El Roble Mine

NI 43 - 101 mineral Reserves and Resources

Contained Metal

Click table to enlarge

Note:

1. Mineral Resources and Mineral Reserves are as defined by CIM definition Standards on Mineral Resources and Mineral Reserves 2014.
2. Mineral Resources and Mineral Reserves are estimated provided above have an effective date of March 12th 2024. The Mineral Resource estimates and the Mineral Reserve estimates were prepared by the Company's Internal QPs, who have the appropriate relevant qualifications, and experience in resource mineral estimation and reserves mineral estimation.
3. The Mineral Reserves were estimated from the M&I portions of the Mineral Resource estimates. Inferred Mineral Resources were not considered to be converted into Mineral Reserve estimates.
4. Mineral Reserves are reported using an NSR breakeven cut-off value of 130.11 USD/t (basis 2023 cost) this value is considered for the Zeus, A, B, D, D2, Afrodita and Rosario ore bodies and using an NSR breakeven cut-off value of 74.43 USD/t is considered for the Maximus, Maximus Sur, Perseo, Goliath ore bodies.
5. Mineral Resources are reported using an NSR cut-off grade value of US$51.05/t, this value is considered for the Maximus, Maximus Sur and Perseo deposits. And using an NSR cut-off grade of US$72.59/t  for A, B, D, D2, Afrodita, Rosario and Principal ore body.
6. Metal prices used were US$1,991.00/troy ounce Au and US$ 4.12/t Cu.
7. Metallurgical recoveries have been considered based on historical results as of 2023. For the mine designated as low zone (Zeus, Maximus, Maximus South, Goliath and Perseus ore bodies) Cu recovery is 91.67% and Au recovery is 59.74%. For the mine designated as high zone (Principal, A, B, D, D2, Afrodita and Rosario orebodies) Cu is 93% and Au is 63%.
8. Metal payable recovery used 92.40% for gold and 94.03% for copper (2023 commercialization basis).
9. The average density for the ore-body was designated as follows; Goliath = 3.34t/m3, Maximus = 3.50t/m3, Maximus Sur = 3.26t/m3, Zeus = 3.53t/m3 and Perseo = 3.35t/m3. for A, B, D, D2, Afrodita, Rosario and Principal ore body the density was estimated using IDW.
10. Mineral Resources, as reported, are undiluted.
11. Mineral Resources are reported to 0.87% CuEq cut-off for ore-body Zeus. 0.61% CuEq cut-off for ore-bodies Goliath, Maximus, Maximus Sur and Perseo. 0.86%CuEq cut-off for ore-bodies A, B, D, D2, Afrodita, Rosario and Cuerpo Principal.
12. CuEq for each block was calculated by multiplying one tonne of mass of each block-by-block grade for both Au and Cu by their average recovery, metal payable recovery and metal price. If the block was higher than CuEq cut-off, the block is included in the estimate (resource or reserve estimate as appropriate).
13. CuEq is estimated considering metal price assumptions, metallurgical recovery for the corresponding mineral type/mineral process and the metal payable of the selling contract. (a) The AgEq grade formula used was: CuEq Grade = Cu Grade + Au Grade * (Au Recovery * Au Payable * Au Price) / (Cu Recovery * Cu Payable * Cu Price). (b) Metal prices considered for Mineral Reserve estimates were US$4.12/lb Cu and US$1,991/oz Au for all sites. (c) Other key assumptions and parameters include: metallurgical recoveries; metal payable terms; direct mining costs, processing costs, and G&A costs.
14. Modifying factors for conversion of resources to reserves included consideration for planned dilution which is based on spatial and geotechnical aspects of the designed stopes and economic zones, additional dilution consideration due to unplanned events, materials handling and other operating aspects, and mining recovery factors. Mineable shapes were used as geometric constraints.
15. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
16. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves.
17. There are no known political, environmental or other risks that could materially affect the development and mining of the Mineral Reserves in the El Roble mine;
18. Figures in the table are rounded to reflect estimate precision; small differences are not regarded as material to the estimates;
19. Reserves are estimated based on mining material that can be mined, processed and smelted.