Wisconsin Resources Protection Council

August 9, 2018

Mr. Alan Hair, President and Chief Executive Officer

Hudbay Minerals

25 York Street, Suite 800

Toronto, Ontario  M5J 2V5

Canada

Dear Mr. Hair,

We are writing in regard to Hudbay’s 10.9% investment in Aquila Resources’ Back Forty metallic sulfide project in Michigan’s Upper Peninsula. While Aquila has celebrated its recent receipt of the final permit for its controversial open pit sulfide mine next to the Menominee River, the mine is no closer to construction now than when the project was first discovered in 2002.

April 25, 2018

Mr. Oskar Lewnowski, CIO

Orion Mine Finance Group

1121 Avenue of the Americas, Suite 3000

New York, NY  10036

Dear Mr. Lewnowski:

We are once again writing in regard to Orion’s 14.3%  ownership of Aquila Resources’ Back Forty metallic sulfide deposit in Michigan’s Upper Peninsula. Aquila’s recent press release (March 2, 2018) states that they anticipate a decision on their wetland permit in the first half of 2018. This optimistic assessment has been called into question by the March 8, 2018 letter from the U.S. Environmental Protection Agency to Michigan’s Department of Environmental Quality (DEQ) stating that the Back Forty project “does not comply with CWA [Clean Water Act] Section 404(b)(1) Guidelines, and EPA objects to the issuance of a permit for this project as proposed” (Christopher Korleski, Director of EPA Water Division to Michigan DEQ).

March 17, 2018

Wisconsin Resources Protection Council

Box 263

Tomahawk, WI  54487

Mr. Sean Roosen, CEO and Chair of Board

Osisko Gold Royalties Ltd.

1100 Avenue des Canadiens-de-Montreal

Suite 300

Montreal, Quebec  H3B 2S2

Canada

Dear Mr. Roosen:

We are once again writing in regard to Osisko’s 15% ownership of Aquila Resources’ Back Forty metallic sulfide deposit in Michigan’s Upper Peninsula. You have undoubtedly seen Aquila’s March 9 permitting update announcing that the U.S. Environmental Protection Agency has provided comments to the Michigan Department of Environmental Quality (MDEQ) regarding the company’s wetlands permit. 

July 5, 2017

Mr. Oskar Lewnowski, CIO

Orion Mine Finance Group

1211 Avenue of the Americas

Suite 3000

New York, NY  10036

Dear Mr. Lewnowski,

I am once again writing in regard to Orion’s 19% investment in Aquila Resources’ Back 40 metallic sulfide project in Michigan’s Upper Peninsula. Local and statewide opposition to this project has grown considerably since my last update (November, 2016) and should be of great concern to your shareholders.

January 27, 2017

Ontario Securities Commission

Inquiries Unit

20 Queen Street West

20^th floor

Toronto, Ontario M5H 358

Dear Sir or Madam:

We are writing regarding a possible case of fraud or misleading information by a company listed on the Toronto Stock Exchange. The case concerns the false or contradictory statements made in Aquila Resources’ Back Forty mine permit application for an open pit gold and zinc sulfide mine to the Michigan Department of Environmental Quality (MDEQ). 

November 1, 2016

Mr. Oskar Lewnowski, CIO

Orion Mine Finance Group

1211 Avenue of the Americas

Suite 3000

New York, NY  10036

Dear Mr. Lewnowski,

I am writing in regard to Orion’s 19% investment in Aquila Resources’ Back Forty metallic sulfide deposit in Michigan’s Upper Peninsula. Recent events have highlighted growing opposition to the project that may be of great interest to your shareholders.