Maiden Mineral Resource Estimate for TBS Project

·   Drillhole samples using a Geoprobe MT direct push drill rig

·   Samples are collected within a plastic pipe that is cut open to retrieve the samples. Sample runs are 1m in length with 100% of the sand material bagged for analysis. Samples are ~1kg in weight.

·   Heavy mineral sand with an ilmenite content is present at surface with the hole terminating in mineralisation. All samples collected were analysed with a Niton XRF to check for the presence of TiO2.

·   All samples were dispatched to MS Analytical Laboratories in Canada for heavy liquid separation at 2.93g/cc. Analysis includes determination of heavy mineral content, oversize >2mm and clays <53 microns.

·   Drillhole samples using a Geoprobe MT direct push drill rig. Drillholes were depth restricted due to permafrost being prevalent across the licence with the maximum hole depth being 1.8m.

·   Core recovery monitored visually with the 1m direct push drill runs returning a high recovery that does not impact the quality of the sample. Core catcher within the inner plastic tube prevents core loss. Low clay content and minimal loss of fines. Holes generally wet. In general, hole conditions were good although potential exists for a bias in recovery due to poor recovery due to oversize material that may have been "pushed" away from the drill bit.

·   All "resource" holes logged as heavy mineral sand bearing material with varying oversize (>2mm) as determined through the laboratory analysis. The depth restriction prevents detailed logging although a colour change from brown / orange to green grey is observed with depth due to reduction in organic matter with depth.

·   100% of the sample was bagged for analysis.

·   Field duplicates collected during the programme. Standards were also generated from a bulk sample to allow standards to be inserted into the assay stream.

Samples are considered representative due to 100% of the material being analysed.

·   Sample size sufficient to enable heavy liquid separation tests to be completed.

·   Industry standard sample preparation and assaying with drying and screening at 2mm and 53µm to determine the oversize and clay fractions. The 2mm to 53µm sand fraction is then separated using a 2.93g/cc heavy liquid to generate a heavy mineral concentrate (total heavy mineral) and a light fraction. All heavy liquid separation was conducted at MS Analytical Laboratories.

·   Hand held XRF Niton analysis conducted by qualified personnel on raw samples in the field. No XRF analysis has been completed by MS Analytical or any other external laboratory.

·   Standards generated during the fieldwork and submitted to the laboratory.

·   All sampling undertaken by independent consultants and an Independent Competent person site visit was completed by Greg Jones of IHC Robbins.

·   No twinned drillholes have been completed.

·   All data captured in excel database.

·   No adjustments to the assay data have been made.

·   All sample locations captured using a hand-held Garmin GPS and later projected to the topographic surface, generated from aerial photographs captured and processed into a DEM by GEUS, the Geological Survey of Denmark and Greenland.

·   UTM WGS84 Zone 19.

·   Topography believed to be accurate to 0.5m to 2m as generated by GEUS.

·   Drillholes completed on a predominant grid of 250m x 100m.

·   Inferred classification assigned to the deposit with the samples collected verifying the presence of THM bearing coarse sand material from surface. The geological continuity is further verified through mapping and the aerial photography completed which shows the correlation between the sample locations and the sedimentary active beaches and raised beach terraces.

·   No sample compositing has been applied to the raw drillhole samples.

·   Sedimentary deposit with no relevant structural features.

·   Mineralisation is sedimentary hosted, at surface and near horizontal so no perceived bias in the sample orientation has been introduced.

·   All samples weighed and bagged by external consultants with all samples being shipped back to Nuuk for storage and onward dispatch to the laboratory. Contracted personnel arranged shipment.

·   All protocols discussed and observed by IHC Robbins personnel.

·     Exploration licence MEL 2017/29, 100% ownership of Alba Mineral Resources. 52km².

·     Historical exploration of the Steensby Land ilmenite province completed predominantly by GEUS, the Geological Survey of Denmark and Greenland. Exploration covered hard rock and sedimentary ilmenite bearing sills, dykes and beach deposits. Raised beach terraces were first discovered in the area in 1971

·     North-West Greenland was mapped by the former Geological Survey of Greenland (GGU) between 1971 and 1980, mainly by shoreline investigations with limited helicopter traversing inland. Steensby Land and areas around Pituffik, exposing large tracts of Thule Basin deposits, were mapped at 1:100 000; other areas, composed mainly of shield rocks are available at 1:200 000 (Dawes 1988).

·     The intracratonic Thule Basin is one of several Proterozoic epocentres on the northern rim of the North American craton with comparable development histories: thick sandstone and basalt units in lower levels, often with red beds, are succeeded by carbonate/shale dominated sequences.

·     The Thule Basin developed on the peneplaned surface of the Precambrian shield. It is represented by the 6-8 km thick Thule Supergroup, a multicoloured, continental, littoral to shallow marine sedimentary succession with one main interval of basaltic volcanic rocks. Basic sills are common at several levels. The strata are little deformed occurring as shallow-dipping packages in fault blocks. The study area exposes the south-eastern part of the basin where four groups are recognised (Dawes 1997). The lower three groups are Mesoproterozoic in age; the age of the upper strata (Narssârssuk Group) is uncertain. The Dundas Group is responsible for the ilmenite bearing sands within the licence. This is a dark-weathering succession conformably overlying the previous group along a gradational contact. Its upper limit is marked by Quaternary deposits and the present erosion surface, the c. 2 km thick sequence comprises fine-grained sandstones, siltstones and shales with some carbonate units. Dark shales can contain stratiform pyrite. Deposition was in an overall deltaic to offshore environment. Sills and dykes of mainly tholeiitic composition and unusually rich in titanium are common, and the so-called 'Steensby Land sill complex' (Dawes 1997) contains about fifteen master sills of probable Neoproterozoic age. The thickest of these is over 100 m with sill rock composing 30-40% of the stratigraphic section. Sediment/sill and sediment/dyke contacts are characterised by rusty weathering caused by pyrite, and minor chalcopyrite, galena and sphalerite may occur in thin quartz-calcite veins, lenses and pods in both sediments and dolerites. The Neoproterozoic sills and dykes are the source of placer ilmenite on the south coast of Steensby Land (Cooke 1978, 1984; Dawes 1989, 2006).

·     Drilling and mapping of the licence area shows that the raised terrace material predominantly consists of an in-situ weathered sill, being the source of the ilmenite in the Alba licence and is a common feature of the dominant Dundas Formation. High grade active beach material occurs at various locations along the coast with the material in the active beach / wave zones being accumulations of run-off material from the raised terraces. The wave action has resulted in a natural sorting of the sand material resulting in high grade concentration of heavy mineral.

·     The ilmenite bearing sill material is exposed along the length of the Alba licence area and the drilling and mapping completed shows more intense weathering in the near surface material with a decrease in weathering at depth and a general coarsening of material grain size. Ilmenite remains present with increasing depth although the depth of the weathering is unclear at present and deeper drilling, penetrating the permafrost is required to determine the depth extent of the freely liberating heavy minerals.

·     All drill data has been compiled in to the "TBS_Statsdata_May2019" excel spreadsheet. This includes:

o   Assay location points (GPS X and Y - Z pressed to GEUS topography file)

o   MSA assay data (Oversize >2mm, Total Heavy Mineral >2.93g/cc, floats <2.93g/cc, clay <53µm, length and sample weight

o   Tonnages were estimated as an assumed dry basis.  A bulk density algorithm was prepared using first principles techniques coupled with industry experience that is exclusive to IHC Robbins.  We believe the bulk density formula to be appropriate and fit for purpose at this level of confidence for the Mineral Resource estimates.

·     No data aggregation or top-cutting has been applied

·     Near horizontal sedimentary deposit with vertical drillholes being appropriate for the type of deposit.

·     Diagrams included in accompanying database spreadsheet detailing the Mineral Resource Estimation and results

·     Handheld auger drillholes also completed have been removed from the estimation database due to a bias observed.

·     All exploration results have been reported and utilised in the Mineral Resource Estimate

·     High resolution aerial photography was completed and used by GEUS in the generation of a topographic surface and orthophoto. The orthophoto has been used to demonstrate the extent of the sedimentary units and THM bearing sands. Due to the mineralisation being present from surface, this is a valuable tool in demonstrating the extents to the mineralisation.

·     Sonic drilling, trenching and further mapping is planned to increase the confidence in the maiden Mineral Resource Estimate and test the depth extent to the mineralisation and weathering.

·     MSA assay data received as excel spreadsheet that was directly imported into the TBS_Database and geological software. No editing of numerical data has taken place.

·     All drill collar GPS coordinates typed in to excel and imported into geological software. All collar locations are accurate and within the sampling limits / licence.

·     Site visit undertaken by Greg Jones of IHC Robbins. Greg was on site for approximately 2 weeks of the programme.

·     Drilling has shown that the predominant raised terraces consist of weathered sill material that is rich in ilmenite. The controlling sills are dipping gently at ~5 degrees towards the coast with runoff creating areas of high-grade coastal deposition. The weathered depth of raised terraces themselves, which would control the depth of the freely liberated ilmenite is currently unknown and uncertainty exists in this regard. Drilling has been limited by the depth of the permafrost and deeper drilling using a method which could penetrate the permafrost is required to test the depth extent of the soft, weathered material.

·     The geological interpretation and model created is based on the deepest drillhole in the six key areas drilled with the base of the zone being restricted to the deepest drillhole in this area. The six areas modelled are restricted to the following depths:

·     Southeast Active            1.8m modelled depth

·     Southeast 1                    1.8m modelled depth

·     Southeast 2                    0.6m modelled depth

·     Southeast 3                    1.4m modelled depth

·     Central                         1.7m modelled depth

·     Northwest                        1m modelled depth

·     The shape of the raised terraces, shown by the topographic surface developed, in places, indicates depths of up to ~25m vertically (assuming a flat base) from surface although the exact depth of the basement is unknown and the weathering extent of the sills will impact on the recoverable quantities of freely liberating ilmenite.

·     Host shale units within the regional Dundas formation may also exist overlying the weathered sills. No shales were intersected during the drilling, but these may be present at depth.

·     Intrusive sills / dykes are observed along the coastline and the geological model created abuts against the intrusives where observed and the areas modelled have been truncated at the boundaries of the observed outcropping sills.

·     Continuity is assumed from surface to the depth of deepest drillhole in the area modelled. This was undertaken due to permafrost restricting the depth of the drillholes rather than a change in the geology and it is considered likely that the weathered sills are present to the depth of the deepest drillholes completed in each sub area.

·     The use of the aerial photography has guided the extents of portions of the geological model and resource estimate.

·     The mineral resource is split in to 3 main areas with the southeast zone split into 4 subdivisions due to the drill spacing and material type. From SE to NW, area 1 is approximately 8km in strike length and up to 800m in width. The depth of the inferred classified material ranges from 0.6m to 1.8m. Area 2 has a maximum strike length of 2500m and a maximum width of 850m. The depth of the inferred classified material 1.7m. Area 3 has a maximum strike length of 2500m and a maximum width of 400m. The depth of the inferred classified material 1m.

·  The estimate reported is the maiden mineral resource estimate for the licence area. As such, no production records or historic estimates exist for the project.

·  Modelling was based on single domains across the 6 modelled areas with a block model being created between the topographic surface and a base set at the depth of the deepest drillhole from the topographic surface (by projecting the topography to this depth to create a base).

·  The geological modelling was created in Leapfrog Geo software with the block model being created in Datamine Studio RM. A block size of 50m X by 50m Y by 1m Z was created with sub-cells to 10m X by 10m Y by 0.2m Z.

·  Sampling is on a grid predominantly 250m x 100m.

·  Each modelled area was estimated independently using only those samples that fall within the model perimeter.

·  Grades of THM, Oversize and Clay were estimated in to the model using Datamine Studio RM.

·  A search ellipse with a dip of 2 degrees was used. The ellipse was visually validated to ensure that adequate samples were being captured.

·  No grade cutting was applied due to a reasonably near normal population and limited elevated grades that are considered real and associated with active beach samples.

·  Grades of THM, Oversize and Clay have been estimated using an inverse distance squared algorithm using a search ellipse that is elongated in the strike of the coastline (150m x 75m x 2m). Estimation uses a minimum of 2 samples and a maximum of 4 samples with a limited vertical ellipse size preventing grade smearing in the vertical direction to honour the grade observations from the sample data.

·  Average grades were applied to Southeast Active and Southeast 2 due to the limited sampling in these areas.

·  The estimated grade was visually and statistically validated with the input grades being a reasonable reflection of the output block model grades.

·  Mineral assemblage data from composite samples have been used to apply an ilmenite percentage of the THM and a calculated in-situ ilmenite percent. Ilmenite is the only economic mineral hosted within the material sampled to date.

·  Tonnages were estimated as an assumed dry basis.  A bulk density algorithm was prepared using first principles techniques coupled with industry experience that is exclusive to IHC Robbins.  We believe the bulk density formula to be appropriate and fit for purpose at this level of confidence for the Mineral Resource estimates.

·  No cut off grade has been adopted due to the high-grade nature of the project with all material being over 9% THM.

·  Mining would be through conventional open pit methods with a zero strip ratio.

·  The assaying process shows that a heavy mineral concentrate can be developed from gravity methods. Further testwork is required to determine the optimal process route to generate an ilmenite concentrate.

·  Waste / tailings would consist of an inert sand. Further testwork is required to determine the appropriate waste disposal route.

·  Tonnages were estimated as an assumed dry basis.  A bulk density algorithm was prepared using first principles techniques coupled with industry experience that is exclusive to IHC Robbins.  We believe the bulk density formula to be appropriate and fit for purpose at this level of confidence for the Mineral Resource estimates.

·  All material has been classified as Inferred except for area Southeast 2 that has been excluded from the resource statement due to the limited data available. This area represents upside potential due the presence of ilmenite bearing sands identified through limited drilling.

·  The TBS coastline is dominated by multiple active beach zones where high grade ilmenite bearing heavy mineral sands have been identified, sampled and assayed. Traversing inland, mineralised sedimentary raised terraces are observed, of apparent         variable thickness, with varying quantities of oversize material. Mineralisation of the raised terraces is controlled by in-situ weathering of the sills.

·  Surficial heavy mineral sands are evident across the areas of the licence drilled and the aerial photography completed clearly highlights the sedimentary features that have been sampled and assayed, verifying the correlation between observed geology and material / grade. The risk associated with the geological complexity is considered reasonably low within the resource area although coastal sills have been identified and the depth extent of the mineralised sedimentary unit is unknown at present. The risk associated with the depth extent to mineralisation is mitigated to a certain degree by the nature of the sampling providing a profile upwards through the raised terraces and the detailed topographic surface obtained from the aerial photography.

·  In certain areas, inland lakes occur that have not been explored although it assumed that ilmenite bearing sands exist in these areas due to the natural run off from the raised terraces observed.

·  All samples have been collected through appropriate drilling with the depth of the sample being restricted by permafrost and oversize, when present.

·  In total, 163 samples have been utilised in the estimation of grade with all samples showing a heavy mineral content and all samples correlating with active beaches or raised terraces.

·  All samples collected have been assayed for THM, Oversize and Clay at MS Analytical laboratories in Canada.

·  Mineralogy data was generated by SGS Canada using auger samples collected in a previous field season. The auger holes have not been used in the grade estimation.

·  Tonnages were estimated as an assumed dry basis.  A bulk density algorithm was prepared using first principles techniques coupled with industry experience that is exclusive to IHC Robbins.  We believe the bulk density formula to be appropriate and fit for purpose at this level of confidence for the Mineral Resource estimates.

·  Grades of THM, Oversize and Clay have been estimated using an inverse distance squared algorithm using a search ellipse that is elongated in the strike of the coastline (150m x 75m x 2m). Estimation uses a minimum of 2 samples and a maximum of 4 samples with a limited vertical ellipse size preventing grade smearing in the vertical direction to honour the grade observations from the sample data.

·  The grade estimate has been visually and statistically validated with the output block grades being a reasonable representation of the input sample grades.

·  The estimated grades depict the nature of the deposit with a general trend showing grade decreasing from the active beaches to the top of the raised terraces.

·     No audit has been carried out.

·     The relative accuracy of the estimate could be affected by the drilling method in rocky areas or where oversize material has been "pushed" away from the drill bit. More appropriate drill methods will be used in future exploration programmes where the depth extent of the weathering will be tested.

·     The depth extent of the mineralised or weathered units, to bedrock is also unknown at present although the topographic surface generated suggests potential depths of more than 20m in places. This is however unlikely to be the average depth of the deposit with shallower occurrences towards the active shoreline.

·     Extrapolation of grade is however considered limited due to the depth extent of the modelled areas.