The Converse project is currently owned by Waterton Global Resource Management LP (“Waterton”). Under the terms of the royalty, a 1% NSR royalty on the Converse project is payable to Sandbox on a quarterly basis from the minerals produced from the property.

The Converse project is located in the Battle Mountain Gold Belt, Nevada, USA. Converse is a large low-grade gold deposit in close proximity to other operating mines and regional infrastructure. Open-pit mining is planned, with ore processing via heap leaching.

A preliminary economic assessment completed in 2012 evaluated an open pit mine with a 13-year mine life and average annual production of approximately 165,000 ounces gold and over 600,000 ounces silver. The preliminary economic assessment indicated that Converse hosts total Measured and Indicated Mineral Resources of 320.2 million tonnes containing 5.17 million ounces of gold and 37.95 million ounces of silver and total Inferred Resources of 31.2 million tonnes containing 0.51 million ounces of gold and 3.01 million ounces of silver (at a 0.27 grams per tonne gold cut-off grade). The above information is sourced from preliminary economic assessment on Converse gold project with an effective date of December 19, 2011 and dated February 2, 2012 and found under International Minerals Corporation’s profile (who owned the Converse project prior to Waterton) on

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