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This article references historical resources for the Arctos Anthracite Project (formerly Mount Klappan project) that include a speculative class. Speculative resources are no longer considered NI 43-101 compliant and should not be relied upon. Please refer to the following table for compliant resources:

Historical Arctos Global Resources (million tonnes)(1)

Area Measured Indicated M&I Inferred
Lost Fox 107.9 109.5 217.4 91.5
13.5 13.5 258.4

Lost Fox Extension

Total 107.9 123.0 230.9 359.5

Lost Fox Metallurgical Coal Reserves and Resources (million tonnes)(2)

Coal Resources
Run-of-Mine Coal Reserves 10% Ash Product Reserves
Measured Indicated Inferred Proven Probable Total Proven Probable Total Product
172.4 20.4 12.1 115.0 9.9 124.9 64.4 4.8 69.2

(1)   The Arctos Mineral Resource & Mineral Reserve estimates were prepared in 2002, 2005, & 2007, respectively, by Marston & Marston Inc. in compliance with NI 43-101. Richard Marston, P.E. is the Qualified Person responsible for the estimates. Historical Resources include 2.2 billion tonnes in the Speculative class. The historical resource estimate was developed by Gulf in 1988 and updated in 2002 by Marston-Golder to reflect changes in the estimation of Inferred Resources under Paper GSC 88-21. The Speculative portion of the resources is not compliant with current reporting standards. A qualified person has not done the work necessary to classify the historical estimate of Speculative resources as current mineral resources under NI 43-101 and the estimate should not be relied upon. Speculative Resources were developed based on estimated average coal thickness applied to the projected aerial extent of the coal. Further information regarding the Arctos Coal Resource & Reserve estimates is available from the Company’s disclosures under the Company’s profile on the SEDAR website at

(2)   The 2012 DFS utilized updated Resource & Reserve estimates for the Lost Fox Deposit, which Edward Minnes, P.E. is the Qualified Person.

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