The Macassa Report covers a nine-year period and is based on completion of Phase 1 of the #4 Shaft project during the second quarter of 2022 and completion of Phase 2 at the end of 2023. The report confirms the benefits of the #4 Shaft project, including production increasing to well over 400,000 ounces per year and significant improvement in unit costs, with operating cash costs per ounce sold and all-in sustaining costs per ounce sold improving to below $300 and $400, respectively, at the higher production levels. Full project payback for the #4 Shaft is expected early in 2024, shortly after completion of Phase 2. Other benefits of the project outlined in the report include de-risking the mine, significantly improving underground ventilation and general working conditions, enhanced sustainability of production through more effective exploration drilling and future reductions in cut-off grades.