Notes:
| ● | CIM Definition Standards (2014) were used for reporting the mineral resources. |
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| ● | The qualified person (as defined in NI 43-101) for the purposes of the MRE is Anderson Candido, FAusIMM, Principal Geologist with RPM (the "QP"). |
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| ● | Mineral resources are constrained by an optimized pit shell at a metal price of US$23.00/ oz Ag, US$1,900/oz Au, US$0.95/lb Pb, US$1.25/lb Zn, US$4.00/lb Zn, recovery of 90% Ag, 98% Au, 83% Pb, 58% Zn and Cut-off grade of 40 g/t AgEq. |
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| ● | Mineral resources are reported inside the property boundary. |
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| ● | Average stripping ratio for the conceptual pit is ~1.8:1. The conceptual pit has a dimeter of approximately 1.4 kilometers and extends to a maximum depth of approximately 600 meters from the Central Valley. |
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| ● | Drilling results up to June 1, 2023. |
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| ● | The numbers may not compute exactly due to rounding. |
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| ● | Mineral resources are reported on a dry in-situ basis. |
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| ● | Mineral resources are not Mineral Reserves and do not have demonstrated economic viability. |
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For more details on the Carangas MRE, please refer to the Company’s news releases dated September 5, 2023 and September 18, 2023.
On November 15, 2024, the Company filed its independent Carangas PEA Technical Report. RPMGlobal (mineral resource, infrastructure, tailings, water management, environmental and financial analysis) was contracted to conduct the Carangas PEA Technical Report in cooperation with Moose Mountain Technical Services (mining), and JJ Metallurgical Services (Metallurgy). The Carangas PEA Technical Report is based on the Carangas MRE. Please see “Cautionary Note Regarding Results of Preliminary Economic Assessment”. Highlights of the Carangas PEA Technical Report are as follows:
| ● | Post-tax NPV (5%) of $501 million and IRR of 26% at a base case price of $24.00/ oz silver, $1.25/ lb zinc, and $0.95/lb lead; |
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| ● | 16-year LOM, excluding 2-years of pre-production, producing approximately 106 Moz of payable silver, 620 Mlbs of payable zinc and 382 Mlbs of payable lead; |
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| ● | Initial capital costs of $324 million and a post-tax paybacks of 3.2 years; |
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| ● | Average LOM AISC of $7.60/oz silver, net of by-products; and |
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| ● | Approximately 500 direct permanent jobs to be created from the Carangas Project. |
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