See press release dated December 7, 2021 for details regarding Los Ricos North Mineral Resource Estimates. See press release dated July 29, 2020 for details regarding Los Ricos South Mineral Resource Estimates and Mineral Reserve Estimates. The NI 43-101 Technical Report on Los Ricos is available on SEDAR and below.
Los Ricos North

Table 1: Los Ricos North Mineral Resource Estimate (1-11)

Deposit

Tonnes

Average Grade

Contained Metal

Au

Ag

Cu

Pb

Zn

AuEq

AgEq

Au

Ag

Cu

Pb

Zn

AuEq

AgEq

 

(Mt)

(g/t)

(g/t)

(%)

(%)

(%)

(g/t)

(g/t)

(koz)

(koz)

(Mlb)

(Mlb)

(Mlb)

(koz)

(koz)

Indicated:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

El Favor

7.7

0.27

98

-

-

-

1.61

119

68

24,413

-

-

-

399

29,454

Casados

3.2

0.42

124

-

-

-

2.09

154

43

12,871

-

-

-

218

16,061

La Trini

3.1

0.54

74

-

-

-

1.54

114

54

7,428

-

-

-

155

11,424

Mololoa

0.4

0.36

130

-

-

-

2.12

157

5

1,788

-

-

-

29

2,161

Silver-Gold Oxide Zone

14.5

0.37

100

-

-

-

1.71

127

171

46,500

-

-

-

801

59,100

El Orito Sulfide Zone1

7.8

0.06

28

0.11

0.88

1.33

1.55

114

15

7,011

19

151

229

389

28,708

Total Indicated

22.3

 

 

 

 

 

1.66

122

186

53,510

 

 

 

1,190

87,808

Inferred:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

El Favor

12.4

0.27

89

-

-

-

1.47

108

106

35,505

-

-

-

587

43,350

Casados

1.8

0.35

108

-

-

-

1.82

135

21

6,323

-

-

-

106

7,843

La Trini

0.1

0.43

108

-

-

-

1.89

139

1

201

-

-

-

4

260

Mololoa

0.7

0.39

94

-

-

-

1.66

122

9

2,102

-

-

-

37

2,739

Silver-Gold Oxide Zone

15.0

0.28

91

-

-

-

1.52

112

136

44,131

-

-

-

734

54,191

El Orito Sulfide Zone1

5.5

0.06

28

0.12

0.74

1.20

1.46

108

11

4,888

15

90

146

258

19,007

Total Inferred

20.5

 

 

 

 

 

1.51

111

148

49,019

 

 

 

992

73,198
 
  1. El Orito is a silver-base metal sulfide zone, all other deposits are silver-gold oxide zones.
  2. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
  3. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
  4. The Mineral Resources in this news release were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines (2014) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council and CIM Best Practices (2019).
  5. Historically mined areas were depleted from the Mineral Resource model.
  6. Approximately 98.9% of the indicated and 91.3% of the Inferred contained AgEq ounces are pit constrained, with the remainder out-of-pit.See tables 4 and 6 for details of the split between pit constrained and out-of-pit deposits.
  7. The pit constrained AgEq cut-off grade of 29 g/t Ag was derived from US$1,550/oz Au price, US$21/oz Ag price, $3.66$/lb Cu, $0.90 $/lb Pb, $1.26 $/lb Zn, 93% process recovery for Ag and Au, 90% process recovery for Cu, 80% process recovery for Pb and Zn, US$18/tonne process and G&A cost. The constraining pit optimization parameters were $2.00/t mineralized mining cost, $1.50/t waste mining cost and 50-degree pit slopes.
  8. The out-of-pit AuEq cut-off grade of 119 g/t Ag was derived from US$1,550/oz Au price, US$21/oz Ag price, $3.66$/lb Cu, $0.90 $/lb Pb, $1.26 $/lb Zn, 93% process recovery for Ag and Au, 90% process recovery for Cu, 80% process recovery for Pb and Zn, $57/t mining cost, US$18/tonne process and G&A cost. The out-of-pit Mineral Resource grade blocks were quantified above the 119 g/t AgEq cut-off, below the constraining pit shell within the constraining mineralized wireframes and exhibited sufficient continuity to be considered for cut and fill and longhole mining
  9. No Mineral Resources are classified as Measured.
  10. AgEq and AuEq calculated at an Ag/Au ratio of 73.8:1.
  11. Totals may not agree due to rounding

Figure 1: Pit Constrained Cut-off Sensitivities

Table 2: Cut-off Sensitivities – Pit Constrained Mineral Resource1

 

Cut-off

(AgEq)

Tonnes

Average Grade

Contained Metal

Pit Constrained

Au

Ag

AuEq

AgEq

Au

Ag

AuEq

AgEq

 

 (g/t)

(Mt)

(g/t)

(g/t)

(g/t)

(g/t)

(koz)

(koz)

(koz)

(koz)

Indicated

 50

 17.0

0.31

89

 1.99

147

 170

48,811

1,088

 80,288

 40

 19.5

0.28

81

 1.81

134

 177

51,061

1,138

 83,951

 29

 22.1

0.26

74

 1.65

122

 183

52,886

1,177

 86,862

 20

 23.7

0.24

70

 1.57

116

 185

53,681

1,194

 88,106

Inferred

 50

 14.7

0.26

85

 1.74

129

 121

40,312

823

 60,735

 40

 17.2

0.23

78

 1.58

116

 128

42,834

872

 64,380

 29

 19.4

0.21

71

 1.45

107

 133

44,456

905

 66,814

 20

 20.8

0.20

68

 1.38

102

 135

45,181

921

 67,951
  1. See Table 1 notes for assumptions
Los Ricos South

Table 1: Los Ricos South Mineral Resource Estimate – Pit Constrained and Out-of-Pit(Note1-8)

Mining Method Category Tonnes Average Grade Contained Metal
Au Ag AuEq AgEq Au Ag AuEq AgEq
(Mt) (g/t) (g/t) (g/t) (g/t) (koz) (koz) (koz) (koz)

Pit Constrained5

 Measured 1.1 1.10 152 2.84 249 39 5,464 102 8,917
Indicated 8.7 0.89 113 2.18 191 247 31,681 610 53,330
Measured & Indicated 9.8 0.91 118 2.26 197 287 37,146 711 62,243
Inferred 2.3 0.75 73 1.58 138 56 5,421 118 10,296
Out-of-Pit6,7 Indicated 0.2 1.23 185 3.35 293 6 907 16 1,434
Inferred 0.9 1.21 209 3.60 315 37 6,360 110 9,588
Total Measured 1.1 1.10 152 2.84 249 39 5,464 102 8,917
Indicated 8.8 0.89 115 2.20 193 253 32,588 626 54,765
Measured & Indicated 10.0 0.91 119 2.27 199 293 38,053 728 63,677
Inferred 3.3 0.88 112 2.17 190 93 11,781 227 19,884
  1. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
  2. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
  3. The Mineral Resources in this news release were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
  4. Historically mined areas were depleted from the Mineral Resource model.
  5. The pit constrained AuEq cut-off grade of 0.43 g/t Au was derived from US$1,400/oz Au price, US$16/oz Ag price, 93% process recovery, US$18/tonne process and G&A cost. The constraining pit optimization parameters were $2.00/t mineralized mining cost, 1.50/t waste mining cost and 50-degree pit slopes.
  6. The out-of-pit AuEq cut-off grade of 1.4 g/t Au was derived from US$1,400/oz Au price, US$16/oz Ag price, 93% process recovery, $40/t mining cost, US$18/tonne process and G&A cost. The out-of-pit Mineral Resource grade blocks were quantified above the 1.4 g/t AuEq cut-off, below the constraining pit shell and within the constraining mineralized wireframes. Out–of-Pit Mineral Resources are restricted to the Los Ricos and Rascadero Veins, which exhibit historical continuity and reasonable potential for extraction by cut and fill and longhole mining methods.
  7. No out-of-pit Mineral Resources are categorized as Measured.
  8. AgEq and AuEq calculated at an Ag/Au ratio of 87.5

43-101 Technical Report

 

Table 2: Cut-off Sensitivities – Pit Constrained Mineral Resource

  Cut-off
(AuEq)		 Tonnes Average Grade Contained Metal
Au Ag AuEq AgEq Au Ag AuEq AgEq
 (g/t) (Mt) (g/t) (g/t) (g/t) (g/t) (koz) (koz) (koz) (koz)
Measured  3.0  0.4  2.20  293  5.54  485  26  3,517  67  5,828
 2.0  0.6  1.79  238  4.51  395  32  4,295  81  7,119
 1.0  0.9  1.33  181  3.39  297  38  5,146  97  8,453
 0.8  1.0  1.24  170  3.18  279  39  5,285  99  8,660
 0.6  1.0  1.16  160  2.99  261  39  5,394  101  8,818
 0.43  1.1  1.10  152  2.84  249  39  5,464  102  8,917
Indicated  3.0  1.8  2.33  270  5.42  474  131  15,250  306  26,741
 2.0  3.1  1.74  209  4.13  361  174  20,866  413  36,107
 1.0  6.0  1.17  145  2.83  248  227  28,104  548  47,950
 0.8  6.9  1.06  133  2.58  225  236  29,578  574  50,240
 0.6  8.0  0.95  121  2.33  204  244  30,943  597  52,275
 0.43  8.7  0.89  113  2.18  191  247  31,681  610  53,330
Measured & Indicated  3.0  2.1  2.31  274  5.44  476  158  18,766  372  32,568
 2.0  3.7  1.75  213  4.19  366  207  25,161  494  43,231
 1.0  6.9  1.19  150  2.90  254  265  33,250  645  56,399
 0.8  7.9  1.08  137  2.65  232  275  34,864  673  58,895
 0.6  9.0  0.98  125  2.41  211  283  36,338  698  61,087
 0.43  9.8  0.91  118  2.26  197  287  37,146  711  62,243
Inferred  3.0 0.2  1.83 246  4.64 406 12  1,598 30  2,635
 2.0 0.4  1.38 181  3.44 301 20  2,613 50  4,355
 1.0 1.5  0.96 93  2.02 177 47  4,553 99  8,691
 0.8 1.8  0.88 85  1.85 162 51  4,905 107  9,388
 0.6 2.1  0.81 78  1.69 148 54  5,215 114  9,946
 0.43  2.3  0.75  73  1.58  138  56  5,421  118  10,296
  1. See Table 1 notes for assumptions

 
Table 3: Cut-off Sensitivities – Out-of-Pit Mineral Resource

  Cut-off
(AuEq)		 Tonnes Average Grade Contained Metal
Au Ag AuEq AgEq Au Ag AuEq AgEq
 (g/t) (Mt) (g/t) (g/t) (g/t) (g/t) (koz) (koz) (koz) (koz)
Indicated 3.0  0.1  1.69  281  4.90  429  3  565  10  864
2.5  0.1  1.56  243  4.34  379  4  663  12  1,036
2.0  0.1  1.35  201  3.65  319  6  818  15  1,296
1.8  0.2  1.23  185  3.35  293  6  907  16  1,434
1.6  0.2  1.12  169  3.05  267  7  1,008  18  1,592
1.39  0.2  1.02  154  2.78  243  7  1,114  20  1,759
Inferred  3.0  0.4  2.04  334  5.86  512  24  3,886  68  5,963
 2.5  0.5  1.77  293  5.12  448  27  4,466  78  6,832
 2.0  0.7  1.38  233  4.05  355  33  5,616  98  8,528
 1.8  0.9  1.21  209  3.60  315  37  6,360  110  9,588
 1.6  1.1  1.09  191  3.27  286  40  7,015  120  10,526
 1.39  1.4  0.98  173  2.96  259  44  7,726  132  11,548
  1. See Table 1 notes for assumptions
  2. No Mineral Resources are categorized as Measured in the out-of-pit area.
Parral

Proven & Probable Mineral Reserves – Parral

Category Tonnes Average Grade Contained Metal
Au Ag AuEq AgEq Au Ag AuEq AgEq
  (Mt) (g/t) (g/t) (g/t) (g/t) (koz) (koz) (koz) (koz)
Proven  8.7  0.35  31.7 0.77 58  76  6,897 168  12,532
Probable  6.0  0.35  33.6 0.81 60  68  6,525 157  11,554
Total  12.8  0.35  32.6 0.79 58  144  13,422 325  24,086
  1. Mineral Reserves have demonstrated economic viability. The estimate of Mineral Reserves may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant issues.
  2. The Mineral Reserves in this press release were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
  3. The Mineral Reserve in this estimate are based on US$1,625/oz Au, US$22/oz Ag, operating costs of US$9.95/t and Au and Ag process recoveries of 65% resulting in a AuEq cut-off grade of 0.30g/t, calculated at an Ag/Au ratio of 73.8:1.
Esmerelda

Mineral Resource Estimate – Esmerelda

Category Area Tonnes Average Grade Contained Metal
Au Ag AgEq Au Ag AgEq
    (Mt) (g/t) (g/t) (g/t) (koz) (koz) (koz)
Measured Upper  3.07  0.24  64  85  23.5  6,339  8,395
Lower  2.60  0.29  32  57  24.6  2,646  4,799
Total  5.67  0.26  49  72  48.1  8,985 13,194
Indicated Upper  0.01  0.18  62  78  -    12  14
Lower  0.05  0.22  46  65  0.3  68  97
Total  0.05  0.00  48  67  0.3  80  112
Measured & Indicated Total  5.72  0.26  49  72  48.4  9,065  13,305
  1. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant issues.
  2. The Mineral Resources in this press release were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
  3. The Mineral Resource in this estimate are based on US$1,400/oz Au, US$16/oz Ag, operating costs of US$10.14/t and Au and Ag process recoveries of 50% resulting in a AgEq cut-off grade of 41 g/t, calculated at an Ag/Au ratio of 87.5:1.
Company Wide Mineral Resources

Deposit

Tonnes

Average Grade

Contained Metal

Au

Ag

Cu

Pb

Zn

AuEq

AgEq

Au

Ag

Cu

Pb

Zn

AuEq

AgEq

 

(Mt)

(g/t)

(g/t)

(%)

(%)

(%)

(g/t)

(g/t)

(koz)

(koz)

(Mlb)

(Mlb)

(Mlb)

(koz)

(koz)

Measured:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LRS1

1.1

1.10

152

-

-

-

2.84

249

39

5,464

-

-

-

102

8,917

Parral2

6.8

0.35

32

-

-

-

0.77

58

76

6,897

-

-

-

168

12,532

Esmerelda3

 5.7

 0.26

 49

-

-

-

0.82

72

48

 8,985

-

-

-

151

13,194

Total Measured

13.6

0.37

49

-

-

-

1.07

79

163

21,346

-

-

-

421

34,643

Indicated:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LRN Oxide1

14.5

0.37

100

-

-

-

1.71

127

171

46,500

-

-

-

801

59,100

LRS (Oxide)1

8.8

0.89

115

-

-

-

2.20

193

253

32,588

-

-

-

626

54,765

LRN Sulfide1

7.8

0.06

28

0.11

0.88

1.33

1.55

114

15

7,011

19

151

229

389

28,708

Parral2

6.0

0.35

34

-

-

-

0.81

60

68

6,525

-

-

-

157

11,554

Esmerelda3

 0.1

 0.00

48

-

-

-

0.77

67

-

80

-

-

-

1

112

Total Indicated

37.2

 

 

 

 

 

1.75

129

507

92,704

 

 

 

1,974

154,239

Measured & Indicated

50.8

 

 

 

 

 

1.57

116

670

114,050

 

 

 

2,395

188,882

Inferred:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LRN Oxide1

15.0

0.28

91

-

-

-

1.52

112

136

44,131

-

-

-

734

54,191

LRS (Oxide)1

3.3

0.88

112

-

-

-

2.17

190

93

11,781

-

-

-

227

19,884

LRN Sulfide1

5.5

0.06

28

0.12

0.74

1.20

1.46

108

11

4,888

15

90

146

258

19,007

Total Inferred

23.8

 

 

 

 

 

1.65

122

240

60,800

 

 

 

1,219

93,082
  1. See tables above for LRN and LRS assumptions.
  2. Parral Mineral Resources are inclusive of Mineral Reserves
  3. Esmerelda Mineral Resources are based on US$1,400/oz Au, US$16/oz Ag, operating costs of US$10.14/t and Au and Ag process recoveries of 50% resulting in a AgEq cut-off grade of 41 g/t, calculated at an Ag/Au ratio of 87.5:1.

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