Our Assets
Mineral Resources and Ore Reserves
Mineral Resources
As at 30 June 2025, Mineral Resources, inclusive of Ore Reserves, were estimated to contain 3.6 million ounces of gold and 86 million ounces of silver. This represents a decrease from 30 June 2024 of 16% gold and 25% silver due to mining depletion at Chatree, reporting with Reasonable Prospects for Eventual Economic Extraction (RPEEE) economic shells at US$2800 gold per oz and US$36 silver per oz, revised geological modelling, initial reporting of Chatree South-East Complex and estimation updates for both Chatree and Nueva Esperanza.
Mineral Resources (inclusive of Ore Reserves)1, 2, 3, 4
| Total Mineral Resources | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Measured Resources | Indicated Resources | Inferred Resources | June 2025 | June 2024 | |||||||||||||||
| Tonnes | Grade | Tonnes | Grade | Tonnes | Grade | Tonnes | Grade | Contained Metal | Tonnes | Grade | Contained Metal | ||||||||
| Au | Ag | Au | Ag | Au | Ag | Au | Ag | Au | Ag | Au | Ag | Au | Ag | ||||||
| Deposit | Mt | g/t | g/t | Mt | g/t | g/t | Mt | g/t | g/t | Mt | g/t | g/t | Moz | Moz | Mt | g/t | g/t | Moz | Moz |
| CHATREE | |||||||||||||||||||
| Open Pit5 | 16.6 | 0.75 | 6.7 | 73.3 | 0.75 | 5.8 | 23.7 | 0.62 | 3.9 | 113.6 | 0.72 | 5.5 | 2.64 | 20.1 | 171.7 | 0.68 | 5.5 | 3.77 | 30.5 |
| Stockpiles | 3.6 | 0.43 | 7.3 | – | – | – | – | – | – | 3.6 | 0.43 | 7.3 | 0.05 | 0.8 | 3.7 | 0.44 | 7.6 | 0.05 | 0.9 |
| South-East Complex6 | – | – | – | 13 | 0.66 | 4.5 | 13.9 | 0.61 | 5.1 | 26.9 | 0.63 | 4.8 | 0.55 | 4.2 | – | – | – | – | – |
| NUEVA ESPERANZA | |||||||||||||||||||
| Open Pit7 | – | – | – | 25 | 0.36 | 69 | 4.4 | 0.5 | 38 | 29.4 | 0.38 | 64 | 0.36 | 60.7 | 39.4 | 0.39 | 66.0 | 0.49 | 83.4 |
| Total Mineral Resources | 173.5 | 0.65 | 15.4 | 3.60 | 85.8 | 214.8 | 0.62 | 16.6 | 4.31 | 114.8 | |||||||||
- Reported on a 100% basis.
- Tonnes, grade and metal information has been rounded to two significant figures which may cause some apparent discrepancies in totals
- Tonnes are reported on a dry metric tonnes basis
- Mineral Resources are inclusive of those Mineral Resources modified to produce the Ore Reserves
- Reported above a cut-off grade of 0.3g/t Au within a RPEEE shell with assumed prices US$2800/oz Au and US$36/oz Ag
- Reported above a cut-off grade of 0.3g/t Au within a RPEEE shell with assumed prices US$2800/oz Au and US$36/oz Ag
- Reported above cut-off criteria of Arqueros NSR$21 US$/t, Chimberos NSR$21 US$/t and Teterita 33g/t Ag within a RPEEE shell with assumed prices US$2800/oz Au and US$36/oz Ag
Ore Reserves
As at 30 June 2025, Ore Reserves were estimated to contain 1.5 million ounces of gold and 51 million ounces of silver. This represents a decrease from 30 June 2024 of 6% gold and 16% silver due mining depletion at Chatree, and revised input assumptions and changes to underlying geological models.
Ore Reserves1, 2, 3, 4, 5
| Total Ore Reserves | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Proved Reserves | Probable Reserves | June 2025 | June 2024 | |||||||||||||
| Tonnes | Grade | Tonnes | Grade | Tonnes | Grade | Contained Metal | Tonnes | Grade | Contained Metal | |||||||
| Au | Ag | Au | Ag | Au | Ag | Au | Ag | Au | Ag | Au | Ag | |||||
| Deposit | Mt | g/t | g/t | Mt | g/t | g/t | Mt | g/t | g/t | Moz | Moz | Mt | g/t | g/t | Moz | Moz |
| CHATREE | ||||||||||||||||
| Open Pit6 | 10.0 | 0.79 | 7.2 | 37.9 | 0.79 | 6.3 | 48.0 | 0.79 | 6.5 | 1.22 | 10.0 | 49.4 | 0.78 | 7.2 | 1.24 | 11.5 |
| Stockpiles | – | – | – | 3.6 | 0.43 | 7.3 | 3.6 | 0.43 | 7.3 | 0.05 | 0.8 | 3.7 | 0.44 | 7.6 | 0.05 | 0.91 |
| NUEVA ESPERANZA | ||||||||||||||||
| Open Pit7 | – | – | – | 15.8 | 0.37 | 78 | 15.8 | 0.37 | 78.0 | 0.19 | 39.7 | 17 | 0.5 | 87 | 0.3 | 47.8 |
| Total Ore Reserves | 67.4 | 0.67 | 23.3 | 1.5 | 50.5 | 70.1 | 0.69 | 26.6 | 1.59 | 60.2 | ||||||
- Reported on a 100% basis
- Ore delivered to processing facility
- Tonnes, grade and metal information has been rounded to two significant figures which may cause some apparent discrepancies in totals
- Tonnes are reported on a dry metric tonnes basis
- Updated reserve models are based on updated resource models
- Determined using a cut-off grade of NSR$16.16 based on a gold price of US$1950/oz and a silver price of US$26/oz
- Determined using a cut-off grade of Arqueros NSR$21 US$/t, Chimberos NSR$21 US$/t and Teterita NSR$24.5 US$/t based on a gold price of US$1950/oz and a silver price of US$26/oz
- The information is extracted from the report entitled Mineral Resources and Ore Reserves Statement October 2025 published on 10 October 2025 and is available to view on this website. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.