Reserves & Resources

Warintza In-Pit Mineral Resources

Resource Tonnes CuEq (%) Cu (%) Copper (M lbs) Mo (%) Mo (M lbs) Au (g/t) Au (oz)
Inferred 123,760,200 0.70 0.56 1,516 0.03 77.5 0.06 238,600

The Warintza Mineral Resource estimate was reported in the “Resource Estimate Of The Warintza Central Cu-Mo Porphyry Deposit" prepared by Equity Exploration Consultants Ltd. with an effective date of December 13, 2019. The Warintza Central Mineral Resource statement has been prepared by Trevor Rabb, PGeo who is a qualified person as defined by NI 43-101. The resource is reported using a cut-off of 0.2% copper. Copper equivalent calculations were made for reporting purposes. Copper-equivalence calculated as: CuEq (%) = Cu (%) + 3.33 × Mo (%) + 0.73 × Au (g/t), utilizing metal prices of Cu - US$3.00/lb, Mo - US$10.00/lb and Au - US$1,500/oz. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

La Verde Mineral Resources

Resource Tonnes Cu (%) Ag (g/t) Au (g/t) Copper (M lbs)
Measured 57,527,000 0.45 2.94 0.05 571
Indicated 350,442,000 0.40 2.33 0.03 3,098
Total M&I 407,969,000 0.41 2.42 0.03 3,669
Inferred 337,838,000 0.37 1.94 0.02 2,748

The La Verde Mineral Resource estimate was reported in the "Technical Report, La Verde Copper Project, Michoacán State, Mexico" prepared by AMC Mining Consultants (Canada) Ltd. with an effective date of June 20, 2018. The resource is reported using a base-case cut-off grade of 0.2% copper. The cut-off grade of 0.2% copper is based on experience for similar open-pit projects and a mining conceptual study which used a metal price of US$2.50/lb copper and copper metal recovery of 92%. This Resource estimate is not constrained by a pit shell. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.