Core (Fall 2021)

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CORE The Voice of Mineral Exploration/Fall 2021

FINANCE TRENDS SHAPING THE MINERAL SECTOR

PDAC 2022 NEWS AND HIGHLIGHTS BUDGET 2022: PDAC’S RECOMMENDATIONS INDUSTRY NEWS FROM AROUND THE SECTOR



CORE

The Voice of Mineral Exploration Fall 2021

4

FEATURES

2 Industry news 4 Finance trends

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shaping the mineral sector

16 PDAC Convention 2022 news and highlights

26 Budget 2022: PDAC’s

26

recommendations

Editorial Produced by PDAC’s Communications Department 800-170 University Avenue Toronto, Ontario Canada M5H 3B3 416 362 1969 EDITOR & PUBLISHER Cameron Ainsworth-Vincze DESIGN Hambly & Woolley Inc. VISIT US ONLINE www.pdac.ca www.twitter.com/the_PDAC www.facebook.com/thePDAC www.linkedin.com/company/thepdac www.instagram.com/the_PDAC Photo credits: PDAC Archives Anne Belanger

CONTRIBUTORS Ariya Andrighetti Alison Abbott Franklin Zoe Bell Lynn Bodwell Alex Christopher Christina Goncalves Toste Lynda Joyet Jeff Killeen Florence MacLeod Ran Maoz Lisa McDonald Nicole Sampson

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INDUSTRYNEWS MiHR launches Indigenous Awareness Training Developed specifically for the mineral industry, MiHR has launched 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. The module takes approximately one hour to complete and is accessible online. Click here to learn more.

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PDAC RESPONDS TO PUBLIC CONSULTATION ON BSCS PROMOTIONAL ACTIVITY DISCLOSURE REQUIREMENTS PDAC responded to the British Columbia Securities Committee’s (BSCS) proposal to regulate promotional activities of companies by recognizing the importance of maintaining market integrity. In PDAC’s letter to the BSCS the association recognized 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 noted several areas of concern regarding the proposal, including where the proposed regulations may cause unintended consequences for mineral industry issuers. Click here to read PDAC’s full response.

PDAC TO LAUNCH MULTIYEAR RENEWAL PLAN AND REFERRAL PROGRAM Want to lock in your PDAC membership for more than one year? Well, now you can, thanks to our new multi-year membership renewal option. All individual and corporate members have the ability to renew for up to three years, and if you renew before December 31 and are eligible for the discounted Core rate, you can secure that rate for multiple years. Do you know someone who might benefit from PDAC membership? Did someone recommend membership to you? We’re pleased to reveal that the work of existing members to grow the association will be rewarded. The PDAC will soon launch a membership referral program. Members who refer new individuals and companies to the association will be eligible for a range of fantastic tech gifts and gadgets. Check your PDAC account in lateNovember to participate!


Liberals win Federal Election PDAC congratulated Prime Minister Justin Trudeau and the Liberal Party on their election win and is eager to continuing 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 will continue to champion perspectives from our members and industry in our advocacy efforts with the Federal Government and we are keen 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. Click here to read the full press release on our website.

PDAC RESPONDS TO CSA’S PUBLIC CONSULTATION ON CONTINUOUS DISCLOSURE OBLIGATIONS PDAC responded to the Canadian Securities Administrators (CSA) recent consultation that includes a proposal to enable non-author QPs to provide consent for technical reports and semiannual reporting for venture issuers. PDAC recommended 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. We also support 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. Click here to read our full response.

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M NERAL F NANCE

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TRENDS TO WATCH 2020 was certainly a year like no other with the COVID-19 pandemic causing widespread impacts on everyday life, on economies around the world, and the supply chains that interconnect the global business environment. The shifting dynamics over the last 18 months have led to a surge in most commodity prices, and the disruptive forces caused by the pandemic may have ripple effects on the mineral industry for several years to come. THE VOICE OF MINERAL EXPLORATION > 5


METAL PRICES

Figure 1 below presents the 2020 year-over-year change of the metal prices PDAC monitors.

Figure 1

Iron ore was at the top of the chart in 2020 in terms of a year-over-year price change, while precious and base metal prices also showed material gains over the year. In contrast, battery metals such as cobalt and lithium recorded the third consecutive year where prices declined. The next set of figures (2-4) provide a more detailed outline of price dynamics of key metals.

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METAL PRICES

Figure 2

After some initial price shocks in the first months of 2020, as the COVID19 pandemic began setting in, gold, copper and iron ore gradually trended upwards through the middle part of the year. Yet the driving factors were markedly different. Monetary and fiscal stimulus actions across many economies provided a tailwind for gold in Q2/Q3, but as vaccine development progressed and the medium-to-long term economic outlook improved globally, the price of gold pulled back from the all-time highs reached in August. In contrast, copper and iron ore prices were largely being driven by both supply and demand factors. A wide array of operational restrictions resulted from COVID-19, causing supply interruptions from various production centres over the course of the year and stockpiles to deplete. On the other side of the balance, demand for industry materials remained intact through 2020 with the long-term outlook being bolstered by an expedited recovery in China, the progress of vaccinations, and economic stimulus efforts around the world. Looking back over the past decade, Figure 3 presents the long-term price trends of these key commodities, based on monthly average prices.

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METAL PRICES Figure 3

The long-term price trends of these key commodities (including nickel) follow similar profile with low-points recorded in late 2015/early 2016. The impacts of the COVID19 pandemic appear quite stark in the figure above, and while

gold has pulled back from a peak in August 2020, copper and iron ore prices continued higher to reach all-time highs in May 2021. Finally, Figure 4 below present the long term price trends of lithium and cobalt—the two key battery metals.

Figure 4

Battery metal prices continued on a downward trend in 2020, bottoming towards the end of the year. With most economies around the world beginning to reopen in 2021, and with eyes now looking toward ambitious infrastructure and emission reduction plans by various governments, and particularly after the election of President Biden in the U.S., cobalt and lithium prices have surged upward.

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FINANCING

Figure 5 shows the share of equity financing raised in Canada throughout the past decade.

Figure 5

The amount of equity raised by the mineral sector globally rebounded in 2020 with a nearly 50% year-over-year increase. Despite this notable increase, the total equity raised in markets outside of Canada in 2020 remains well below pre-2018 levels. There is a silver lining for Canada as 2020 represented the third consecutive year where Canadian exchanges recorded an increase in the proportion of total equity raised for the industry, bringing it to the highest level reached in at least a decade. However, it is important to keep in mind that Canadian exchanges are recording an increased share of a much smaller pie when compared to financing levels pre-2018.

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FINANCING Figure 6

Figure 6 outlines equity financing explicitly for exploration, which follows a similar profile to industry investment shown in the previous figure. The figure reveals similar dynamics in 2020 with respect to this financing type. A significant

improvement in both global and domestic financing (32% and 37%, respectively) provided strong year-over-year rebound, but the total raised in 2020 remained well below levels recorded a decade ago.

The next series of figures (7-10) focus on financing on Canadian stock exchanges. Figure 7 disaggregates between funds raised on the TSX and TSX Venture (TSXV). Figure 7

Notably, the figure above shows how the improvement in financing in 2020 was not evenly split. TSXV listed issuers accounting for nearly 75% of the year-overyear boost in funds raised. And while the C$4.1 billion raised in TSXV is highest financing number recorded since 2011, the C$3.4 billion raised on the TSX was well below pre-2018 levels.

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FINANCING Figure 8

After a multi-year decline it is encouraging to see a notable year-over-year increase in funds raised through public offerings in 2020. This should help to broaden and diversify the industry’s investor base. However, the absolute amount of public funds raised in 2020 is still relatively low compared to levels of financing in or before 2016. Another notable data point is the high number of equity transactions, as seen in Figure 9 below.

Figure 9

The figure shows how the number of equity transactions in 2020 was the highest recorded since 2012. It also shows that the proportion of total funds raised via top 10 largest transactions decreased from ~60% in 2015 to less than

20% in 2020. This shift suggests that an increasing amount of the dollars raised in 2020 were distributed to a broader suite of companies, and implies an improved financing environment for juniors manifested during the year.

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FINANCING

Figure 10

The figure shows that 2020 was very good in terms of FTS financing, with over $900 million raised via the FTS mechanism— the highest level since 2011. Based on exploration trends outlined in the subsequent figures, increased domestic investment appears to responding to the increase in the gold price throughout 2020 as domestic precious metals exploration activity is up substantially from 2019. A spark in FTS deals in mid-2020 was likely influenced by the Government of Canada responding to PDAC’s advocacy efforts and deferring timelines associated with FTS funds raised in 2019 and 2020. This decision was in response to the COVID-19 pandemic and provided companies with needed flexibility to access strong equity markets and be confident exploration plans could be executed. Funds raised using the FTS financing can be spent only in Canada, and therefore have become a very significant source of funding for exploration in Canada, with ~70% of the funds obtained through this mechanism. Moreover, for sub-$20 million transactions, which are more typical for junior exploration companies, the proportion of funding sourced from FTS increases to nearly 80%.

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EXPLORATION EXPENDITURE The last series of figures (11-14) show trends related to the use of the proceeds on exploration activities. First, Figure 11 presents global exploration expenditure, disaggregated by region.

Figure 11

The figure reveals that global exploration activity in 2021 is projected to increase by 35% year-over-year. This increase is the first in several years and can be largely attributed to the upward price trend for most commodities and a more robust financing environment in 2020. Exploration spending in Canada is set to climb by over 60% in 2021 from a year prior, and the proportion of global expenditures directed towards Canada has moved up to approximately 19%, well above the low-point recorded in 2013. The next two figures address global and Canadian exploration activity from two different perspectives. Figure 12 presents global and domestic exploration spending in 2008 and 2020, disaggregated by on project stage.

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EXPLORATION EXPENDITURE Figure 12

The figure reveals a long-term decline in the amount of global spending on grassroots projects, both globally and domestically. 2020 represents a new low for Canadian grassroots exploration spending and the first time it has been proportionally lower than activity abroad.

Figure 13 below disaggregates exploration expenditures by company type. Figure 13

It’s also important to note the similar long-term decline in the proportion of spending that comes from junior exploration companies. This downward trend has been recognized both in Canada and abroad.

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EXPLORATION EXPENDITURE

Figure 14

Although investment in grassroots activity has been waning, exploration in Canada is set to accelerate. For 2021, NRCan estimates a 40% year-over-year increase in Canadian exploration spending, which is more modest that the S&P data shown in Figure 11 but still the largest increase recorded in a decade. However, under a twoyear term comparison (2021 vs. 2019), half of the regions in Canada will see exploration activity below pre-pandemic levels. This impact is seen most acutely in the territories, where exploration spending is projected to be down over 35% on average over this two-year period. As a final note, Québec stands out relative to all other regions in Canada in 2021, as mineral exploration activity is expected to nearly double from a year ago and could account for one-third of all domestic spending in 2021. While the increase in gold price is likely a significant driver behind the increase of activity in Québec, we are also likely seeing the results of proactive mineral development and infrastructure policies, as well as institutional frameworks that have been established in the province.

Sources: The figures in this report are based on PDAC analysis of data sourced from S&P Global Market Intelligence, TMX Group, and Natural Resources Canada (NRCan). For more information, click here.

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PDAC 2022 Convention: An experience like never before! For the first time in our 90-year history the PDAC Convention—the world’s premier mineral exploration and mining event—will be offered both in person and online. With uncertainties surrounding the COVID-19 pandemic that continue to affect our daily lives and ability to travel, PDAC is committed to your health and safety—both in person and online—and is adhering to Canadian and local government directives to provide the best overall attendee experience by ensuring each individual has the opportunity to access our outstanding programming, investment and networking opportunities. PDAC 2022 will take place in person in Toronto from March 7-9, and online on March 10 & 11 where you can join us from anywhere in the word. To learn more and to keep updated, click here.

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SPONSORSHIP OPPORTUNITIES Connect with your target audience and showcase your organization to key stakeholders through our comprehensive in person and digital sponsor marketing programs. PDAC 2022 Sponsorship offers strategic opportunities to meet your marketing objectives, build business relationships, and engage with our attendees through diverse marketing initiatives. Our Sponsors Receive: • Customized programs for targeted activations and attendee engagement • Corporate presence in convention marketing materials distributed to over 75,000 industry professionals • Recognition on the PDAC Convention website, with a direct link to your company website—over 800,000 unique visits per year PRESENTATION OPPORTUNITIES • Digital marketing and in person advertising opportunities Corporate Presentation Forum for Investors • Brand exposure in key industry publications Featuring up-to-the-minute information on select Contact Christina Goncalves Toste, Convention exploration and development companies’ current Sponsorship & Partnership Development at activities and investment potential. Learn more at pdac.ca/convention/cpfi sponsor@pdac.ca for more information and program availability. Letter Writer Presentations for Investors Are you an industry commentator and would like to EXHIBIT OPPORTUNITIES present your market research and ideas on how to select profitable investments in the resource sector? Core Shack If so then you should apply! Learn more at A venue for companies to display the world’s latest pdac.ca/convention/letterwriterpresentationscore samples. Showcase your company’s exciting letterwriterpresentations drilling, trenching or outcrop samples with your fellow explorers and developers. Investors Exchange A hub for junior exploration and major mining companies, mid-sized producers, prospectors and financial institutions to virtually connect with investors from around the world and seek out new business opportunities. Prospectors Tent A great opportunity for self-employed or independent prospectors to virtually display maps, samples and claim results. Trade Show The Trade Show is where organizations and governments showcase the world’s leading technology, products, services and mining jurisdictions. A place to connect with company decision-makers and promote awareness to a worldwide market. Learn more at pdac.ca/convention/exhibits

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EVENTS & ENTERTAINMENT OPENING CEREMONIES Join Alex Christopher, PDAC President, and other special guests as we mark the official opening of the PDAC 2022 Convention. PDAC AWARDS CELEBRATION The PDAC Awards celebrate excellence in the mineral exploration and mining industry. Recipients will be recognized for their distinguished service, exceptional achievement in a Canadian Indigenousrun business, and success in exploration, development and sustainability. Visit pdac.ca/convention/events-entertainment to keep up to date on these and new must-attend events.

SAVE THE DATE!

MARCH 7 - 9, TORONTO, IN PERSON

MARCH 10 & 11 ONLINE

www.pdac.ca/convention | convention@pdac.ca

THE WORLD’S PREMIER MINERAL EXPLORATION & MINING CONVENTION

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A LOOK BACK: PDAC CONVENTION AT 90 YEARS T

he PDAC Convention in downtown Toronto is widely considered the annual “Super Bowl” of the mineral exploration and mining community. The must-attend event has brought together more than 25,000 attendees from over 130 countries in recent years to network, conduct business and learn about the latest trends and technologies shaping the sector. The convention is known worldwide for its expansive technical program, short courses and workshops that offer the latest in professional development—focusing

attention on Indigenous participation and engagement, sustainable practices, capital markets, innovation and students. And along the way the convention has becomes a tremendous benefit to the City of Toronto— injecting upwards of $70 million dollars into the local economy each year. But the convention you experience today has grown in leaps and bounds from its humble beginnings in 1932. Here is a look back at some of the major developments that have shaped the evolution of the industry’s greatest show.

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1932: Early in the Great Depression, Walter Segsworth, a mining engineer, calls a meeting at the King Edward Hotel in Toronto to fight a proposed Engineers Bill put forth by the Ontario government that would require prospectors filing a work assessment to have the report signed by a mining engineer. The bill is never passed and the organization is started.

1933: The association is officially named the Ontario Prospectors and Developers Association (OPDA). Membership swells to 900. No fee is required and throughout the 1930s annual meetings are held in the Oak Room at the King Edward Hotel. The meetings are followed by dinner ($1.25 per person) and dancing.

1941: Walter Segsworth and a few members gather at the house of George and Viola MacMillan to discuss the upcoming general meeting. George is nominated President. Viola notes at the time that “George will make a very good president. I’ll see that he does.” Viola is elected Secretary-Treasurer.

1942: Through the efforts of Viola, the annual meeting is expanded to a full-day convention that includes speakers, a four-course banquet, and dancing. A $1 membership administration fee is introduced.

1943: The OPDA Convention is expanded to a two-day event affair in February and the first edition of the association’s bulletin comes out. The motto: “We Lead.”

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1944: With 1,700 members, the convention outgrows the King Edward Hotel and is moved to the Royal York Hotel. Viola becomes President.

1948:

For the first time at the convention, government geological and geophysical maps are displayed.

1951:

The convention transforms into of national event, instead of just Ontario, as more and more speeches, discussions and press coverage cover developments in the Maritimes, Québec, Manitoba, Saskatchewan and British Columbia.

1954: More than 1,600 people register for the convention, and the number of women becomes noticeable larger.

1957: The association changes its name to the Prospectors and Developers Association (PDA) at the convention’s 25th anniversary. Geophysics is all the rage, especially when it came to presentations and discussions on the Bathurst Area of New Brunswick.

1959: The convention is held jointly with the Geological Association of Canada (GAC) and the Mineralogical Association of Canada (MAC), organizations the OPDA has assisted in being formed in 1947 and 1955 respectively.

1964: A record 1,900 delegates attend an impassionate discussion on the future of Canadian mining. The event is deemed a masterpiece of planning and organization by Viola MacMillan.

1963: The theme of the 1963 convention is “Canadian Mining Must Move Forward” and features opportunities outside of Canada. Debate abounds, however, over whether supporting exploration abroad will waste scarce resources and weaken Canadian exploration.

1965: No convention is held and the association almost disappears as the Ontario Securities Commission pushes forward to eliminate junior mine financing. The association survives thanks to Alex Mosher, Bill Dennis and a few others.

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1966: The first annual hockey game is held at Maple Leaf Gardens during convention between the Prospectors No-Stars and the Keevil team, the Teck Terrifics. Funds raised went toward bursaries.

1972: A record 2,830 registered delegates attend the convention, along with 350 students.

1975:

Noranda allows Frank Roach to take the job of helping to manage the convention. A job he will hold until 1982.

1978: The annual awards are introduced with the first being the Bill Dennis Prospector of the Year Award.

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1992: For the first time, the convention is opened to the world and attracts a total 2,300 delegates, 37 of which are from other countries.

1996: The convention moves from the Royal York Hotel to the Metro Toronto Convention Centre.

2006: The convention attracts 14,500 attendees from 100 countries and is now without question the largest internationals showcase for mining and exploration in the world. The Aboriginal Program is launched at convention.

2008: The PDAC Convention moves to the South Building of the Metro Toronto Convention Centre. PDAC Past President Patricia Dillon and Assembly of First Nations National Chief Phil Fontaine sign a Memorandum of Understanding (MoU) at PDAC 2008 that lays the foundation for cooperation between the two organizations. The PDAC also moves its office to 135 King Street East.

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2011:

The Fenix Capsule that rescued 33 Chilean miners in 2010 who were trapped underground for 69 days in Copiapó, northern Chile is showcased at convention and receives celebrity status.

2012: A record-breaking number of attendees (30,369) attend the convention from 125 countries. The association develops a new strategic plan, and embarks on a rebranding process, that includes the creation of a new logo.

CORE on the road with the prime minister and Governor General

The Voice of Mineral Exploration/Fall 2013

in conversation with Bc amta ceo laurie sterritt transparency: a made-in-canada solution

2013: The PDAC launches its new brand at the PDAC 2013 Convention that features a new logo, website, its quarterly magazine CORE, along with the association’s first ever Annual Report.

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s-imew 2013: An ‘unreal’ experience


2014: For the first time in the history of the PDAC Convention, Canada’s Prime Minister, The Right Honourable Stephen Harper, attends and takes part in a 45-minute Q&A session on the state of the minerals and developments industry with PDAC President Rodney Thomas in front of 600 invited guests at the MTCC.

2016: PDAC 2016 welcomed 16 Mines Ministers from around the world to the inaugural International Mines Ministers’ Summit (IMMS). Led by Canada’s Minister of Natural Resources, the Honourable Jim Carr, the IMMS provides an important setting for the international mining community to meet and collaborate, and was co-hosted with the World Economic Forum (WEF).

2021: The annual convention was held entirely virtual for the first time in its 89-year history. At the PDAC 2021 Virtual Convention, all attendees had 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.

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

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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 lowcarbon 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.

INCREASE CANADA’S ATTRACTIVENESS FOR EXPLORATION AND DEVELOPMENT OF MINERALS Recommendation 1: That the Federal Government increase the Mineral Exploration Tax Credit (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 Natural Resources Canada (NRCan) to further develop the PanCanadian 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.

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PDAC BOARD OF DIRECTORS

PDAC Staff

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

Ariya Andrighetti Coordinator, Convention Munisha Basiram Analyst, Indigenous & Regulatory Affairs Zoe Bell Coordinator, Convention Presentations Gillian Blakey Coordinator, Convention Exhibits Kimberly Charters Coordinator, Convention Exhibits Lynn Bodwell Convention Marketing Lead Sanket Das Analyst, Geoscience & Innovation and Health & Safety Sandra Doig Coordinator, Membership, Administration & Reception Danielle Gaudet Manager, Convention Operations Pat Gramsch Coordinator, Convention Sponsorship Lynda Joyet Senior Manager, Convention Events and Sponsorship Madina Kaytmazova Manager, IT & Administration Kristy Kenny (maternity leave) Senior Manager, Communications Sher Khan Coordinator, IT and Administration 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 Consultant Charles Beaudry QC Copper and Gold Inc. Bob Bosshard Retired Partner PwC LLP Robert Boyd Endurance Gold Corporation Alex Christopher Teck Resources MaryAnn Crichton Hatch Ltd. Conrad Dix Agnico Eagle Mines Lana Eagle Lana Eagle Consulting Elaine Ellingham Marienberg Minerals Ltd. Jonathan Fowler J.A Fowler and Associates Inc. Siri Genik BRIDGE Raymond Goldie Independent Analyst and Director Mary Louise Hill Lakehead University Chantal Jolette Qualitica Consulting Inc. Jessie Liu-Ernsting Keystone Resource Solutions Corp. Gordon Maxwell Geologist Karen Rees Consultant Keith Spence Global Mining Capital Corp. Aaron Steeghs Yamana Gold Rob Stevens Pakawau Geomanagement Inc. Jeff Swinoga Exploits Discovery Corp. Ian Thomson Shinglespit Consultants Inc. Kerem Usenmez Atom Bits Raziel Zisman Alicanto Mining Corp.

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CORE

The Voice of Mineral Exploration Fall 2021