Musselwhite
Operations
Our strategic entry into Canada
A high-quality, long-life, producing gold mine
- Located approximately 500km north of Thunder Bay in Northwestern Ontario, Canada
- Fly-in fly-out underground mining operation
- In operation since 1997 and produced more than 6 Moz in 28-year history
- One of the first mines in Canada to enter into a comprehensive agreement with First Nations
- Musselwhite Agreement (1992)
- 65,000-hectare prospective land package
- Grid connected power
- Strong community relations and established partnerships
A strong, consistent gold operation
- More than 25 years of operating history
- Minimum 6 year mine life with significant upside
- Continuing to exceed targets
Near-term opportunities for increased production
Production increases & efficiency improvements:
- Idle mill capacity filled by incremental development ore
- Additional mining horizon in PQ deeps providing access to higher grade feed
Productivity & equipment
- Newer, lower-emission fleet, reducing ventilation demands and constraints
- Greater equipment availability, reliability, and disciplined rebuild schedule supported by OEM expertise
Innovation & optimization
- Expanded tele-remote and autonomous technologies
- Optimized ventilation systems allowing more concurrent mining activities
Organization & transition
- Decentralized structure enabling faster decision-making
- Fully staffed site team
- Established people systems and benefits
- Open and transparent communication
Operations
First Quarter Update
During the quarter, Musselwhite mined 333,495 tonnes of ore and processed 332,822 tonnes at a mill head grade of 6.29 g/t gold. Gold recovery was 95.9% resulting in gold production of 62,985 ounces. Plant performance was stable with an average milling rate of 3,698 tonnes per day over the quarter.
| Total Gold Production & Sales | Q1 2026 | FY 2025¹ | 2026 Guidance |
| Gold Produced (oz) | 62,985 | 203,856¹ | 230,000 – 240,000 |
| Gold Sold (oz) | 64,104 | 198,970 |
1. 2025 figures are provided from March 1, 2025 onwards following the acquisition
2026 Guidance
| Gold Production – Musselwhite Mine | oz | 230,000 – 240,000 |
| Total Cash Cost (net of by-product) – Musselwhite Mine | $/oz sold | $1,200 – $1,300 |
| AISC1,2 | $/oz sold | $1,650 – $1,850 |
| Capital Expenditures | $m | $175.0 |
| Sustaining capital expenditures | $m | $25.0 |
| Non-sustaining – capitalized exploration | $m | $30.0 |
1. AISC is a non-GAAP measure. See the “Non-GAAP Measures” section of Legal Notice page for additional information.
2. Exchange rates used to forecast cost metrics include CAD/USD of 1.35; a +/-0.05 change to the CAD/USD exchange rate would have an impact of +/-$53/oz on Musselwhite’s AISC.
Musselwhite sustaining capital is primarily focused on underground development ($50 million), additional mining and mining support equipment ($30 million), and PQ Extensions development ($14 million) which continues to provide access for the purposes of ore extraction from this zone.
Reserves and Resources
The mineral reserves and mineral resources estimate shown here has an effective date of December 31, 2023. The mineral resources are exclusive of mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There are no known legal, political, environmental, or other risks that could materially affect the potential development of the mineral reserves or mineral resources.
| Mineral Reserves | Tonnes (mt) | Gold Grade (g/t Au) | Contained (Au koz) |
|---|---|---|---|
| Proven | 4.15 | 6.69 | 892 |
| Probable | 3.23 | 6.10 | 635 |
| Total Proven & Probable | 7.38 | 6.43 | 1,526 |
Notes:
- The Mineral Reserve estimate for Musselwhite Mine has an effective date of December 31, 2024.
- Jack Lawson, P.Eng. of Musselwhite Mine is the qualified person responsible for the Mineral Reserve estimate for Musselwhite Mine
- Mineral reserves are constrained within stope shapes generated by Deswik Stope Optimizer.
- Mineral Reserves are reported within stope shapes using cut-off basis with a gold price of US$1,700/oz.
- The mineral reserves cut-off grade varies by zone. The mineral reserves were estimated using a cut-off grade of not less than 3.50 g/t Au
- The cut-off grade values account for metal recoveries, refining costs, and royalties.
- Values are inclusive of mining recovery and dilution. Values are determined as of delivery to the mill and therefore not inclusive of milling recoveries.
- See “Mineral Properties – Musselwhite Mine – Mineral Reserves” for additional information.
| Mineral Resources | Tonnes (mt) | Gold Grade (g/t Au) | Contained (Au koz) |
|---|---|---|---|
| Measured | 1.50 | 4.21 | 204 |
| Indicated | 2.29 | 4.10 | 302 |
| Measured + Indicated | 3.79 | 4.15 | 506 |
| Inferred | 1.86 | 4.99 | 299 |
Notes:
- The Mineral Resource estimate for Musselwhite has an effective date of December 31, 2024
- Craig Green, P.Geo. of Musselwhite Mine is the qualified person responsible for the Mineral Resource estimate for Musselwhite Mine
- Mineral resources are reported exclusive of mineral reserves.
- The reference point for the mineral resources is the point of delivery to the process plant (diluted and mine recovered).
- Mineral resources are constrained within stope shapes generated by Deswik Stope Optimizer. Design parameters varied by both mining method (Transverse and Avoca) and zone for mining recovery (93–94%) and dilution (14–30%) factors, respectively
- Stope shapes were developed using a gold sales price of US$2,000/oz
- Underground resources were estimated using a variable cut-off grade of not less than 3.40 g/t Au.
- Resource estimations were interpolated using Ordinary Kriging (OK).
- See “Mineral Properties – Musselwhite Mine – Mineral Resources” for additional information.
