Reserves and Resources

Reserves - Proven and Probable

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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 2,458 52 1.27 0.89 3.16 0.58 - - 7.55 4 69 48 171 46 - 409
Probable 5,775 44 1.07 0.70 3.00 0.47 - - 6.66 8 136 89 382 86 - 847
Proven & Probable 8,233 46 1.13 0.75 3.05 0.50 - - 6.92 12 205 137 553 132 - 1,257
Bolivar Proven - - - - - - - - - - - - - - - - -
Probable 7,184 13.2 0.68 - - 0.22 - 0.86 - 3.0 108.3 - - 51.6 - 144 -
Proven & Probable 7,184 13 0.68 - - 0.22 - 0.86 - 3 108 - - 52 - 136 -
Total Proven & Probable 15,416 31 0.92 0.40 1.63 0.37 15 313 137 553 184 - 136 1,257
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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 3,455 66 1.31 1.17 3.47 0.71 - - 8.44 7 100 89 265 78 - - 643
Indicated 8,989 46 1.30 0.70 2.80 0.60 - - 7.02 13 258 139 555 173 - - 1,391
Measured & Indicated 12,444 51 1.30 0.83 2.99 0.63 - - 7.41 21 358 228 820 251 - - 2,034
Bolivar Measured - - - - - - - - - - - - - - - - -
Indicated 19,352 15 0.77 - - 0.21 - 0.96 - 9 329 - - 128 - 410 -
Measured & Indicated 19,352 15 0.77 - - 0.21 - 0.96 - 9 329 - - 128 - 410 -
Cusi Measured 362 225 - 0.55 0.68 0.13 268 - - 3 - 4 5 2 3 - -
Indicated 3,682 224 - 0.67 0.69 0.22 276 - - 26 - 55 56 26 33 - -
Measured & Indicated 4,044 224 - 0.66 0.69 0.21 276 - - 29 - 59 61 28 36 - -
Total Measured & Indicated 35,840 51 0.87 0.36 1.12 0.35 59 687 287 881 406 36 410 2,034

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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 0.58 - - 5.93 9 175 69 315 123 - - 867
Bolivar 21,387 14 0.78 - - 0.21 - 0.96 - 10 368 - - 146 - 453 -
Cusi 1,633 158 - 0.54 0.84 0.16 207 - - 8 - 19 30 8 11 - -
Total Inferred 29,652 29 0.83 0.13 0.53 0.29 27 544 88 345 277 11 453 867

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Notes:

The effective date of the Yauricocha mineral reserve and resource estimate is October 31, 2019. Details of the estimate were provided in the Company’s December 19, 2019 press release and in a NI 43-101 technical report filed on SEDAR on February 3, 2020.  Zinc equivalency is based on the following metal price assumptions: US$15.95/oz Ag, US$2.94/lb Cu, US$0.95/lb Pb, US$1.24/lb Zn and US$1,303/oz Au. Metallurgical recovery assumptions are variable between mineralization types, and are based on  actual plant data for 2019. The average is (where recovered) 76.4% Ag, 80.4% Cu, 88.6% Pb, 89.2% Zn, 17.2% 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, 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).