Cautionary Statement – Forward-Looking Statements
Certain statements contained in this AIF and the documents incorporated by reference into this AIF constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Section 21E of the United States Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Section 27A of the United States Securities Act of 1933, as amended (the “Securities Act”), and forward-looking information within the meaning of applicable Canadian securities legislation (collectively, “forward-looking statements”). All statements included herein, other than statements of historical fact, are forward-looking statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The forward-looking statements in this AIF include, without limitation, statements relating to:
| · | Mineral Reserves (as defined herein) and Mineral Resources (as defined herein) at the Caylloma, Lindero, and Séguéla Mines and at the Arizaro Project and the Diamba Sud gold project (“Diamba Sud Project”), as they involve implied assessment, based on estimates and assumptions that the Mineral Reserves and Mineral Resources described exist in the quantities predicted or estimated and can be profitably produced in the future; |
| · | estimated rates of production for gold, silver and the other metals that we produce, timing of production and the cash costs and all-in sustaining cash costs (“AISC”) estimates; |
| · | expectations with respect to metal grade estimates and the impact of any variations relative to metal grades experienced; |
| · | the Company’s anticipated financial and operational performance in 2026 and estimated production forecasts for 2026; |
| · | the Company's plans and expectations for its material properties and future Brownfields and Greenfields exploration, development and operating activities, including, without limitation, capital expenditures, exploration activities and budgets, forecasts and schedule estimates, as well as their impact on the results of operations or financial condition of the Company; |
| · | life of mine estimates for the Caylloma, Lindero, and Séguéla Mines; |
| · | timing for delivery of materials and equipment for the Company’s properties; |
| · | the sufficiency of the Company’s cash on hand and available credit lines and estimated cash flows to fund planned capital and exploration programs at its properties; |
| · | the potential future offerings of securities under the Base Shelf Prospectus or corresponding Registration Statement on Form F-10 and any Prospectus Supplement; |
| · | the Company’s financial performance being closely linked to the prices of silver and gold and other metals; |
| · | rising costs caused by the effect of the Iran – Israel and U.S. conflict, the Ukraine - Russian conflict and the Israel - Hamas war, causing increased rates of inflation and pressures on the global supply chain; |
| · | the anticipated rates of returns from mining projects, as reflected in preliminary economic assessments, pre-feasibility and feasibility studies or other reports prepared in relation to development of projects; |
| · | future sales of the metals and concentrates or other products that the Company produces, the availability and location of refineries and sales counterparts, and any plans and expectations with respect to hedging; |
| · | the Company’s plans and expectations in respect of the Diamba Sud Project regarding exploration activities to be undertaken, the projected economics of the project derived from the preliminary economic assessment; the plans for completing the early works program; the project development timeline to a final investment decision, the timing of the completion of a feasibility study, and the timing and costs for the development and construction the Project; |
| · | the Company’s expectations relating to timing for obtaining an environmental permit and exploitation permit and other permits at the Diamba Sud Project; |
| · | statements that future mining at the Séguéla Mine will include underground mining as well as open pit mining; |
