Mineral Resources, as at 31 December 2017. Reported in Accordance with JORC

Project Name Classification Ore, tonnes Gold, g/t Gold, oz (attributable to HGM)
MNOGOVERSHINNOYE Indicated 2 069 193 7.7 502 677
Measured + Indicated 2 069 193 7.7 502 677
Inferred 301 665 7.9 75 319
Total 2 370 858 7.7 577 996
TASEEVSKOYE Indicated 25 785 000 4.9 4 057 587
Inferred 5 278 000 6.1 1 030 766
Total 31 063 000 5.1 5 088 353
UNKURTASH Measured 21 024 000 1.7 1 179 836
Indicated 32 870 000 1.8 1 860 917
Measured + Indicated 53 894 000 1.8 3 040 753
Inferred 12 291 000 1.7 656 004
Total 66 185 000 1.7 3 696 757
NOVOSHIROKINSKOYE*  Measured 15 426 606 4.4 2 170 883 
Indicated 3 504 648 3.0 329 887
Measured + Indicated 18 931 254 4.2 2 500 770
Inferred 4 462 000 2.6 371 545
Total 23 393 254 3.9 2 872 315
BELAYA GORA Measured - - -
Indicated 12 100 000 1.5 591 574
Measured + Indicated 12 100 000 2.2 591 574
Inferred 150 000 1.5 9 645
Total 12 250 000 1.5 601 219
BLAGODATNOE Indicated 19 200 000 1.3 776 000
Inferred 49 000 0.8 1 286
Total 19 249 000 1.3 776 119
KLEN Indicated 2 850 000 5.8 530 809
Inferred 1 020 000 2.9 96 452
Total 3 870 000 5.0 627 261
KEKURA Measured 580 000 11.0 205 765
Indicated 8 720 000 8.0 2 234 477
Measured + Indicated 9 300 000 8.2 2 440 242
Inferred 160 000 3.1 16 075
Total 9 460 000 8.1 2 456 317
LYUBAVINSKOYE Measured 1 304 990 1.5 62 758
Indicated 9 802 700 1.3 413 330
Measured + Indicated 11 107 690 1.3 476 088
Inferred 139 540 1.8 8 198
Total 11 247 230 1.3 484 287
TOTAL Measured 38 335 596 3.0 3 619 242
Indicated 116 901 541 3.0 11 297 258
Measured + Indicated 155 237 137 3.0 14 916 500
Inferred 23 851 205 3.0 2 265 290
Total 179 088 342 3.0 17 181 791

 

Reserves, as at 31 December 2017. Reported in Accordance with JORC

Project Name Classification Ore, tonnes Gold, g/t Gold, oz  (attributable to HGM)
MNOGOVERSHINNOYE Proven - - -
Probable 2 661 286 5.50 452 866
Proven + Probable 2 661 286 5.50 452 866
NOVOSHIROKINSKOYE* Proven 14 399 783 3.3 1 504 984
Probable 2 733 111 2.3 200 801
Proven + Probable 17 132 894 3.1 1 705 785
BELAYA GORA Proven - - -
Probable 9 900 000 1.5 460 000
Proven + Probable 9 900 000 1.5 460 000
BLAGODATNOE Proven - - -
Probable 10 200 000 1.4 472 000
Proven + Probable 10 200 000 1.4 472 000
KEKURA Proven 650 000 9.2 192 904
Probable 8 230 000 6.9 1 816 517
Proven + Probable 8 880 000 7.0 2 009 422
TOTAL Proven 15 049 783 3.5 1 697 888
Probable 33 724 397 3.1 3 402 184
Proven + Probable 48 774 180 3.3 5 100 072

*The Company’s interest in Novoshirokinskoye is 99%

 

Notes:

Resources:

  • MNV, Taseevskoye, Belaya Gora, Blagodatnoe, Unkurtash, Klen and Lyubavinskoye resource estimations do not include a silver assessment.
  • MNV, Novoshirokinskoye, Belaya Gora, Blagodatnoe and Kekura Mineral Resources are inclusive of Mineral Reserves.
  • MNV Mineral Resources are undiluted and based upon a gold price of US$1,200 per ounce. Resources were evaluated with specific cutoff grade > 1.0 g/t for open cut mining, and > 2.0 g/t for underground mining
    Taseevskoe Mineral Resources are undiluted and based upon a gold price of US$ 1,000 per ounce. Resources were evaluated with specific cutoff grade > 1.8 g/t.
    Unkurtash Mineral Resources are undiluted and based upon a gold price of US$1,600 per ounce. Resources were evaluated with specific cutoff grade > 0.85 g/t.
    Belaya Gora Mineral Resources are undiluted and based upon a gold price of US$1,500 per ounce. Resources were evaluated with specific cutoff grade > 0.4g/t.
    Blagodatnoe Mineral Resources are undiluted and based upon a gold price of US$1,500 per ounce. Resources were evaluated with specific cutoff grade > 0.5g/t.
    Klen Mineral Resources were evaluated with specific cutoff grade > 1.0 g/t.
    Kekura Mineral Resources are diluted and based upon a gold price of US$1,500 per ounce. Resources were evaluated with specific cutoff grade > 1.2 g/t for open cut; 1.7 g/t for Vertical zones and 2.8 g/t for Horizontal zones for underground mining.
    Lyubavinskoye Mineral Resources were evaluated with specific cutoff grade > 0.5 g/t.
  • Resource estimates for Taseevskoye deposit was confirmed by Micromine Consulting, 2008.
    Resource estimates for MNV were confirmed by Micon International Co. LTD, 2017.
    Resource estimates for Belaya Gora and Blagodatnoe was confirmed by SRK Consulting, 2017.
    Resource estimate for Novoshirokinskoye was confirmed by Wardell Armstrong International (WAI), 2017.
    Resource estimate for Lyubavinskoye was confirmed by IMC Montan, 2012.
    Resource estimate for Unkurtash was reconfirmed by IMC Montan, 2013.
    Resource estimate for Klen was confirmed by Micon International, 2012.
    Resource estimate for Kekura was reconfirmed by SRK Consulting, 2017.
  • Highland Gold internal gold-equivalent resource and reserve estimates for Novo are based on 2017 WAI JORC-compliant Mineral Resource and Ore Reserves estimates and calculated using WAI 2017 metal prices and recovery parameters. Estimate ratios Au eq. = Au(g/t)+0,017096Ag(g/t)+0,559710Pb(%)+0.538668Zn(%).
  • Mineral resources at MNV and Belaya Gora have been estimated in accordance with JORC guidelines and include adjustments that have been made to reconcile the resources with annual production.

Reserves:

  • MNV, Belaya Gora, Blagodatnoe and Kekura reserves estimate does not include a silver assessment.
  • Novo reserves are calculated for Au equivalent and include Pb, Zn and Ag assessment.
  • MNV Mineable Reserves are undiluted and based upon a gold price of US$ 1,200 per ounce and marginal cut-off 2.0 g/t for underground mining and 1.0 g/t for open cut.
  • Belaya Gora Mineable Reserves are based upon a gold price of US$ 1,200 per ounce and marginal cut-offs in between 0.4 and 2.05 g/t .
  • Blagodatnoe Mineable Reserves are based upon a gold price of US$ 1,200 per ounce and marginal cut-off 0.77 g/t .
  • Kekura Mineable Reserves are diluted and based upon a gold price of US$ 1,150 per ounce and marginal cut-off 1.6 g/t for open cut; 2 g/t for Vertical zones and 3 g/t for Horizontal zones for underground mining.
  • Mineable reserves at MNV, Novo and Belaya Gora have been estimated in accordance with JORC guidelines and include adjustments that have been made to reconcile the reserves with annual production.