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NI 43-101 Technical Report for Warintza Project, Ecuador - 2022

Warintza In-Pit Mineral Resource Estimate Summary and Cut-Off Grade Sensitivity

Cut-off Category Tonnage Grade Contained Metal
CuEq
(%)		   (Mt) CuEq
(%)		 Cu
(%)		 Mo
(%)		 Au
(g/t)		 CuEq
(Mt)		 Cu
(Mt)		 Mo
(Mt)		 Au
(Moz)
0.2% Indicated 736 0.52 0.40 0.02 0.05 3.84 2.95 0.18 1.11
Inferred 1,558 0.37 0.31 0.01 0.03 5.80 4.80 0.19 1.63
0.3%
(Base)		 Indicated 579 0.59 0.47 0.03 0.05 3.45 2.70 0.15 0.93
Inferred 887 0.47 0.39 0.01 0.04 4.17 3.48 0.13 1.08
0.4% Indicated 442 0.67 0.54 0.03 0.05 2.97 2.38 0.12 0.77
Inferred 539 0.55 0.47 0.01 0.04 2.96 2.53 0.08 0.71
‘Indicative Starter Pit’
0.6% Indicated 180 0.82 0.67 0.03 0.07 1.49 1.20 0.06 0.38
Inferred 107 0.73 0.64 0.02 0.05 0.79 0.69 0.02 0.17
  1. The mineral resource estimates are reported in accordance with the CIM Definition Standards for Mineral Resources & Mineral Reserves, adopted by CIM Council May 10, 2014.
  2. Reasonable prospects for eventual economic extraction assume open-pit mining with conventional flotation processing and were tested using NPV Scheduler™ pit optimization software with the following assumptions: metal prices of US$3.50/lb Cu, US$15.00/lb Mo, and US$1,500/oz Au; operating costs of US$1.50/t + US$0.02/t per bench for mining, US$4.50/t milling, US$0.90/t G&A; recoveries of 90% Cu, 85% Mo, and 70% Au.
  3. Resource includes grade capping and internal dilution. Grade was interpolated by ordinary kriging populating a block model with block dimensions of 25m x 25m x 15m.
  4. The ‘Indicative Starter Pit’ is based on the same assumptions as the Resource except utilized metal prices of US$1.00/lb Cu, US$7.50/lb Mo, and US$750/oz Au. No economic analysis has been completed by the Company and there is no guarantee an indicative starter pit will be realized or prove to be economic.
  5. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
  6. Copper equivalent assumes recoveries of 90% Cu, 85% Mo, and 70% Au based on preliminary metallurgical testwork, and metal prices of US$3.50/lb Cu, US$15.00/lb Mo, and US$1,500/oz Au. CuEq formula: CuEq (%) = Cu (%) + 4.0476 × Mo (%) + 0.487 × Au (g/t).
  7. The Qualified Person is Mario E. Rossi, FAusIMM,RM-SME, Principal Geostatistician of Geosystems International Inc.
  8. All figures are rounded to reflect the relative accuracy of the estimate.
  9. The effective date of the mineral resource estimate is April 1, 2022.

The corresponding technical report entitled "NI 43-101 Technical Report for the Warintza Project, Ecuador" with an effective date of April 1, 2022 is available on SEDAR under the Company's profile at www.sedar.com. The technical report disclosing the mineral resource estimate in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects was prepared by Qualified Person, Mario E. Rossi, FAusIMM,RM-SME, Principal Geostatistician of Geosystems International Inc.