DAVID C. BELING, P.E.

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 EXECUTIVE SUMMARY

Dynamic team builder, leader, and manager with extensive project and corporate experience and accomplishments. Innovative and cost-effective engineer, developer, operator, general manager, senior executive and company builder. Recognized for successfully engineering and driving the development, financing, permitting, construction and operation of multiple projects and mines with processing plants. Managed several  exploration programs and final feasibility studies. Significantly reviewed, examined and/or directly involved with 91 underground mines, 136 open pit mines and 174 process plants in the global metal, energy, and critical mineral sectors. Employment included 14 years with five major corporations, then 47 years of executive management and senior consulting for 30+ junior companies. Performed or strongly contributed to the evaluation of hundreds of project acquisitions, financings, commodity and asset sales, mergers, leases and joint ventures. Completed a public listing in 2006 and increased the company’s market capitalization from insignificant to $460 million in 2007. Served on fourteen Boards since 1981, including three top ten performers on the TSX Exchange.

EXPERIENCE

Director since 2011 of NioCorp Developments Ltd. (NASDAQ), who is developing a critical minerals project (including the second largest, rare-earth resource in the US) with a Net Present Value of $2.0+ billion.  Sr. Advisor and Consultant to Athena Gold Corp. (OTC and CSE) from 2020 through 2024.

Acquired in 2015 155 miles of drill data and adjacent strategic lands and mines from Barrick Gold. Increased 43-101 resources from 0 to 525,000 ounces of gold by 2017 prior to additional drilling. Completed a 2-year test program that increased gold recoveries from 72% to 86% by using high pressure grinding rolls for a proposed 8,000 ton/day heap leach plant. Closed a transaction in 2020 that simultaneously replaced corporate management, acquired all Barrick’s remaining adjacent lands and raised C$23 million. In  2021 the company was re-named Augusta Gold Corp and in October 2025 Anglo Gold  acquired Augusta for C$ 197 million.

Directed mine and process development of a proposed US $700+ million, world-class cobalt-nickel project in Cameroon, Africa. Engaged and directed the contractors that completed environmental, geotechnical, mining, process test work studies, including a final feasibility study. Discovered and developed a reductive acid-leach process that lowered risks, costs, and environmental impacts. Drove the physical upgrading programs that nearly tripled the ore grade. Spearheaded a 2006 TSX public listing and delivered the presentations that raised C$112 million in Canada, UK, and US. Performed and later directed investor relations, which grew the market capitalization to US $460 million by mid-2007.

Executive, general manager, professional consultant and troubleshooter for projects and operations.

Hired and directed all corporate and project personnel that fully permitted a construction ready copper project near Safford, Arizona. The Sanchez Project included a $90 million, 33,000 tpd plant using crushing, heap leaching, SX-EW processing, and open pit mining. Directed development of a similar project in Mexico, which was proposed at 50,000 tpd and a capex of $150 million.

• Advanced project development and provided the credibility that secured a $50 million loan and listings on the American and Toronto Exchanges. Sold the IPO in Canada, Europe, and US.

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• Championed the first US Environmental Impact Statement approved for a mine in Arizona and timely acquired all other permits necessary to construct and operate the Project.

        

• Negotiated and executed a $43 million contract to engineer, procure and construct the processing plant and an offtake agreement for 1.1 billion pounds of cathode copper.

         

• Negotiated $15 million of mine equipment purchases and contracts that locked in 25% of operating costs for three years. Project managed the $47 million balance of proposed pre-production capex.

          

• Drove cash from nothing in 1992 to $32 million in 1996 via asset sales to Phelps Dodge Corp.

         

• Directed a gold exploration project in Mali, Africa and examined 15+ potential acquisitions.

Completed construction of the $31 million Crofoot Project, a 16,000-tpd gold mine, crushing and heap leach plant. Vigorously promoted safety, cost control, productivity improvement programs. Routinely inspected operations to boost and maintain morale. Instituted all the management reporting, accounting systems and operating policies. Served as General Manager on site in 1987 and 1991. Mt. Isa Mines of Australia acquired control of Hycroft and Granges in 1990. The Project is now controlled by Hycroft Mining Corp, who recently announced measured and indicated gold resources of 9.7 million ounces.

• ·Negotiated an ore commingling agreement to allow 4,000-tpd from our adjacent mine to process all ores through the new larger plant. Reduced personnel by 17% to 200 employees.

  
  

• Increased annual gold production to 100,000 ounces and reduced unit operating costs by 27%

  
  

• Eliminated lost time accidents and halved workman’s compensation costs during the last two years.

  
  

• Directed exploration and spearheaded the teams that evaluated acquisitions in the U.S.

  
  

• Technical Committee Member of Trout Lake JV, a 2,700-tpd underground mine operated by Hudson Bay Mining & Smelting in Manitoba. Notably improved monthly management reporting systems. 

  
  

• Evaluated, then managed a shutdown of Granges’ gold mine and mill Manitoba during 1991.

  
  

• Examined three of Mt. Isa Mines’ metal and coal mines, and refining facilities in Australia.

Secured all permits for The Original Sixteen-to-One mill and underground gold mine. Managed the rehabilitation of the shaft, mine, and mill under budget and on schedule using direct hire personnel. Initiated development and resumption of production operations at this historic, motherlode deposit that produced one million ounces of gold at a grade of one ounce/ton from 1911 to 1965.

Performed permitting, public relations and engineering for a 3,000-tpd mine and mill near Butte, Montana. Engineered, constructed, and managed a pilot-scale gold heap leach operation at the Vulture Mine in Arizona. Evaluated a large talc project and acquisition of U.S. Steel’s uranium operations in Texas for Wold Nuclear. Conducted thorough evaluations of various gold and silver acquisitions. Interim President of Dore Metals and Mining, a private corporation with holdings in Nevada and Arizona.

Developed major uranium ventures with Arizona Public Service, Commonwealth Edison, and Phelps Dodge. Successfully revised Wyoming’s laws and regulations on in situ uranium leaching. Added value and marketed two uranium in situ leach projects that sold for $35 million. Timely and inexpensively acquired nuclear material licenses in Wyoming and Texas for pilot-scale in situ leach tests.

Managed the team that developed the Irigaray uranium in situ project, prepared and received approval of the final feasibility study, and initiated construction of the production well-field and process plant.

Responsible and accountable for three open pit copper mines and a 1,000-tpd flotation and acid leach processing plant. Innovated and constructed a process that leached copper from old tailings at half the cost from primary ores. Concurrently served as Chief Mine Engineer.

Conducted preliminary and feasibility studies on surface coal and underground oil shale mining and processing projects for the Shell, Chevron and Superior Oil Companies.

Managed uranium exploration/development services that discovered the Sweetwater uranium deposit, which was subsequently placed into production. Directed metallurgical testing. Prepared technical and economic studies. Examined 10 uranium mining and processing operations in Wyoming.

Engineered 45 producing stopes and sub-level headings for four years, which was the largest number of workings engineered by an individual during the 100+year life of this world-famous copper mine. Created and implemented a new mining method that achieved the highest productivity of 110 active stopes in Bisbee. Surveyed pit progress, estimated reserves, planned a pit expansion, and served as Ore Control Engineer of the Lavender open pit mine for one year.

EDUCATION

Eastern Arizona College,1997-98 - Completed courses on computer applications and systems

AFFILIATIONS

Current Director and Advisor Roles

Former Directorships (1981–2021)

Licenses, Advisory Appointments & Recognition

Professional & Financing Presentations

Delivered an additional 700+ presentations to investment banks; lending institutions; investment conventions; major funds; stakeholders; special interest groups, and local, state and federal governments in Canada, the USA, UK, France, Switzerland, Denmark, Norway, China Cameroon and Mali.