February 2016 Corporate Presentation

TSXV: FPC | WWW.FALCORES.COM | 1TSXV: FPC | WWW.FALCORES.COM
REDISCOVERING THE ROUYN-NORANDA MINING DISTRICT
REBIRTH OF THE HORNE MINE – A COMPANY MAKER
FEBRUARY 2016
WHERE 11 M OZS OF GOLD & 2.5 BN LBS OF COPPER WERE MINED HISTORICALLY

TSXV: FPC | WWW.FALCORES.COM | 2
Disclaimer
This presentation contains a review of the Company’s properties in Canada. Viewers are cautioned that the projects are at an early stage of exploration and that estimates and
projections contained herein are based on limited and incomplete data. More work is required before the mineralization on the projects and their economic aspects can be
confidentially modeled. Therefore, the work results and estimates herein may be considered to be generally indicative only of the nature and quality of the projects. No representation
or prediction is intended as to the results of future work, nor can there be any promise that the estimates herein will be confirmed by future exploration or analysis, or that the
projects will otherwise prove to be economic.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this presentation, which has been prepared by management. There can
be no assurance that any of the assumptions in the resource estimates will be supported by a Pre-feasibility or Feasibility Study or that any forward looking event will come to pass. The
data is incomplete and considerable additional work will be required to complete further evaluation, including but not limited to drilling, engineering and socio-economic studies and
investment.
This presentation contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. Readers are
cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of
mineral deposits on the Company’s properties. Past performance is no guarantee of future performance and all investors are urged to consult their investment professionals before
making an investment decision. Investors are further cautioned that past performance is no guarantee of future performance
Forward-Looking Statements
Certain information included in this presentation constitutes forward-looking statements, including any information as to our projects, plans and future performance. All statements,
other than statements of historical fact, are forward-looking statements. The words “expect”, “believe”, “anticipate”, “will”, “intend”, “estimate”, “forecast”, “budget”, “schedule” and
similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered
reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual
results to differ materially from those projected in the forward-looking statements.
Such factors include, but are not limited to: changes to current estimates of mineral reserves and resources; labour availability; litigation; availability of and increased costs associated
with contractors and exploration equipment; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses and permits; contests
over title to properties; uncertainty with the Company’s ability to secure capital to execute its business plans; changes in national and local government legislation in Canada; risk of
loss due to sabotage and civil disturbances; risks arising from holding derivative instruments; and business opportunities that may be pursued by the company. Many of these
uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements
made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance.
The company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as
required by applicable law.
Cautionary Note to U.S Investors Concerning Measured, Indicated and Inferred Resources
This presentation uses the terms “measured,” “indicated” and “inferred resources. We advise investors that while those terms are recognized and required by Canadian regulations,
the United States Securities and Exchange commission does not recognize them. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or
other economic studies. United States investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineral
reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable.
CAUTIONARY STATEMENT

5.4 MILLION GOLD EQ OZS INDICATED
&
1.3 MILLION GOLD EQ OZS INFERRED
(C$65 NSR cut-off, 43-101)*
ROUYN-NORANDA, QUEBEC
* SEE JANUARY 25, 2016 FALCO PRESS RELEASE

FALCO – A QUALITY CANADIAN GOLD DEVELOPER
INVESTMENT THESIS
ROBUST INITIAL &
STRATEGIC ASSET IN
HORNE 5
DESIRABLE & STRONG
LAND POSITION IN
THE ABITIBI
EXPLORATION TARGETS
TO DRIVE FURTHER
VALUE
GOOD CONSOLIDATION
PROSPECTS
LOW POLITICAL RISK
FLEXIBLE BALANCE
SHEET
EXPERIENCED
MANAGEMENT WITH
TECHNICAL EXPERTISE
STRONG
SHAREHOLDER
BASE

WHY HORNE 5? CHECKING ALL THE BOXES!
STRATEGIC ASSET: LARGE TONNAGE & SCALE, HIGHLY MECHANISED
STRONG RESOURCE GROWTH & FUTURE UPSIDE
EXISTING INFRASTRUCTURE: SHAFT & OPENINGS FOR TAILINGS
CLEAR PERMITTING PROCESS IN QUEBEC
STRONG COMMUNITY ENGAGEMENT & EXISTING MINING CULTURE
GREAT OPPORTUNITY TO DRIVE INNOVATION & EFFICIENCIES
PROVEN, STRONG & EXPERIENCED MINE BUILDERS

Capital Structure
Shareholder Registry
Osisko Gold Royalties 16.2%
Goodman & Company 7.5%
Raymond James 6.8%
Quebec Funds 5.7%
Pate Capital 3.7%
US Global 2.5%
Commodity Discovery Fund 1.1%
AgaNola AG 0.5%
Insiders (D&O) 3.8%
Shares Outstanding (basic) 109,983,907
Stock Options 9,910,439
Warrants 3,279,514
Shares Outstanding (fully diluted} 123,173,860
Cash (Sept 30, 2015) + FT Raise C$7.1 Million
CORPORATE SUMMARY – MINDFUL OF SHAREHOLDER DILUTION
A NEW DEVELOPMENT VEHICLE IN THE ABITIBI
Share Price Performance
0
400
800
1,200
1,600
2,000
2,400
2,800
$0.20
$0.25
$0.30
$0.35
$0.40
$0.45
30-Jun-15 31-Aug-15 31-Oct-15 31-Dec-15
VOLUME(IN000'S)
PRICE(C$)
Closes $3.3mm FT
Financing at $0.32
Closes
$1.85mm
Financing
at $0.40
NEW RESOURCE
UPDATE

LOW POLITICAL RISK – NEW MINES WILL BE BUILT IN QUEBEC
QUEBEC’S COMPETITIVE ADVANTAGE

Larder Lake
13 Moz Au
Kirkland Lake
24 Moz Au
Timmins
71 Moz Au
Rouyn-Noranda
19 Moz Au
Malartic
14 Moz Au
Bousquet
21 Moz Au
Lennox Creek Fault Zone
Porcupine Destor Fault Zone
Cadillac
Fault Zone
ONTARIO
QUEBEC
Rouyn-Noranda
Timiskaming Sediments
Cobalt Plate
Felsic Intrusive
Kap High
Mafic/Ultramafic Volcanics
Geology
Val d’Or
14 Moz Au
Major gold mining camp
 50 current and former gold and base metal mines in the Rouyn-Noranda camp
 Rouyn-Noranda camp has produced 19 Moz of gold and 2.9 Blbs of copper, but
underexplored for gold
0 25 50 75 100
Kilometres
SOUTHERN ABITIBI GREENSTONE BELT
OVER 100 YEARS OF MINING HISTORY

Initial production
End of Mining
(2.5 Blbs Cu &
11 Moz Au)
Falco acquires
properties
(Sep 2012)
Discovery of
Horne Mine
Digitization & compilation of
Horne historical drill results
(Aug 2013)
NI 43-101 Horne 5
resource estimate
(Mar 2014)
1923 1927 1976 1985 2012 2013 2014
Remnant mining
(102,000 oz Au)
HORNE PROJECT
40 YEARS LATER
“The year 1923 will long be remembered in Canadian mining lore as the year of the rush to Rouyn”
Leslie Roberts, Noranda
2015 2016
Confirmation
Drilling Program at
Horne 5
New resource update
and initial preliminary
economic assessment

City of
Rouyn-Noranda
Glencore
Smelter
Horne Mine
Quemont Mine
Falco Surface
Rights
Horne West
Horne project located in an Industrial Park
HORNE PROJECT
LOCATED NORTH OF THE CITY OF ROUYN-NORANDA

HORNE PROJECT
2016 RESOURCE ESTIMATE
2300m
 Resource estimate based
on:
 4,384 underground drill
holes at 15 spacing
(305,788m) drilled by
Noranda
 18 new confirmation
drill holes (17,300m)
drilled by Falco in 2015
 2,000m vertical extent,
500m to 800m in width and
a thickness varying from 7
to 120m
 44% of the Indicated mineral
resources are located
between Level 17 and Level
33, which are accessible with
the current shaft depth.

ENV_B
ENV_C
ENV_D
Exchange Rate: CAD/USD = 1.27 , see resource notes in appendix
HORNE PROJECT
NEW 2016 RESOURCE ESTIMATE
Resource
Class
Cut-off
(NSR $C)
Tonnes
(Mt)
AuEq
(g/t)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Zn
(%)
Contained
AuEq (Moz)
Contained
Au (Moz)
Contained
Ag (Moz)
Contained
Cu (Mlbs)
Contained
Zn (Mlbs)
> 50 82.2 2.53 1.59 14.49 0.18 0.90 6.694 4.212 38.293 328.1 1,638.4
> 55 74.1 2.64 1.66 14.87 0.19 0.94 6.273 3.959 35.397 306.2 1,531.8
> 60 66.0 2.74 1.74 15.26 0.19 0.97 5.823 3.691 32.378 283.1 1,412.1
> 65 58.3 2.86 1.82 15.60 0.20 1.00 5.361 3.418 29.273 260.4 1,284.8
> 70 51.1 2.98 1.91 15.93 0.21 1.02 4.893 3.142 26.163 237.7 1,152.6
Indicated > 75 44.2 3.11 2.01 16.20 0.22 1.04 4.421 2.865 23.048 215.2 1,017.0
> 80 38.0 3.25 2.12 16.46 0.23 1.06 3.962 2.592 20.086 193.4 886.7
> 85 32.3 3.39 2.25 16.69 0.24 1.07 3.525 2.332 17.331 173.0 761.7
> 90 27.5 3.54 2.37 16.88 0.25 1.08 3.129 2.095 14.902 154.0 652.4
> 95 23.3 3.70 2.50 17.04 0.27 1.09 2.775 1.878 12.780 136.8 558.6
> 100 19.7 3.86 2.64 17.25 0.28 1.09 2.452 1.679 10.948 121.1 474.3
> 50 19.2 2.62 1.72 22.47 0.21 0.56 1.616 1.060 13.841 86.6 237.2
> 55 16.6 2.78 1.85 23.78 0.21 0.57 1.483 0.985 12.692 76.6 208.6
> 60 14.5 2.92 1.97 24.99 0.21 0.57 1.367 0.920 11.688 68.6 183.0
> 65 12.7 3.08 2.10 26.26 0.22 0.57 1.254 0.855 10.705 61.7 158.1
> 70 10.9 3.25 2.25 27.60 0.23 0.55 1.139 0.788 9.670 54.7 133.1
Inferred > 75 9.1 3.47 2.46 28.48 0.24 0.53 1.013 0.716 8.307 47.5 106.1
> 80 7.6 3.71 2.69 28.92 0.25 0.50 0.904 0.655 7.055 41.5 83.4
> 85 6.4 3.94 2.91 29.77 0.26 0.47 0.814 0.601 6.146 36.4 67.1
> 90 5.4 4.21 3.15 30.82 0.27 0.46 0.733 0.549 5.372 32.0 54.9
> 95 4.8 4.42 3.35 31.48 0.27 0.45 0.678 0.514 4.835 28.9 47.4
> 100 4.3 4.60 3.51 32.28 0.28 0.45 0.636 0.485 4.460 26.6 42.6

ENV_B
ENV_C
ENV_D
HORNE PROJECT
LONGITUDINAL & CROSS SECTION OF THE DEPOSIT

ENV_B
ENV_C
ENV_D
HORNE PROJECT
LONGITUDINAL & CROSS SECTION OF HIGH GRADE ZONES

ENV_B
ENV_C
ENV_D
HORNE PROJECT
HIGH GRADE ZONES AT C$65 NSR
Resource
Class Zone
Tonnes
(Mt)
AuEq
(g/t)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Zn
(%)
Contained
AuEq (Moz)
Contained
Au (Moz)
Contained
Ag (Moz)
Contained
Cu (Mlbs)
Contained
Zn (Mlbs)
ENV_A 36.6 2.59 1.51 15.93 0.17 1.15 3.053 1.780 18.768 141.2 931.5
ENV_B 0.1 2.23 2.13 -- 0.06 0.02 0.010 0.010 -- 0.2 0.1
ENV_C 0.1 2.75 2.65 -- 0.06 0.03 0.011 0.011 -- 0.2 0.1
ENV_D -- -- -- -- -- -- -- -- -- -- --
Indicated HG_A 6.6 3.12 2.15 15.71 0.12 1.09 0.664 0.458 3.345 18.0 159.2
HG_B 10.9 3.10 2.15 15.48 0.30 0.54 1.083 0.754 5.416 71.9 130.6
HG_C 2.2 3.79 3.17 8.95 0.24 0.28 0.263 0.220 0.621 11.3 13.1
HG_D 1.8 5.48 3.79 21.30 0.46 1.36 0.312 0.216 1.210 18.0 53.1
HG_E 0.4 3.30 2.60 11.82 0.32 0.13 0.047 0.037 0.167 3.1 1.2
ENV_A 11.8 3.10 2.08 27.89 0.23 0.59 1.179 0.789 10.593 59.3 154.6
ENV_B -- -- -- -- -- -- -- -- -- -- --
ENV_C -- -- -- -- -- -- -- -- -- -- --
ENV_D 0.9 2.70 2.36 4.09 0.12 0.19 0.075 0.066 0.114 2.4 3.6
Inferred HG_A -- -- -- -- -- -- -- -- -- -- --
HG_B -- -- -- -- -- -- -- -- -- -- --
HG_C -- -- -- -- -- -- -- -- -- -- --
HG_D -- -- -- -- -- -- -- -- -- -- --
HG_E -- -- -- -- -- -- -- -- -- -- --
Exchange Rate: CAD/USD = 1.27 , see resource notes in appendix

HORNE PROJECT
HORNE 5 PRELIMINARY ECONOMIC ASSESMENT TEAM
Integrator & Mill Design
 Integrator for PEA Document
 Mill Design
 Economical Model Revision
Geology & Mining Engineering
 43-101 Resource Report
 Block Model
 Mine Design
 Mine Operation Opex & Capex
Mine Infrastructures
 Headframe and Shaft Design
 UG Ore Handling Design
 UG Electricity
Geotechnics, Hydrogeology
& TMF
 Geotechnical Review & Tests
 Hydro-geology
 Tailings Management Facilities
Environment & Surface
Infrastructures
 Baseline Study and Environmental
Impact
 Legislation (MDDELCC & ACCE)
 Community & Social Impact
 Luc Lessard, Eng.
 Francois Vezina, Eng., MBA, Mine Development – Director, Osisko Mining Group
 Former Mine Manager Osisko and Agnico-Eagle; Technical Services Manager for Agnico-Eagle (LaRonde II, Pinos Altos, Kittilä)
 Christian Laroche, Eng., Processing & Metallurgy – Director, Osisko Mining Group
 Metallurgical engineer with 15 years experience in plant design, engineering, feasibility, construction and commissioning

HORNE PROJECT
HORNE 5 PEA STATUS & DEADLINES
• Resources model – InnovExplo
• Mine planning – InnovExplo
• Production and development sequence
• Opex and Capex cost
• Metallurgical process
• Surface infrastructures
COMPLETED
• Data collection
• Trade-off mine access
• Mine infrastructures
• Rock mechanics recommendation
• Stope design – Golder
• Infrastructures
IN PROGRESS
• ECONOMIC ANALYSIS (Q2)
• REPORT (Q2)
EXPECTED

HORNE PROJECT
$100M+ OF EXISTING INFRASTRUCTURE

COMPARABLE MINE ANALYSIS
SHAFT ALTERNATIVES
LaRonde (60m)
Westwood (85m)
 Existing Shaft Dimension → 6.5m x 4.4m
 Skip → Loading capacity of 31 000 Kg
 Hoisting capacity → 10 000 tpd Ore + 2000 tpd Waste
 Production Hoist → Double Drum 21 feets ~8000hp
Horne 5 (86.5m)

Goldex
(Agnico-Eagle)
Young-Davidson
(AuRico)
LaRonde
(Agnico Eagle)
Horne 5 **
(Falco)
Resource Grade
(g/t AuEq) 1.8 2.8 5.1 2.9
Mining Method Long hole Transverse long hole
Longitudinal Retreat /
Transverse Open
Stoping
Transverse long hole **
Depth (m) 800 - 1,500 750 - 1,500 2,000-3,000 600 - 2,300
Stope Size 15-38 x 30 x 50 20-25 x 20 x 30 5-25 x 15 x 30 38 x 15 x 15 **
Mining Rate 5,100 tpd 8,000 tpd * 7,200 tpd >10,000 tpd **
Specific Gravity 2.8 2.69 3.3 3.45
Mining Dilution 15% 20% 10%-20% < 4%
Operating Cost/NSR $41/t * $53.50/t * $95/t Under review
Annual Production (koz) 71,000 * 200,000 * 230,000 * Under review
* Projected life-of-mine (LOM)
** Horne 5 tonnes and grades per 43-101 report; balance is conceptual
Horne 5 $65 NSR Cutoff in Maiden 43-101 Resource Estimate Under Review
Source: Company website and filings
COMPARABLE MINE ANALYSIS
HIGH MARGIN POTENTIAL – HIGHLY MECHANISED

Highly Prospective Land in a Top Jurisdiction
 13 former mines on 740 km2 of Falco properties
 Over 80 years of data archives
 Great land package with several high potential green and
brown field prospects
LAND PACKAGE
DOMINANT POSITION IN ESTABLISHED CAMP
Balmoral 700 km
Lake Shore Gold 182 km
Niogold 125 km
Eastmain Resources 125 km
Eagle Hill 124 km
St. Andrews Goldfields 120 km
Integra Gold 30 km
Falco Resources 740+ km

Background
Previously Untested
 Cu-Zn-Au property, located 25km northwest of
Rouyn-Noranda
 One of the most significant VMS properties in the
Camp
Lithogeochemically similar to Horne Complex
rocks
 Falco identified near-surface conductors related to
stratigraphy with the chemical characteristics of
Horne Complex
 Over 2km of laterally extensive exhalative sequence,
akin to VMS systems
 Several Zn-rich anomalies
Consistent with lateral placement to VMS
mineralization
Distribution Map of High Probability
“Horne Type” Samples
Rimo
Horne Complex
RIVIERE MOUILLEUSE (RIMO)
SIMILAR SIGNATURE TO HORNE

Potential to increase Mineral Resources in the Horne Complex
 11 gold targets within the shadow of the old mines
 Identified potential Horne West extension at depth
 Targeting 3 zones initially
HORNE 5 PLUS PROGRAM
ADDITIONAL TARGETS IN THE HORNE COMPLEX
2015
2016

Horne West
Au g/t
Horne 5
Deposit
Horne
Mine
Possible
Extension
NEAR SURFACE TARGETS – QUEMONT EXTENSIONS
Quemont level plan 200 ±300m 100m
H5-15-08
H5-15-07
2.7 g/t Au, 13.0 g/t Ag, 0.1% Cu, 1.9 % Zn / 55.5m
4.5 g/t Au, 27.1 g/t Ag, 0.3% Cu, 11.9% Zn / 13.15m
(non continuous – stope)

Horne West
NEAR SURFACE TARGETS – QUEMONT TARGET AREA
?
QUEMONT
PRODUCTION
SHAFT

VALUE GAP – WHERE DOES HORNE 5 FIT?
PRE-PRODUCTION ASSETS OVER 5 M OZS & CAPEX BELOW $1BN
Company Country Asset EV Resources EV / Resources CAPEX
(name) (US$mm) (mmoz Au) (US$/oz) (US$mm)
Pretium Canada Brucejack $618 20.1 $31 $747
TMAC Canada Hope Bay $285 5.9 $48 $175
Sabina Canada Back River $81 7.2 $11 $297
Kaminak Gold Canada Coffee $84 4.9 $17 $317
First Mining Finance Canada Springpole $83 8.1 $10 $438
Victoria Canada Eagle $30 6.4 $5 $411
Canadian Average $197 $20
Asanko Gold Ghana Asanko $294 9.4 $31 $295
Carpathian Gold Romania Rovina Valley $264 9.0 $29 $509
Gold Road Australia Yamarna $150 6.1 $25 $286
Continental Gold Colombia Buritica $105 9.0 $12 $390
True Gold Burkina Faso Karma $75 4.5 $17 $132
Belo Sun Brazil Volta Grande $59 6.9 $9 $298
Amara Cote d'Ivoire Yaoure $33 9.4 $4 $447
Midas Gold USA Stibnite $27 6.5 $4 $970
Lydian Armenia Amulsar $19 5.1 $4 $370
Orezone Gold Burkina Faso Bombore $16 5.1 $3 $250
Exeter Chile Caspiche $13 25.3 $1 $279
ROW Average $96 $12
FALCO RESOURCES CANADA HORNE 5 $27 6.6 $4
Note: Companies with market capitalizations below US$10mm or without a CAPEX figure were not included in the analysis
Note 2: Projects which are not controlled by producers were included in the analysis
Source: BMO Capital Markets, Company filings, Factset, SNL

CORPORATE TIMELINE – ON THE ROAD TO FEASIBILITY
First Half
of 2017
•Full
Feasibility
Study
•Construction
Decision
2016
•Initiate
dewatering
program
•Access to
Underground
2nd
Quarter
2016
•Initial
Preliminary
Economic
Assessment
•Quemont
Extension &
RIMO follow-
ups
November
2015 -
January
2016
•Metallurgy
Results
•New 43-101
Resource
Estimate
Summer &
Fall 2015
•5,000 meter
program on
RIMO
•7,800 meter
program on
Horne 5 plus
•Metallurgy
•Hydrology
•Geotechnical
•Environment
•Engage with
community
and all
stakeholders
January to
October
2015
•17,150
meters
Confirmatory
Drilling
Program

Sean Roosen, Chairman
 Chairman & CEO of Osisko Royalties
Mario Caron, Lead Director
 Mining executive with over 35 years of experience in
the mining industry
Luc Lessard, President & CEO, Director
 Former COO of Canadian Malartic Partnership
 Former COO and Senior Vice-President of Engineering
& Construction for Osisko Mining
 Former VPt of Engineering & Construction for Iamgold
 Former Executive Director of Engineering &
Construction for Cambior
Helene Cartier, Director
 Former VP Environment and Sustainable
Development at Osisko Mining Corporation
Jim Davidson, Director
 Co-Founder of Falco Resources
 Former CFO of Western Minerals Group
Claude Ferron, Director
 Former COO of Xstrata Copper Canada
Paul Henri-Girard, Director
 Former VP of Canadian Operations at Agnico Eagle
Luc Lessard, President & CEO, Director
Vincent Metcalfe, CFO
 Former mining investment banker
Claude Bernier, Exploration Manager
 Over 40 years of experience on various exploration projects
Claude Léveillée, Vice-President Community Relations &
Human Resources
 Former Corporate Director, Human Resources/Organizational
Development at Agnico Eagle Mines
SENIOR LEADERSHIP TEAM
Board of Directors Officers

Head Office
Falco Resources Ltd.
1100, avenue des
Canadiens-de-Montréal
Bureau 300
Montréal, QC H3B 2S2
Tél. : +1.514.905.3162
Toll Free : +1.888.915.2009
Courriel : info@falcores.com
Investor Inquiries
Vincent Metcalfe, CFO
Tel: +1.514.905.3162
Email: vmetcalfe@falcores.com
CONTACT US

APPENDIX

 17,150m surface drill program
 9 holes, 9 wedge holes
 Metallurgical testing
 Updated NI 43-101
 Primary objectives of confirmation drilling:
 Upgrade resource category from Inferred to
Indicated
 Confirm metallurgical parameters (improve
payability)
 Confirm and increase level of data with
regards to specific gravity
 Confirm historic silver grades of >15 g/t
N S
HORNE PROJECT – COMPLETED IN 2015
CONFIRMATORY DRILL PROGRAM – HORNE 5
2300m

HORNE PROJECT– COMPLETED IN 2015
CONFIRMATORY DRILL PROGRAM – RESULTS
(0$NSR) 2015 Confirmation Drilling Results (Weighted average)
Hole_ID
From
(m)
To
(m)
Length
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Zn
(%)
Au_Eq_
With
Silver
(g/t)
Au_Eq_
Without
Silver
(g/t)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Zn
(%)
Au_Eq_
Without
Silver
(g/t)
2015 vs
2014
%
H5-15-01 1,110 1,141 31.2 2.03 10.16 0.46 0.04 3.00 2.85 2.26 0.30 0.10 2.82 0.9%
H5-15-01-Atw 1,105 1,142 36.7 0.88 4.51 0.27 0.06 1.45 1.38 2.18 0.35 0.12 2.85 (51.5%)
H5-15-02 1,001 1,102 100.9 1.32 29.46 0.11 1.94 2.93 2.48 1.14 0.11 1.19 1.92 29.4%
H5-15-02-Atw 1,002 1,089 87.0 1.43 28.61 0.13 1.47 2.82 2.39 1.25 0.12 1.41 2.16 10.6%
H5-15-03B 1,248 1,365 116.7 0.50 15.51 0.06 1.00 1.34 1.11 0.79 0.06 0.67 1.23 (9.7%)
H5-15-03Dtw 1,255 1,390 134.4 0.55 15.44 0.08 1.10 1.46 1.23 0.82 0.06 0.70 1.28 (3.7%)
H5-15-04 1,302 1,327 25.5 0.73 10.27 0.13 0.71 1.45 1.30 0.81 0.11 1.11 1.55 (16.3%)
H5-15-04-Atw 1,290 1,320 30.3 0.95 11.05 0.14 1.79 2.26 2.09 0.83 0.12 1.13 1.61 30.1%
H5-15-06 1,189 1,243 54.5 1.36 16.16 0.26 0.73 2.43 2.19 1.84 0.29 0.31 2.50 (12.6%)
H5-15-06-Atw 1,189 1,247 57.5 1.72 22.50 0.32 0.99 3.11 2.77 1.89 0.28 0.28 2.51 10.2%
H5-15-05 1,803 1,896 92.6 1.96 16.14 0.12 0.57 2.71 2.47 2.31 16.08 0.13 0.53 2.81 (12.1%)
H5-15-05-Atw 1,800 1,853 53.0 2.49 15.17 0.14 0.70 3.30 3.08 2.16 11.71 0.11 0.40 2.56 20.4%
H5-15-08 1,441 1,550 108.9 2.20 14.16 0.30 0.32 3.10 2.88 1.88 0.24 0.39 2.49 16.0%
H5-15-08W 1,443 1,550 107.1 2.00 13.13 0.27 0.53 2.93 2.73 1.90 0.26 0.28 2.49 9.7%
H5-15-07-A 1,958 1,986 28.0 0.41 17.32 0.10 1.86 1.77 1.51 0.91 0.38 0.13 1.63 (6.8%)
H5-15-07-Btw 1,956 1,986 30.0 0.52 18.21 0.12 1.39 1.70 1.42 0.96 0.35 0.13 1.65 (13.6%)
H5-15-09-A 1,178 1,223 45.1 1.98 32.57 0.25 1.06 3.43 2.94 1.31 0.17 1.10 2.15 36.9%
H5-15-09-Btw 1,177 1,221 43.7 1.38 24.85 0.16 1.06 2.57 2.20 1.22 0.15 1.13 2.05 7.0%
Total 1183.1 1.40 18.12 0.18 0.95 2.45 2.18 1.46 14.49 0.17 0.65 2.09 4.3%
Weighted Average of 2014 Raw Assays
within a 15 m radius cylinder around DDH

HORNE PROJECT – COMPLETED IN 2015
CONFIRMATORY DRILL PROGRAM – HORNE 5
H5Longitudinalview
LookingNorth
1 800m
1 200m
600m
1 800m
1 200m
600m
H5-15-03B,
03Dtw
H5-15-01,
01Atw
H5-15-08,
8Atw
H5-15-02,
02Atw
H5-15-09A,
09Btw
ENV-A
ENV-D
H5-15-06,
06Atw
H5-15-07A,
07Btw
H5-15-05,
05Atw (nc)
H5-15-04, 04Atw
1 800m
1 200m
600m
ENV-A
HG-B
HG-D
HG-C
HG-E
ENV
-B
ENV
-D
H5-15-
03B,
03Dtw
H5-15-01,
01Atw
H5-15-08,
8Atw
H5-15-06,
06Atw
H5-15-07A,
07Btw
H5-15-05,
05Atw (nc)
H5-15-04,
04Atw
HG-A
H5-15-02,
02Atw
H5-15-09A,
09Btw
33

1110.4m
Mineralized Zones Hole H5-15-01
HORNE PROJECT
2015 DRILL PROGRAM – HORNE 5

HORNE PROJECT
Mineral Resource Estimate – Resource Notes
Resource Estimate Notes:
1. The effective date of the resource estimate is January 8, 2016. The Independent and Qualified Persons for the Mineral Resource Estimate as required by National Instrument 43-101
are Carl Pelletier, B.Sc., P.Geo. and Vincent Jourdain, P.Eng., Ph.D., both employees of InnovExplo Inc.
2. Mineral Resources are not Mineral Reserves and have not demonstrated economic viability.
3. While the results are presented undiluted and in situ, the reported mineral resources are considered by the Qualified Persons to have reasonable prospects for economic extraction.
4. These estimates include four (4) low grade gold-bearing mineralized zones.
5. The principal low-grade gold-bearing mineralized zone includes five (5) high-grade gold-bearing zones, one (1) high-grade copper-bearing zone, one (1) high-grade zinc-bearing zone and two
(2) high-grade silver-bearing zones.
6. Resources were compiled at NSR cut-offs of C$50, C$55, C$60, C$65, C$70, C$75, C$80, C$85, C$90, C$95 and C$100 per tonne. The official base case resource is reported at a C$65 per
tonne NSR cut-off.
7. The appropriate NSR cut-off will vary depending on prevailing economic and operational parameters to be determined.
8. NSR estimates are based on the following assumptions: exchange rate of $C1.27/$US, metal prices of (all $US): gold $1,165/oz, silver $15.77, copper $2.53/lb, zinc $0.89/lb (One-
year trailing average as of December 14, 2015). Net recoveries of 84.0% for gold, 75.3% for silver, 71.8% for zinc and 66.5% for copper. Smelting cost (including transportation) C$7.73 per
tonne.
9. Gold equivalent calculations assume these same metal prices.
10. Inferred resources are separate from Indicated Resources
11. The quantity and grade of reported Inferred Resources in this estimate are uncertain in nature and there has not been sufficient work to define these Inferred Resources as Indicated or
Measured Resources. It is uncertain if further work will result in upgrading them to an Indicated or Measured mineral resource category.
Resource Modeling Notes:
12. Densities within ENV_A were estimated from Noranda drill hole iron assay data and Falco density data using a 3-pass ID2 interpolation method. Limited density data was available for zones
ENV_B to D and a fixed density of 2.88 t/m3 was assumed for these zones which represent the median of the available data.
13. Compositing was done on drill hole sections falling within the mineralized zones (composite = 3.0 metres).
14. The resource was estimated using Geovia GEMS 6.7. The estimate is based on 4,411 diamond drill holes (323,087 m). For silver the estimates also uses the results of an exhaustive
metallurgical test comprising 2,112 diamond drill holes assayed for silver over a total length of 75,540 meters. A minimum true thickness of 7.0 m was applied, using the grade of the adjacent
material when assayed, or a value of zero when not assayed.
15. Only the silver interpolation in the Inferred resources does not use the material when not assayed.
16. The estimate was based on a three dimensional block model (5x5x5 metre blocks). Within ENV_A. Wireframes of high grade zones were used as hard boundaries to constrain the
interpolation of gold, silver, copper, zinc and density into the block model. Interpolation parameters were derived based on geostatistical analysis conducted on 3 metre composited drill hole
data. Block grades have been estimated using Inverse Distance Squared (ID2) interpolation method and the mineral resources have been classified based on proximity to sample data and the
continuity of mineralization in accordance with CIM best practices.
17. Capping of high grade gold values was done on raw assay data and established on a per zone basis: HG_A: 35 g/t, HG_B: 35g/t, HG_C: 25g/t, HG_D: 35g/t, HG_E: 25g/t, ENV_A: 35g/t,
ENV_B: 25g/t, ENV_C: 25g/t, ENV_D: 25g/t and for high grade silver SG_HG:100g/t, HG_D: 165 g/t, ENV_A_SG_Low: 110 g/t, ENV_B: 100 g/t, ENV_C: 100 g/t, ENV_D: 100 g/t. No upper capping
was applied to copper and zinc data.
18. Tonnage estimates were rounded to the nearest hundred tonnes. Any discrepancies in the totals are due to rounding effects. Rounding practice follows the recommendations set out in
Form 43-101F1.
19. CIM definitions and guidelines were followed in estimating mineral resources.
20. InnovExplo is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, marketing or other relevant issue that could materially affect the mineral
resource estimate.
21. The mineral resources presented herein are categorized as Indicated and Inferred based on geological and grade continuity. A maximum distance to the closest composite of 25 meters was
used for indicated Resources. The average distance to the nearest composite is 8.3 meters for the Indicated resources and 35.2 meters for the Inferred resources.
22. Metal contained in ounces (troy) = metric tonnes x grade / 31.10348. Calculations used metric units (metres, tonnes and g/t). Metal contents are presented in ounces and pounds.

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February 2016 Corporate Presentation