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2016 Met-Chem Preliminary Economic Assessment ("PEA")

The PEA, prepared by Met-Chem Canada (“Met-Chem”), a division of DRA Americas, demonstrates a good economic project, initially modeled with a 20-year mine life and 200,000 tonnes mined per year. The PEA uses the pit constrained measured resource of 3.2 million tonnes (“Mt”) grading 98.6% SiO2, indicated resource of 6.5 Mt grading 98.6% SiO2 and an inferred mineral resource of 4.6 Mt grading 98.6% SiO2, a resource estimate developed by Met-Chem and previously announced by the Company on June 7, 2016 and supported by a National Instrument 43-101 (“NI 43-101”) technical report filed on on July 20, 2016 titled “NI 43-101 Technical Report on the Silicon Ridge Minerals Resources Quebec – Canada” effective date June 7, 2016. The PEA has a base case pre-tax net present value with a 10% discount rate (“NPV10%”) of $36.5 million and internal rate of return (“IRR”) of 40% and after tax NPV10% of $23.8 million and IRR of 33.9%.

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