On December 20, 2013, the Company completed a coordinated Federal/Provincial EIS and EA for its Eagle’s Nest Project. A draft copy was circulated for comment to the Canadian Environmental Assessment Agency (“CEAA”) and the Ontario Ministry of the Environment (“MOE”). A copy is also available on the Company’s website for comment by interested parties. The Company is working with the provincial government, federal government and regional stakeholders through the EA process to allow for final EA approval in 2015. The Company will also be applying for the necessary permits to allow for development and mining operations.

In anticipation of receiving approval on the EIS/EA and entering into an infrastructure agreement, management is planning to update the Feasibility Study, released in October 2012, and to carry out certain optimization studies by the first half of 2015.

At current metal prices3 and exchange rates, the Eagle’s Nest Project (the “Project”) has an after tax IRR of approximately 23% and a DCF (at an 8% discount factor) would result in an after tax NPV in excess of approximately $380 million. Given the economics at current metal prices, the Company continues to work diligently to advance its Eagle’s Nest Project to production.