Duran’s Portfolio of Peruvian Projects

Duran’s Portfolio of Peruvian Mineral Projects

Duran holds a portfolio of very prospective mineral projects in Peru, and is focused on Peru as a proven location for world-class, high-quality exploration projects and mines. During 2011, the Company acquired the Mamaniña Porphyry Copper Project located fourteen kilometers to the south of the Aguila copper/molybdenum porphyry deposit sold by the Company to Industrias Penoles SA de CV in 2014. At the 100% owned Panteria Copper-Molybdenum-Gold Project located in south-central Peru, Company geologists have identified significant porphyry style mineralization with several targets prepared for drilling. The Company entered into a property option agreement with Minera Antares Peru SAC, a wholly-owned subsidiary of First Quantum Minerals Ltd., in March 2016 whereby First Quantum may earn up to an 80% interest in Panteria. First Quantum began the first drilling program on Panteria in September 2017 with completion expected in January 2018. The Minasnioc Property is a high-sulfidation, epithermal gold-silver project which has seen significant drill programs from previous operators. In January 2018 the Company entered into a property option agreement on the Minasnioc Property with IAMGOLD Peru SA, a wholly-owned subsidiary of IAMGOLD Corporation, whereby IAMGOLD may earn up to a 75% interest in Minasnioc. Duran plans to derive value from these and other projects by securing property option partners, joint venture partners and prospective sales from its extensive mineral property portfolio.

Duran’s Aguila Norte Mineral Processing Plant

Duran owns an 80% interest in the Aguila Norte Process Plant that is strategically located just off the Pan American highway, near Peru’s 2nd largest city, Trujillo, in northern Peru. Abundant small-scale mining activity occurs in northern Peru but there are very few independent processing facilities available. The Aguila Norte mineral processing plant hosts crushing, milling, gravity separation and flotation circuits with an initial throughput capacity of 100 tonnes per day. Duran anticipates feeding high-grade polymetallic and precious-metal, sulphide mineral through the process plant to deliver high-value concentrates available for sale to the Peruvian metal trading market. Duran and its experienced Peruvian team have been identifying multiple sources of mineral feed to fill the initial process plant capacity. The Company is well advanced to receive full permits and licenses which will enable the expansion of the Aguila Norte Process Plant. Expansion is expected to be funded via internal cash flow from plant profitability.