MYRA FALLS MINE LTD.

Myra Falls Mine is located in the Insular Belt of the Canadian Cordillera. The ore is classified as a volcanogenic massive sulphide deposit. The host rocks are part of the 370 myo (Upper Devonian) Myra Formation that formed in and around hydrothermal vents on the ocean floor. The ore minerals include sphalerite and chalcopyrite, which occur in a rock body that is more than 6km long and 450m thick. Mining began here in 1966 in an open pit, but after a short period of time went underground. The mine occupies 2km2 (3600 hectares) of land on the surface. However, under the ground there are more than 240km in drifts, shafts and stopes. Mining stopped from December 2001 to March 2002 because of low metal prices. It resumed until October 2015 when all production ceased again due to uneconomic market conditions, and the site was placed in Care & Maintenance status. Myra Falls Mine has had a number of owner/operators. It was acquired by Nyrstar in 2011. In 2014, the last full year of production, the mill processed more than 463,000 tonnes of ore. Total concentrate production was 51,123 tonnes of zinc concentrate, 10,434 tonnes of copper concentrate and 4,578 tonnes of lead concentrate. Both the copper and lead concentrate contained significant gold and silver credits. At that time the ore reserve (measured and indicated) was 7.4 million metric tonnes, which at the current mining rate would extend the mine life for ten years. In spring 2017 the company began work to bring the mine back into production. A restart may begin as early as spring 2018. In December 18, 2023, Myra Falls Mine Ltd. (“MFM”) sought and obtained an initial order from the Supreme Court of British Columbia under the Companies' Creditors Arrangement Act. The mine and mill were shut down and placed on long-term care and maintenance as of Dec. 18, 2023. Myra Falls Mine has sought creditor protection.