Reserves and Resources

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 4,904 56 1.13 0.83 2.59 0.59 - - 6.71 8.8 122.2 89.4 280.1 93.5 - - 725.2
Indicated 11,020 38 1.20 0.52 2.05 0.50 - - 5.77 13.6 291.1 126.7 498.9 178.0 - - 1,403.0
Measured & Indicated 15,924 44 1.30 0.62 2.22 0.53 - - 6.06 22.4 413.3 216.2 779.0 271.5 - - 2,128.2
Bolivar Measured - - - - - - - - - - - - - - - - -
Indicated 19,352 15.1 0.77 - - 0.21 - 0.95 - 9.4 328.7 - - 127.8 - 406.9 -
Measured & Indicated 19,352 15.1 0.77 - - 0.21 - 0.95 - 9.4 328.7 - - 127.8 - 406.9 -
Cusi Measured 850 213 - 0.26 0.30 0.06 231 - - 5.8 - 4.9 5.6 1.7 6.3 - -
Indicated 4,506 176 - 0.54 0.63 0.13 212 - - 25.5 - 53.4 62.3 18.5 30.7 - -
Measured & Indicated 5,356 182 - 0.49 0.58 0.12 215 - - 31.3 - 58.3 68.0 20.2 37.0 - -
Total Measured & Indicated 40,632 48 0.83 0.31 0.94 0.32 --63.1 742.0 274.5 847.0 419.5s 37.0 406.9 2,128

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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
11,633 27.5 1.40 0.31 0.95 0.45 - - 4.75 10.3 357.9 79.3 242.5 167.4 - - 1,219
Bolivar 21,387 14.2 0.78 - - 0.21 - 0.96 - 9.8 368.3 - - 145.6 - 453 -
Cusi
4,893 146 - 0.43 0.69 0.18 183 - - 23.0 - 46.1 74.8 27.2 28.8 - -
Total Inferred 37,913 35.3 0.87 0.15 0.38 0.28 43.1 726.2 125.4 317.3 340.7 28.8 453 1,219

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Notes:

*A PEA Technical Report was filed on November 5, 2020 for Bolivar and a PEA Press Release filed on November 18th for Yauricocha. In accordance with NI43-101 Rules the Bolivar Mine and Yauricocha Mine Mineral Reserves cannot be stated here. They will be reported as part of the NI 43-101. Mineral Reserve Reports or Prefeasibility Studies expected in early Q2 2021.

The effective date of the Yauricocha mineral Resource Estimate is June 30, 2020. Details of the estimate are provided in the Company’s November 18, 2019 press release and a NI 43-101 compliant technical report will be filed on SEDAR within 45 days. Zinc equivalency is based on the following metal price assumptions: US$18.24/oz Ag, US$3.05/lb Cu, US$0.91/lb Pb, US$1.06 Zn and US$1,502/oz Au.

Metallurgical recovery assumptions are variable between mineralization types, and are based on Yauricocha actual plant data. The average is (where recovered) 76% Ag, 75% Cu, 89% Pb, 89% Zn, 22% 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 December 31, 2019. Details of the estimate are provided in the Company’s March 31, 2020 press releases and a NI 43-101 technical report filed on SEDAR on May 14, 2020. Measured, Indicated and Inferred Resources include Proven and Probable Reserves. Copper equivalent is based on the following metal prices: US$17.82/oz Ag, US3.08/lb Cu and US$1,354 Au. Totals for Proven and Probable are diluted for internal waste. Metallurgical recovery assumptions are based on actual plant data for 2019 and are 78.6% Ag, 88% Cu, and 62.9% Au. The equivalency expression is designed to present an in-situ copper equivalent, considering the recovered value of the other metals expressed in the value of copper percent.
The equation is: CuEq = ((Ag*Ag$*Agrec)+(Cu*Cu$*Curec)+(Au*Au$*Aurec)) / (Cu$*Curec).

The effective date of the Cusi Mineral Resource estimate is Aug 31, 2020. Details of the estimate are provided in the Company’s November 18, 2019 press release and a NI 43-101 compliant technical report will be filed on SEDAR within 45 days. Mineral resources that are not mineral reserves do not have demonstrated economic viability.  Silver equivalency is based on the following metal price assumptions: US$20.00/oz Ag, US$0.91/lb Pb, US$1.07/lb Zn and US$1,541/oz Au. Based on the historical production information for Cusi, the metallurgical recovery assumptions are 87% Ag, 86% Pb, 51% Zn, 57% Au. The equivalency expression is designed to present an in-situ silver equivalent, considering the recovered value of the other metals expressed in the value of silver g/t.
The equation is: AgEq = ((Ag*Ag$*Agrec)+(Pb*Pb$*Pbrec)+(Zn*Zn$*Znrec)+(Au*Au$*Aurec)) / (Ag$*Agrec).