The Offerings will result in the issuance of a number of Common Shares greater than 25% of the Company's currently issued and outstanding Common Shares and as a result will require shareholder approval under the rules of the Toronto Stock Exchange ("TSX"). As a result, the Offerings are expected to be completed in two tranches, with the first tranche scheduled to close on or about August 8, 2024, or such other date as the Company and the Agents may agree for all placements other than a portion of shares being subscribed for by Fairfax Financial Holdings Limited ("Fairfax") and Agnico Eagle, and the second tranche for that number of Common Shares in excess of the 25% threshold, that are to be subscribed for by Fairfax and Agnico Eagle, to be completed as soon as practicable once shareholder approval has been obtained.