Mineral Resource estimate
SRK NI 43-101 Technical Report Mineral Resource Estimate, November 2, 2023
SRK CIM Compliant Mineral Resource Statement effective July 31, 2023 for the Lomero Project, Spain, reported based on Copper Equivalent CuEq(2)
| Average Grade | ||||||||
|---|---|---|---|---|---|---|---|---|
| Mining Type | Class | Tonnes (Mt) | Au (g/t) | Ag (g/t) | Cu (%) | Pb (%) | Zn (%) | CuEq (1%) |
| Open Pit | Indicated | 5.92 | 2.22 | 23 | 0.74 | 0.45 | 1.02 | 1.96 |
| Inferred | 1.93 | 1.79 | 24 | 0.28 | 0.60 | 1.22 | 1.47 | |
| Underground | Indicated | 1.82 | 2.45 | 28 | 0.41 | 0.50 | 1.07 | 1.74 |
| Inferred | 1.52 | 1.94 | 21 | 0.30 | 0.45 | 1.12 | 1.45 | |
| Lomero Project | Indicated | 565 | 2.27 | 25 | 0.66 | 0.46 | 1.03 | 1.91 |
| Inferred | 206 | 1.86 | 22 | 0.29 | 0.53 | 1.18 | 1.46 | |
| Metal Content | |||||||
|---|---|---|---|---|---|---|---|
| Mining Type | Class | Au (koz) | Ag (koz) | Cu (t) | Pb (t) | Zn (t) | CuEq (t) |
| Open Pit | Indicated | 422 | 4,468 | 43,867 | 26,492 | 60,454 | 115,702 |
| Inferred | 111 | 1,475 | 5,340 | 11,562 | 23,618 | 28,317 | |
| Underground | Indicated | 143 | 1,627 | 7,392 | 9,029 | 19,439 | 31,600 |
| Inferred | 95 | 1,003 | 4,544 | 6,860 | 17,045 | 22,043 | |
| Lomero Project | Indicated | 565 | 6,095 | 51,259 | 35,521 | 79,893 | 147,302 |
| Inferred | Inferred | 2,478 | 9,884 | 18,422 | 40,662 | 50,359 | |
(1) Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. All figures have been rounded to reflect the relative accuracy of the estimates. Gold, silver, copper, lead and zinc assays were capped where appropriate. It is assumed based on regional benchmarking that all the elements included in the CuEq calculation have a reasonable potential to be recovered and sold.
(2) The CuEq calculation has been defined using the following formula:
CuEq =((Au*21.38)+(Ag*0.42)+(Cu*69.45)+(Pb*12.68)+(Zn*25.46)/99.21)/ Cu Recovery
(3) Mineral resources are reported using an assumed CuEq cut-off grade based on metal price assumptions*, variable metallurgical recovery assumptions**, mining costs, processing costs, general and administrative (G&A) costs and variable NSR factors***. Mining, processing and G&A costs total US$31/t for Open Pit Mining and US$45/t for Underground Mining which includes assumptions for prices, recoveries and payabilities. The CuEq cut-off grade 0.4% CuEq (OP) and 0.6% CuEq (UG) is calculated by dividing the costs by the Cu Factor and recoveries.
(*) Metal price assumptions considered for the calculation of Metal Equivalent grades are: Gold (US$/oz 1,900.00), Silver (US$/oz 24.0), Copper (US$/lb 4.50), Lead (US$/lb 1.15) and Zinc (US$/lb 1.50)
(**) Cut-off grade calculations assume variable metallurgical recoveries as a function of grade and relative metal distribution. Average metallurgical recoveries are: Gold (35%), Silver (55%), Copper (70%), Lead (50%) and Zinc (77%).
(***) Cut-off grade calculations and metal equivalencies assume variable CuEq factors as a function of smelting, transportation costs and royalties (3%).
(3) Open pit (OP) mineral resources are constrained within NPV optimized pits which SRK based on assumed mining costs defined.
(4) Underground (UG) mineral resources represent all material below the proposed limiting pit shell which have been confirmed visually to form contiguous units with a minimum width of 2.5 x 2.5 x 1.25m
(5) MS = Massive Sulphides; SMS = Semi-Massive Sulphides.
(6) The mineral resources were estimated by Benjamin Parsons, BSc , MSc Geology, MAusIMM (CP) #222568 of SRK, a Qualified Person.
