Resource Estimate

An Initial Mineral Resource Estimate has been defined for the Coneto Project comprising 286,000 oz gold and 19,111,000 oz silver in the Inferred Category, with tonnages and grades presented below. This resource is equivalent to 538,000 oz gold (news release: 27 October 2021).

The mineral resource estimate was prepared by Fresnillo and audited by SRK Consulting (Canada) Inc. to conform with generally accepted CIM Estimation of Mineral Resources and Mineral Reserves Best Practices Guidelines (November 2019) and are reported in accordance with the Canadian Securities Administrators’ National Instrument 43-101 and Form 43-101F1.

The mineral resource estimate is based on a database of 106 diamond drill holes, totaling 38,515 metres, drilled between 2010 and 2017, considering gold and silver recovery results from the 2021 metallurgical testing program (news release: 8 August 2021). Six separate zones on the Property were included in the mineral resource estimate.

* Mineral resources are not mineral reserves and have not demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate. Composites have been capped where appropriate. Mineral Resources are reported at a cut-off mineral value of US$74.30 per tonne. In-situ mineral values and gold equivalent grades are based on prices of US$1,500 per troy ounce of gold and US$21.50 per troy ounce of silver and metal recoveries specific to each vein ranging from 66% to 98% for gold and 69% to 90% for silver.

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