SAN ANTONIO GOLD PROJECT

Project Description

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The San Antonio Gold Project is a past producing mine that went into receivership as an oxide copper mine. The gold potential of the asset has never been properly evaluated, and Osisko Development will focus on amending existing permits to transition the mine production to a gold heap leach operation. There is also significant exploration potential to expand both oxide and sulphide resources. Recent metallurgical testing has shown that the sulphide resources are highly-amenable to heap leaching.

San Antonio Gold Project Highlights

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Primary Commodity:	Gold
Location:	Sonora, Mexico Located 160 km from airport and towns of Hermosillo and Obregon
Land Package:	11,338 ha of mineral rights
Reserves and resources¹:	Inferred resources of 1,049 Koz, 27,600 Kt @ 1.18 g/t Au
Status:	Development Permitted for mining (permit amendment for gold in progress)
Anticipated Production:	Initial production targeted between 50-70 koz Au per year

1. Please refer to Mineral Reserves and Resources section of this website for complete details

Project’s Mineral Reserves and Resources

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The mineral resource estimate for the San Antonio Project encompasses gold and silver resource estimation for the Golfo de Oro, California and Sapuchi deposits. The models for the Golfo de Oro, California and Sapuchi deposits were prepared via gold grade indicator interpolation and grade estimation, which consisted of 3D block modelling and the ordinary kriging (OK) interpolation method. The current mineral resource estimate has been classified in the inferred mineral resource category pursuant to NI 43-101. Although drill spacing is locally sufficient for indicated classification, there are necessary revisions and updates to geological logs, understanding of mineralization controls, drill hole collar locations and bulk density measurements that should be completed prior to upgrading the mineral resource category. About 52% of the reported inferred mineral resources are estimated with a minimum drilling grid of 30m x 30m, and 48% with an average drilling grid of 40m x 40m.
The processing scenario assumes heap leaching of the mineralized material sourced from open pit mining. The mineral resource has been limited to mineralized material that occurs within optimized pit shells.

San Antonio Gold Project Mineral Resource Estimate

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Category	Deposit	Tonnes	Gold Grade	Silver Grade	Gold Ounces	Silver Ounces
Category	Deposit	(‘000)	g/t	g/t	(‘000)	(‘000,000)
Inferred	Golfo de Oro	11,700	1.3	2.7	503	1.0
	California	4,900	1.2	2.1	182	0.3
	Sapuchi	11,100	1.0	3.4	364	1.2
Total Inferred Resources		27,600	1.2	2.9	1,049	2.5

Mineral Resource Estimate notes:

The independent and qualified person for the mineral resource estimates, as defined by NI 43‑101, is Leonardo de Souza, MAusIMM (CP), of Talisker Exploration Services Inc.
The gold cut-off grade applied to oxide, transition and sulphide ore are 0.32 g/t Au, 0.36 g/t Au and 0.42 g/t Au, respectively.
These mineral resources are not mineral reserves as they do not have demonstrated economic viability.
The mineral resource estimate follows CIM Definition Standards.
The estimate is reported for a potential open pit scenario assuming US$1,550 per ounce of gold.
Results are presented in-situ. Ounce (troy) = metric tonnes x grade / 31.103. Calculations used metric units (metres, tonnes, g/t). Any discrepancies in the totals are due to rounding effects. Rounding followed the recommendations as per NI 43‑101.
Talisker Exploration Services Inc. is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, marketing or other relevant issues that could materially affect the mineral resource estimate other than those that may be disclosed in a NI 43-101 compliant technical report.