Reserves & Resources

Mineral Resource Estimate as of December 31, 2020

Project Deposit Type Measured Indicated Measured & Indicated Inferred
Tonnes
(kt)
Grade
(g/t)
Au
metal
(koz)
Tonnes
(kt)
Grade
(g/t)
Au
metal
(koz)
Tonnes
(kt)
Grade
(g/t)
Au
metal
(koz)
Tonnes
(kt)
Grade
(g/t)
Au
metal
(koz)
Segvoia Providencia LTR 218 18.5 130 237 14.9 114 455 16.6 243 171 9.9 55
Pillars 109 22.3 78 99 10.2 32 208 16.5 110 384 19.8 245
Sandra K LTR 413 10.0 132 413 10.0 132 384 9.9 122
Pillars 156 11.1 56 156 11.1 56 17 27.5 15
El Silencio LTR 1,277 9.8 404 1,277 9.8 404 1,279 9.0 371
Pillars 1,326 10.6 454 1,326 10.6 454 395 11.4 145
Verticales LTR 771 7.1 176
Carla LTR 132 6.0 25 132 6.0 25 260 9.7 81
December 31, 2020(1) 327 19.8 208 3.639 10.4 1.217 3.967 11.2 1.425 3.661 10.3 1,209

1) The Mineral Resources are reported at an in situ cut-off grade of 2.9 g/t Au over a 1.0 m mining width, which has been derived using a gold price of US$1,700 per ounce and suitable benchmarked technical and economic parameters for the existing underground mining (mining = US$85.0/t, processing = US$24.0/t, G&A = US$24.0/t, Royalties = US$11.1/t) and conventional gold mineralized material processing (90.5%). Each of the mining areas have been sub-divided into Pillar areas (“Pillars”), which represent the areas within the current mining development, and long-term resources (“LTR”), which lie along strike or down dip of the current mining development. Mineral Resources are reported inclusive of the Mineral Reserve. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate. All composites have been capped where appropriate.

Mineral Reserve Estimate as of December 31, 2020

Area Category Tonnes (kt) Grade (g/t) Au
metal
(koz)
Providencia Proven 187 13.9 83
Probable 176 10.4 59
Sandra K Probable 273 9.1 79
El Silencio Probable 1.472 8.3 394
Carla Probable 88 6.3 18
December 31, 2020 (1) Total 2.196 9.0 633

1) Ore reserves are reported using a gold cutoff grade ranging from 3.11 to 3.86 g/t depending on mining area and mining method. The cutoff grade calculations assume a $1,600/oz Au price, 90.5% metallurgical recovery, $6/oz smelting and refining charges, $24/t G&A, $24/t processing cost, and projected LOM mining costs ranging from $85/t to $110/t. The reserves are valid as of December 31, 2020. Mining dilution is applied to a minimum mining height and estimated overbreak (values differ by area/mining method) using a zero grade. Reserves are inclusive of Mineral Resources. All figures are rounded to reflect the relative accuracy of the estimates. Totals may not sum due to rounding. Mineral Reserves have been stated on the basis of a mine design, mine plan, and economic model. There are potential survey unknowns in some of the mining areas and lower extractions have been used to account for these unknowns. The Mineral Reserves were estimated by Fernando Rodrigues, BS Mining, MBA, MMSAQP #01405, MAusIMM #304726 of SRK, a Qualified Person.