Mark Ferguson Resa Furey Raymond Goldie Don Hains Robert Hearst Joe Hinzer Peter Legein James Lusby Bill Mercer Aleksandr Mitrofanov Volker Moeller John Morganti Susan Muir Terence Ortslan Eric Owens Ellie Owens Karl Pearce Reno Pressacco Spencer Ramshaw Ted Reeve Antoine Schwartzmann Patricia Sheahan James Siddorn Keith Spence John Sullivan Robert Valliant Valerie Wilson Shuda Zhou

Executive Alex Christopher Chair Alex Christopher Lana Eagle Raymond Goldie Mary Louise Hill Felix Lee Karen Rees Finance & Taxation Rob Stevens and Michael Long Co-Chairs Brian Abraham Peter Bell Tara Christie Lisa Davis Ron Gagel Ben-Schoeman Geldenhuys Michael Long Greg New Keith Spence Rob Stevens Geoscience & Innovation Charles Beaudry Chair Sandy Archibald Charles Beaudry Anna Hicken Stefan Kruse Jean Marc Lulin Michael Marchand Bill Mercer Volker Moeller Marian Moroney Scott Parsons Frank Santaguida Scott Swinden Ciara Talbot Richard Tosdal Jean-Paul M. Tsotsos Lawrence Winter Governance & Nominating Karen Rees and Robert Boyd Co-Chairs Robert Boyd MaryAnn Crichton Patricia Dillon Elaine Ellingham Raymond Goldie Karen Rees Keith Spence

Health & Safety Conrad Dix and Bill Mercer Co-Chairs Rodney Barber James Barrieau Tim Bremner Tom Brown Jonathan Buchanan Lorne Burden Brent Czornobay Conrad Dix Chris Evans Ivo Gonzalez Louise Lowe Rachael Lynn Gord Maxwell James Maxwell Bill Mercer Matthew Pickard George Werniuk Brian Wilson Human Resource Development Karen Rees Chair Laura Clinton Lindsay Coffin Conrad Dix Mary Louise Hill Felix Lee Jessie Liu-Ernsting Christine Petch Karen Rees Alexandra Squires David Thomas Indigenous Affairs Jonathan Fowler and Michael Fox Co-Chairs Rosario Astuvilca-Rojas Donald Bubar Mitchell K. Diabo Lana Eagle Jonathan Fowler Michael Fox Sandra Gogal Dan Jepsen Janet Lee-Sheriff Gordon Maxwell Glenn Nolan Kevin O’Callaghan Herb Shields Patricia Stirbys Laureen Whyte

International Affairs Keith Spence Chair Sandy Archibald J. Gregory Goldhawk Juan-Carlos Guajardo Florencia Heredia Terence Ortslan Robert Schafer Keith Spence Ian Thomson Raziel Zisman Lands & Regulations Siri Genik and Matthew Pickard Co-Chairs Cameron Bell Tony Fogarassy Michael Fox Siri Genik Don Hoy Stephen Morison Matthew Pickard Michael Rosatelli Sean Samson Cameron Stevens Mark Wiseman Steven Woolfenden Membership Mary Louise Hill Chair Jessica Bjorkman Marc Gasparotto Mary Louise Hill Ali Khan Nickolas Kohlman Taylor McPherson Kevin Neyedley Spencer Ramshaw

Securities Kerem Usenmez Chair Brian Abraham Jim Borland Elaine Ellingham Michael Fowler Dennis Frawley Greg Gosson Sandy Hershaw Michael Marchand Bruce McLeod Dean McPherson James McVicar Brian Prill Maria Smirnova Keith Spence Nick Tintor Mark Wheeler Al Wiens Sustainability Siri Genik and Aaron Steeghs Co-Chairs Amiel Blajchman Jonathan Fowler Siri Genik Raymond Goldie Dennis Jones Alexandria Marcotte Bill McGuinty Kevin O’Callaghan Valerie Pascale Jennifer Prospero Aaron Steeghs Ian Thomson Mark Wiseman

Public Affairs Stephen Morison and Kerem Usenmez Co-Chairs Lynda Bloom Jim Borland David Clarry MaryAnn Crichton Shari Gardiner Stephen Morison Sean Samson Patricia Sheahan Kerem Usenmez George Werniuk

*as of December 31, 2021

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