Reserves and Resources

Reserves - Proven and Probable

Reserves - Proven and Probable Contained Metal
Tonnes
(x1000)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
Au
(g/t)
AgEq
(g/t)
CuEq
(%)
ZnEq
(%)
Ag
(M oz)
Cu
(M lb)
Pb
(M lb)
Zn
(M lb)
Au
(K oz)
AgEq
(M oz)
CuEq
(M lb)
ZnEq
(M lb)
Yauricocha Proven 1,836 47 1.08 0.84 2.59 0.64 - 5.78 3 44 34 105 38 - - 234
Probable 7,081 49 1.23 0.75 2.38 0.49 - 5.72 11 192 117 372 112 - - 893
Proven & Probable 8,917 48 1.20 0.77 2.43 0.52 - 5.73 14 235 151 477 150 - - 1,127
Bolivar Proven - - - - - - - - - - - - - - - - -
Probable 7,925 19 0.86 - - 0.25 - 1.14 - 5 150 - - 64 - 199 -
Proven & Probable 7,925 19 0.86 - - 0.25 - 1.14 - 5 150 - - 64 - 199 -
Total Proven & Probable 16,842 34 1.04 0.41 1.29 0.39 19 386 151 477 213
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Resources - Measured and Indicated

Resources - Measured and Indicated Contained Metal
Tonnes
(x1000)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
Au
(g/t)
AgEq
(g/t)
CuEq
(%)
ZnEq
(%)
Ag
(M oz)
Cu
(M lb)
Pb
(M lb)
Zn
(M lb)
Au
(K oz)
AgEq
(M oz)
CuEq
(M lb)
ZnEq
(M lb)
Yauricocha Measured 3,094 70 1.72 1.23 3.20 0.79 - - 8.06 7 117 84 219 78 - - 550
Indicated 10,112 60 1.46 0.83 2.67 0.60 - - 6.63 19 326 185 595 196 - - 1,478
Measured & Indicated 13,206 62 1.52 0.92 2.79 0.65 - - 6.97 26 444 269 813 274 - - 2,028
Bolivar Measured - - - - - - - - - - - - - - - - -
Indicated 13,267 23 1.04 - - 0.30 - 1.37 - 10 304 - - 128 - 402 -
Measured & Indicated 13,267 23 1.04 - - 0.30 - 1.37 - 10 304 - - 128 - 402 -
Cusi Measured 362 225 - 0.55 0.68 0.13 269 - - 3 - 4 5 2 3 - -
Indicated 4,195 217 - 0.64 0.66 0.21 267 - - 29 - 59 61 28 36 - -
Measured & Indicated 4,557 218 - 0.63 0.66 0.20 267 - - 32 - 64 66 30 39 - -
Total Measured & Indicated 31,030 68 1.09 0.49 1.29 0.43 68 748 333 880 432
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Resources - Inferred

Resources - Inferred Contained Metal
Tonnes
(x1000)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
Au
(g/t)
AgEq
(g/t)
CuEq
(%)
ZnEq
(%)
Ag
(M oz)
Cu
(M lb)
Pb
(M lb)
Zn
(M lb)
Au
(K oz)
AgEq
(M oz)
CuEq
(M lb)
ZnEq
(M lb)
Yauricocha 6,632 43 1.19 0.47 2.16 0.55 - - 5.15 9 175 68 315 117 - - 753
Bolivar 8,012 22 0.96 - - 0.42 - 1.35 - 6 170 - - 108 - 238 -
Cusi 1,633 158 - 0.54 0.84 0.16 207 - - 8 - 19 30 8 11 - -
Total Inferred 16,277 44 0.96 0.24 0.96 0.45 23 344 87 345 234
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Notes:

The effective date of the Yauricocha mineral reserve and resource estimate is July 31, 2017. Details of the estimate are provided in a NI 43-101 technical report filed on SEDAR on November 10, 2017. Zinc equivalency is based on the following metal price assumptions: US$17.80/oz Ag, US$2.60/lb Cu, US$1.01/lb Pb, US$1.25/lb Zn and US$1,255/oz Au. Metallurgical recovery assumptions are variable between mineralization types, and are based on actual plant data for 2017. They range (where recovered) from 28-67% Ag, 39-65% Cu, 66-85% Pb, 89% Zn, 16-54% Au. The equivalency expression is designed to present an in-situ zinc equivalent, considering the recovered value of the other metals expressed in the value of zinc percent.
The equation is: ZnEq = ((Ag*Ag$*Agrec)+(Cu*Cu$*Curec)+(Pb*Pb$*Pbrec)+(Zn*Zn$*Znrec)+(Au*Au$*Aurec)) / (Zn$*Znrec).

The effective date of the Bolivar mineral reserve and resource estimate is October 31, 2017. Details of the estimate are provided in the Company’s May 22, 2018 press releases and a NI 43-101 technical report will be filed on SEDAR within 45 days of the May 22, 2018 press release. Measured, Indicated and Inferred Resources include Proven and Probable Reserves. Copper equivalent is based on the following metal prices: US$18.25/oz Ag, US3.00/lb Cu and US$1,291 Au. Totals for Proven and Probable are diluted for internal waste. Metallurgical recovery assumptions are based on actual plant data for 2017 and are 78% Ag, 83% Cu, and 64% Au. The equivalency expression is designed to present an in-situ copper equivalent, considering the recovered value of the other metals expressed in the value of copper percent.
The equation is: CuEq = ((Ag*Ag$*Agrec)+(Cu*Cu$*Curec)+(Au*Au$*Aurec)) / (Cu$*Curec).

The effective date of the Cusi mineral resource estimate is Aug 31, 2017. Details of the estimate are provided in a NI 43-101 technical report filed on SEDAR on February 12, 2018. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Silver equivalency is based on the following metal price assumptions: US$18.30/oz Ag, US$0.93/lb Pb, US$1.15/lb Zn and US$1,283/oz Au. Based on the historical production information for Cusi, the metallurgical recovery assumptions are 84% Ag, 86% Pb, 51% Zn, 57% Au. The equivalency expression is designed to present an in-situ silver equivalent, considering the recovered value of the other metals expressed in the value of silver g/t.
The equation is: AgEq = ((Ag*Ag$*Agrec)+(Pb*Pb$*Pbrec)+(Zn*Zn$*Znrec)+(Au*Au$*Aurec)) / (Ag$*Agrec).