Resource Table

    Gibellini

    AMEC E&C Services, Inc. (“AMEC E&C”) prepared the Gibellini Project resource estimate and feasibility study titled “American Vanadium, Gibellini Vanadium Project” having an effective date of August 31, 2011 for American Vanadium Corp. (“AVC”) following the guidelines of the CIM Definition Standards for Mineral Resources and Mineral Reserves. The report which was prepared according to the disclosure requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) outlined 7.9 million tons at a weighted average grade of 0.32% vanadium pentoxide (V2O5) in the measured category and 15.16 million tons at a weighted average grade of 0.28% V2O5 in the indicated category making for a total resource of 23.05 million tons at a weighted average grade of 0.29% V2O5.* Total metal content of the measured and indicated category resources is 131.37 million pounds V2O5. The inferred category resource is 14.23 million tons at a weighted average grade of 0.17% V2O5. The total metal content of the inferred category resource is 49.42 million pounds V2O5 (more resource details in table below).

    Gibellini Hill Mineral Resource Estimate
    Resource
    Category
    Domain (1) Cut-off V2O5
    (%)
    Tons (2)
    (M)
    Grade (3)
    (%V2O5)
    Metal Content
    (M lbs V2O5)
    Measured Oxide 0.08 3.95 0.25 19.83
    Transition 0.07 3.95 0.38 29.88
    Indicated Oxide 0.08 8.01 0.22 35.05
    Transition 0.07 7.15 0.33 46.62
    Total Measured and Indicated various 23.05 0.29 131.37
    Inferred Oxide 0.08 0.16 0.20 0.98
    Transition 0.07 0.01 0.22 0.07
    Reduced 0.09 14.05 0.17 48.37
    Total Inferred various 14.23 0.17 49.42


    Notes:

    1. (1) Mineral resources are reported by mineralization domain. Domains are laterally continuous portions of the ore body having a grade determined by oxidation state that is relatively consistent and distinct from adjacent domains.
    2. (2) Specific gravity measurements used are specific to the domain. Mineral resources are reported within a conceptual Lerchs-Grossman pit shell using a long-term V2O5 price of US$12.59/lb, estimated mining and processing costs, and processing recoveries that are based on the oxidation state of the deposit.
    3. (3) No capping of assays but three composites were capped at 1.5%. Dilution is not included.
    4. (4) Other notes: Categories are referred to as classes in the AMEC E&C resource estimate and feasibility study. Rounding of numbers required by reporting guidelines may result in summation differences. Abbreviations: M=million, lbs=pounds

    Louie Hill

    AMEC E&C Services, Inc. (“AMEC E&C”) prepared the Louie Hill Project resource estimate as part of the feasibility study titled “American Vanadium, Gibellini Vanadium Project” having an effective date of August 31, 2011 for AVC following the guidelines of the CIM Definition Standards for Mineral Resources and Mineral Reserves. The report which was prepared according to the disclosure requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) outlined a resource of 7.67 million tons at a weighted average grade of 0.27% vanadium pentoxide (V2O5) in the inferred category for Louie Hill. The total metal content of the inferred category resource is 41.87 million pounds V2O5.

    Inferred Louie Hill Mineral Resource Estimate, Effective Date 20 May 2011, Mark Hertel, SME Registered Member:

    Cut-off V2O5 (%) Tons (Mt) V2O5 (%) V2O5 (Mlb)
    0.077 7.67 0.27 41.87

    Notes to accompany Louie Hill Mineral Resource Table:

    1. Mineral Resources are reported above a 0.077% V2O5% cut-off grade
    2. Mineral Resources are reported as undiluted
    3. Mineral Resources are reported within a conceptual pit shell
    4. Rounding as required by reporting guidelines may result in apparent summation differences between tons, grade and contained metal content
    5. Tonnage and grade measurements are in US units. Grades are reported in percentages.

    * The historic Louie Hill mineral resource estimate that was prepared by AMEC E&C for AVC has an effective date of May 20, 2011. Results of the study were disclosed previously by AVC in accordance with NI 43-101 and are considered historic in nature by the Company. This historical estimate was prepared using currently accepted methods and assumptions but the costs and prices assumed are not current. It is considered reliable since the geologic model developed by AVC geologists was used. The historical estimate uses the same resource classes described in Section 1.2 of NI 43-101. The historical estimate does not include any more recent data or estimates available to the Company. The work needed to upgrade the historical estimate as current mineral resources is to use current costs and metal prices. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources. The Company is not treating the historical estimate as current mineral resources. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

    Buttercup

    The Fe-Ti-V mineralization appears to start from surface at some locations making for a possible low mining strip ratio. In 1964, the Bersimis Mining Company, calculated a historical “drilled tonnage” on lense “A” and lense “B” located within the property (Table 1). Both lenses, where drill-tested, were found at relatively shallow depth between 5 and 154m depth below surface.

    Table 1. Historic “drill indicated tonnage” and corresponding grade

    Lense Tons Fe (%) TiO2 (%) V2O5 (%) Number of Holes
    A 2,779,285 48.40 18.90 0.67 8
    B 758,828 49.39 19.07 0.64 12

    Source: P.J. Goldsmith 1964 Report on: The Bersimis Mining Company, Report on Diamond Drilling Program Lake Kanekatshonanuts Tintaniferous Megnetite Deposits

    The historical “drill indicated tonnage” cited above is mentioned for historical purposes only, and uses terminology not compliant with current National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”) reporting standards. The reliability of these historical estimates is unknown but considered relevant by Prophecy as it represents significant targets for future exploitation. The key assumption was that the mineralization is found in two nearly flat-lying lenses. The key factor was use of a 7 cubic feet per ton relative density. The method used to prepare the historical estimate was use of length, width and thickness of the lenses to determine volume followed by conversion of volume to mass by use of a relative density factor. No consideration was made for weathered zones or grade. The historical estimate was not reported using measured, indicated or inferred confidence categories. There are no more recent resource estimates availably to Prophecy. In order to verify this historical estimate as a current estimate, a qualified person would need to conduct additional exploration work in the form of diamond drilling to verify the historic data. A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource, and Prophecy is not treating this historical estimate as a current mineral resource.

    Titan

    Based on resource estimated at cutoff grade of 40% Fe2O3.

    Tonnes (t) Fe2O3 V (%) TiO2 (%)
    Inferred 49.0 Million 48.1 % 0.24 % 15.82 %

    Based on resource estimated at cutoff grade of 40% Fe2O3.

    Metal Inferred
    Vanadium 259 Million lbs
    Titanium Dioxide 7,259 Million kgs

    Based on resource estimated at cutoff grade of 40% Fe2O3. Titan resource estimate is based on the February 2010 NI 43-101 Technical Report by Mine Development Associates. The report is authored by Neil Prenn, P. Eng, who is an independent Qualified Person under NI 43-101.

    Paca

    The mineral resource estimate was prepared by Mercator under the supervision of Michael Cullen, P.Geo., who is an independent Qualified Person as set out in NI 43-101. Results of the mineral resource estimate prepared by Mercator for the Paca deposit are presented below. A technical report documenting the resource estimate and disclosed in accordance with NI 43-101 is filed by Prophecy under its company profile on www.SEDAR.com

    Paca Mineral Resource Statement – Effective September 9, 2015
    Ag Eq. Cut-Off (g/t) Category Tonnes** Ag (g/t) Pb (%) Zn (%) Ag Eq. (g/t)
    200 Inferred 2,540,000 256 1.10 1.03 342
    300* Inferred 1,260,000 363 0.98 1.02 444
    400 Inferred 650,000 462 0.90 1.00 538
    500 Inferred 330,000 558 0.79 1.04 631

    Notes

    1. Raw silver assays were capped at 1,050 g/t, raw lead assays were capped at 5% and raw zinc assays were capped at 5%.
    2. Silver equivalent Ag Eq. (g/t) = Ag (g/t) + (Pb% * (US$0.94/lb. Pb/14.583 Troy oz./lb./US$16.50 per Troy oz. Ag.)*10,000) + (Zn% * (US$1.00/lb. Zn/14.583 Troy oz./lb./US$16.50 per Troy oz. Ag.)*10,000; 100% metal recoveries are assumed based on lack of comprehensive metallurgical results.
    3. Metal prices used in the silver equivalent calculation are US$16.50/Troy oz. Ag, US$0.94/lb Pb and US$1.00/lb. Zn and reflect those used in the June 16, 2015 Pulacayo mineral resource estimate by Mercator.
    4. Metal grades were interpolated within wireframed, three dimensional solids using Geovia-Surpac Ver. 6.7 software and inverse distance squared interpolation methods. Block size is 5m (X) by 5m (Z) by 2.5m (Y). Historic mine void space was removed from the model prior to reporting of resources.
    5. The block density factor of 2.26 reflects the average value of 799 density measurements.
    6. The mineral resource is considered to have reasonable expectation for economic development using underground mining methods based on the deposit history, resource amount and metal grades, current metal pricing and comparison to broadly comparable deposits elsewhere
    7. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
    8. *The resource estimate cut-off value is 300 g/t Ag Eq. and resource estimate values are presented in bold type.
    9. **Tonnes are rounded to nearest 10,000.

    The contained metals within the September 9, 2015 resource estimate by Mercator are presented below.

    Contained Metals in September 9, 2015 Paca mineral resource estimate

    Contained Metals in September 9th, 2015 Paca* Mineral Resource Estimate
    Metal Inferred Resource
    Silver 14,700,000 oz.
    Lead 28,400,000 lbs.
    Zinc 27,200,000 lbs.


    *Based on the resource estimate Ag Eq. cut-off value of 300 g/ and 100% recovery; figures are rounded to the nearest 100,000th increment

    Pulacayo

    The mineral resource estimate was prepared by Mercator Geological Services Limited (“Mercator”) under supervision of Michael Cullen, P.Geo., who is an independent Qualified Person under NI 43-101. Results of the mineral resource estimate prepared by Mercator for the Pulacayo deposit are presented below. A technical report documenting the resource estimate and prepared in accordance with NI 43-101 is filed by the Company on the System for Electronic Document Analysis and Retrieval (SEDAR)

    Pulacayo Indicated and Inferred Mineral Resource Statement Details

    Pulacayo Mineral Resource Statement – Effective June 16, 2015
    Ag Eq. Cut-Off (g/t) Category Tonnes** Ag (g/t) Pb (%) Zn (%) Ag Eq. (g/t)
    400 Indicated 2,080,000 455 2.18 3.19 594
    Inferred 480,000 406 2.08 3.93 572
    500* Indicated 1,270,000 530 2.51 3.63 688
    Inferred 350,000 419 2.47 4.58 620
    600 Indicated 750,000 608 2.91 4.02 785
    Inferred 170,000 394 3.49 6.75 710

    Notes:

    1. Mineral resources are estimated in conformance the CIM Standards referenced in NI 43-101.
    2. Raw silver assays were capped at 1,700 g/t, raw lead assays were capped at 15% and raw zinc assays were capped at 15%.
    3. Silver equivalent Ag Eg. (g/t) = Ag (g/t)*89.2% + (Pb% *(US$0.94/ lb. Pb /14.583 Troy oz./lb./US$16.50 per Troy oz. Ag)*10,000*91.9%) + (Zn% *(US$1.00/lb. Zn/14.583 Troy oz./lb./US$16.50 per Troy oz. Ag)*10,000*82.9%).
      Metal prices used in the silver equivalent calculation are US$16.50/Troy oz. Ag, US$0.94/lb Pb and US$1.00/lb Zn. Metal recoveries 89.2% Ag. 91.9% Pb. 82.9% Zn. used in the silver equivalent equation reflect historic metallurgical results disclosed previously by Apogee Silver Ltd.
    4. Metal grades were interpolated within wireframed, three dimensional silver domain solids using Geovia-Surpac Ver. 6.6.1 software and inverse distance squared interpolation methods. Block size is 10m(X) by 10m(Z) by 2m(Y). Historic mine void space was removed from the model prior to reporting of resources.
    5. Block density factors reflect three dimensional modeling of drill core density determinations
    6. Mineral resources are considered to have reasonable expectation for economic development using underground mining methods based on the deposit history, resource amount and metal grades, current metal pricing and comparison to broadly comparable deposits elsewhere.
    7. Rounding of figures may result in apparent differences between tonnes, grade and contained ounces
    8. Mineral resources that are not mineral reserves do not have demonstrated economic viability
    9. *Mineral resource statement cut-off value; resource statement values are presented in bolded form.
    10. **Tonnes are rounded to nearest 10,000.

    The contained metals within the June 16th, 2015 resource estimate by Mercator are presented below.

    Contained Metals In June 16th, 2015 Pulacayo* mineral resource estimate

    Metal Indicated Resource Inferred Resource
    Silver 21.7 million oz. 4.7 million oz.
    Zinc 101.6 million lbs. 35.3 million lbs.
    Lead 70.3 million lbs. 19.1 million lbs.


    *Based on the resource estimate Ag Eq. cut-off value of 500 g/t; figures are rounded to nearest 100,000

    Ulaan Ovoo

    The coal is bituminous (5,040 kcal/kg), low ash (11.3%), low sulphur (0.40%), and suitable for export. The mine features a single massive coal seam that is 45-80 m thick with an average strip ratio of 1.8:1. The first 8 years of mining requires no coal washing.

    NI 43-101 Resources

    Coal (Tonnes)
    Measured 174.5 Million
    Indicated 34.3 Million
    Total M&I 208.8 Million
    Inferred 35.9 Million

    Ulaan Ovoo resource estimate is from the NI 43-101 Behre Dolbear report prepared in 2007. Coal reserves estimate from the NI 43-101 report prepared by Wardrop Engineering in 2010.

    Chandgana

    Chandgana Coal Resources (Tonnes)
    Chandgana Tal Khavtgai Uul Chandgana (Total)
    Measured 0.124 Billion 0.509 Billion 0.633 Billion
    Indicated 0.539 Billion 0.539 Billion
    Total M&I 0.124 Billion 1.048 Billion 1.172 Billion

    The Chandgana Tal property contains 0.124 billion tonnes of measured resource. The Khavtgai Uul property contains 0.509 billion tonnes of measured and 0.539 billion tonnes of indicated resource.

    The coal of both Chandgana properties has been sampled and assayed in detail. The coal is of sub-bituminous C to B rank (ASTM) and moderate grade with medium ash and gross calorific value and low total sulfur so is well suited for use in coal-fired thermal power plants such as that planned at Chandgana.

    Table 2: Coal Quality of the Chandgana Properties

    Chandgana Coal Quality
    Chandgana Tal Khavtgai Uul
    Total Moisture (wt%) 40.9 (arb) 36.5 (arb)
    Ash (wt%) 10.8 (adb) 10.1 (arb)
    Heating Value (kcal/kg) 3,306 (adb) 3,636 (arb)
    Total Sulfur (wt%) 0.61 (adb) 0.59 (arb)