Operations

Total Bolivian Operating Mines

Sorocaya Exploration Asset

The effective date of the Mineral Resource and Reserve estimates at the Bolivian Producing Mines is January 1, 2023. The effective date of the Mineral Resource estimate at Soracaya is January 1, 2024. Production data for the calendar year 2023 has been included in Section 24 of the various NI 43-101 compliant technical reports for the Bolivian Producing Mines and shows the depletion and typical replenishment of resources and reserves over a calendar year.

Notes for Total Resources and Reserves:

1. The combined mineral resources and mineral reserves include all Bolivian mining operations including Bolivar, Porco and the Caballo Blanco group of mines which consist of the Colquechaquita, Tres Amigos and Reserva mines.
2. The Mineral Resource and Mineral Reserves Estimates were prepared for each operation using a zinc equivalent (ZnEq) cut-off grade and reporting silver equivalent (AgEq) grade that varies for each operation due to costs and economic parameters that are specific to each operation and are detailed within the footnotes for each as shown in the following tables.
3. AgEq grade information is presented in this table reflects metal prices of $21.00/oz Ag, $1.15/lb Zn, and $1.00/lb Pb.
4. Certain totals may not add due to the use of rounded numbers.

Note for Bolivar Resources and Reserves:

1. The Mineral Resource Estimate was prepared using a 10.6% zinc equivalent cut-off grade. Cut-off grades were derived from $25.20/oz silver, $1.38/lb zinc and $1.20/lb lead, and process recoveries of 91% for zinc, 70% for lead, and 89.7% for silver.
2. The Mineral Reserve Estimate was prepared using a 12.7% zinc equivalent cut-off grade, using the formula ZnEQV = Zn% + 0.7 x Pb% + 0.046 x Ag (g/t). This cut-off grade was based on current smelter agreements and metal prices of $21.00/oz silver, $1.15/lb zinc and $1.00/lb lead, total OPEX costs of $120.22/t based on 2022 actual costs plus capital costs of $48.68/t, with process recoveries of 91.0% for zinc, 70.0% for lead, and 89.7% for silver.
3. Bolivar and Porco Mines are part of the Illapa Joint Operation with COMIBOL. Bolivar and Porco are presented at 100% production, whereas the Company records 45% of revenues and expenses in its consolidated financial statements. The Joint Operation agreement is till 2028.

Note for Porco Resources and Reserves:

1. The Mineral Resource Estimate was prepared using a 11.2% zinc equivalent cut-off grade. Cut-off grades were derived from $25.2/oz silver, $1.38/lb zinc and $1.20/lb lead; and process recoveries of 94.3% for zinc, 75.6% for lead, and 88.6% for silver.
2. The Mineral Reserve Estimate was prepared using a 13.4% zinc equivalent cut-off grade, using the formula ZnEQV = Zn% + 1.14 x Pb% + 0.044 x Ag (g/t). This cut-off grade was based on current smelter agreements and metal prices of $21.00/oz silver, $1.15/lb zinc and $1.00/lb lead, total OPEX costs of $125.02/t based 2022 actual costs plus capital costs of $21.79/t, with process recoveries of 94.3% for zinc, 75.6% for lead, and 88.6% for silver.
3. Bolivar and Porco Mines are part of the Illapa Joint Operation with COMIBOL. Bolivar and Porco are presented at 100% production, whereas the Company records 45% of revenues and expenses in its consolidated financial statements. The Joint Operation agreement is till 2028.

Notes for Caballo Blanco Resources and Reserves:

1. Caballo Blanco Group of Mines consists of the Colquechaquita, Tres Amigos and Reserva mines.
2. The Mineral Resource Estimate was prepared using a 10.0% zinc equivalent cut-off grade. Cut-off grades were derived from $25.20/oz silver, $1.38/lb zinc and $1.20/lb lead; and process recoveries of 92.1% for zinc, 77.2% for lead and 90.8% for silver.
3. The Mineral Reserve Estimate was prepared using a 11.9% zinc equivalent cut-off grade, using the formula ZnEQV = Zn% + 1.22 x Pb% + 0.051 x Ag (g/t). This cut-off grade was based on current smelter agreements and metal prices of $21.00/oz silver, $1.15/lb zinc and $1.00/lb lead, total OPEX costs of $106.94/t based on 2022 actual costs plus capital costs of $42.33/t, with process recoveries of 92.1% for zinc, 77.2% for lead, and 90.8% for silver.

Notes for Sorocaya Resources:

1. The Mineral Resource estimate was prepared using a 10.0% zinc equivalent cut-off grade. Cut-off grades were derived from $25.20/oz silver, $1.38/lb zinc and $1.20/lb lead; and process recoveries of 92.1% for zinc, 77.2% for lead and 90.8% for silver.
2. A full technical report for Soracaya will be prepared in accordance with NI 43-101 and will be filed on SEDAR within 45 days of the news release dated August 21, 2024.