Exploration

Ore Reserves and
Mineral Resources

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Ore Reserves and Mineral Resources (including Competent Persons Statement)

as at 30 June 2023

Source	Category	Tonnes	Grade		Contained Metal
			Gold	Silver	Gold	Silver
		(Million)	(g/t)	(g/t)	(M oz)	(M oz)

CHATREE	Proved	31	0.85	7.6	0.85	7.5
	Probable	20	0.67	7.0	0.43	4.4
	Total	51	0.77	7.3	1.28	11.9

NUEVA ESPERANZA	Proved	–	–	–	–	–
	Probable	17	0.50	87	0.30	47.8
	Total	17	0.50	87	0.30	47.8

TOTAL	Proved	31	0.85	7.6	0.85	7.5
TOTAL	Probable	37	0.59	42.8	0.73	52.2

TOTAL PROVED AND PROBABLE ORE RESERVES		68	0.71	27	1.58	59.7

Source	Resource	Tonnes	Grade		Contained Metal
	Classification		Gold	Silver	Gold	Silver
		(Million)	(g/t)	(g/t)	(M oz)	(M oz)
CHATREE	Measured	73.2	0.69	6.20	1.63	14.6
	Indicated	49.8	0.64	5.58	1.02	8.9
	Inferred	40.6	0.59	4.50	0.77	5.9
	Total	163.6	0.65	5.59	3.42	29.4

NUEVA ESPERANZA	Measured	1.6	0.01	93	0.0005	4.8
	Indicated	27.2	0.46	73	0.40	63.8
	Inferred	10.6	0.30	43	0.09	14.8
	Total	39.4	0.39	66	0.49	83.4

TOTAL	Measured	74.8	0.68	8.06	1.63	19.4
	Indicated	77.0	0.58	29.4	1.42	72.7
	Inferred	51.2	0.53	12.5	0.86	20.7

TOTAL MEASURED, INDICATED AND INFERRED MINERAL RESOURCES		203.0	0.60	17.3	3.91	112.8

Rounding errors are apparent.
Chatree metallurgical recoveries: 83.3% Au and 38.7% Ag based on metallurgical test work and plant performance.
Chatree Mineral Resources are reported at cut-off of 0.30 g/t Au.
Chatree Ore Reserves were estimated using a projected gold price of US$1,700/oz and silver price of US$22/oz and are reported at a cut-off grade of 0.35 g/t Au.
Nueva Esperanza metallurgical recoveries: 80% Au and 84% Ag estimated from test work by Kingsgate.
Nueva Esperanza Mineral Resource cut off is 0.5g/t gold equivalent, based on long term historical prices of US$1,200/oz for gold and US$19.00 for silver and combined life of mine average metallurgical recoveries of 80% Au and 84% Ag estimated from test work by Kingsgate giving the following formula: AuEq (g/t) = Au (g/t) + Ag
(g/t) ÷ 60. It is Kingsgate’s opinion that all elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.
Nueva Esperanza Ore Reserves are based on a floating cut-off grade method. In this method each Resource block is subjected to a series of estimates to generate revenue and cost fields that are used to determine a breakeven cut-off grade.