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Summary of Mineral Reserves and Mineral Resources Estimates
The following tables summarize as at December 31, 2021 the Company’s estimated mineral reserves and mineral resources on its material mineral properties and select non-material mineral properties, all of which are wholly owned. Information in the following tables and the notes thereto are updated to December 31, 2021 from the respective technical reports on the material properties referred to under the description of each property below.
Silver-Gold Proven and Probable Reserves (as of December 31, 2021) Reserves Tonnes Ag g/t Au g/t Ag Eq g/t Ag oz Au oz Ag Eq Oz Guanaceví
127,000 344 0.91 417 1,409,000 3,700 1,709,000 Bolanitos
119,000 33 2.74 252 125,000 10,500 964,000 Total Proven
246,000 194 1.80 337 1,535,000 14,200 2,673,000 Guanacevi
1,008,000 400 1.02 482 12,971,000 33,200 15,624,000 Bolanitos
394,000 65 2.08 231 821,000 26,300 2,925,000 Terronera
7,380,000 197 2.25 374 46,707,000 534,000 88,834,000 Total Probable
8,782,000 214 2.10 382 60,498,000 593,500 107,975,000 Total Proven & Probable
9,029,000 214 2.09 381 62,033,000 607,700 110,649,000 Silver-Gold Measured and Indicated Resources (as of December 31, 2021) Reserves Tonnes Ag g/t Au g/t Ag Eq g/t Ag oz Au oz Ag Eq Oz Guanaceví
149,000 485 1.09 572 2,319,000 5,200 2,735,000 Bolañitos
58,000 99 2.73 317 183,000 5,100 587,000 Total Measured
206,000 377 1.54 500 2,501,000 10,300 3,321,000 Guanaceví
476,000 324 0.70 380 4,959,000 10,700 5,811,000 Bolañitos
759,000 135 2.03 297 3,296,000 49,500 7,254,000 El Compas
20,000 78 6.42 592 49,000 4,000 373,000 Guadalupe y calvo
1,861,000 119 2.38 309 7,120,000 142,400 18,512,000 Parral
433,000 271 - 271 3,700,000 - 3,700,000 Total Indicated
3,549,000 168 1.81 312 19,124,000 206,600 35,650,000 Total Measured & Indicated
3,755,000 179 1.80 323 21,625,000 216,800 38,971,000 Silver-Gold Inferred Mineral Resources (as of December 31, 2021) Reserves Tonnes Ag g/t Au g/t Ag Eq g/t Ag oz Au oz Ag Eq Oz Guanaceví
806,000 417 0.93 491 10,795,000 24,200 12,728,000 Bolañitos
974,000 112 2.23 290 3,510,000 69,900 9,099,000 El Compas
18,000 70 5.96 547 40,000 3,400 311,000 Terronera
1,058,000 212 2.50 400 7,214,000 85,000 13,601,000 Guadalupe y calvo
154,000 94 2.14 265 465,000 10,600 1,313,000 Parral
3,160,000 324 0.21 341 32,938,000 21,700 34,677,000 Total Inferred
6,169,000 277 1.08 364 54,962,000 214,700 72,141,000 Silver-Lead-Zinc Resources (as of December 31, 2021) Resources
Tonnes Ag g/t Au g/t Ag oz Au oz Ag Eq Oz Pb% Zn% Cu% Guanaceví
363,000 208 0.26 229 2,421,000 3,100 2,669,000 0.78 1.32 - Parral (Cometa)
180,000 55 1.17 149 320,000 6,800 864,000 3.20 3.30 - Calicanto
360,000 146 0.97 224 1,690,000 11,000 2,570,000 3.19 4.17 0.11 Total Indicated
903,000 153 0.72 210 4,431,000 20,900 6,103,000 2.23 2.85 0.04 - - - - - - - Guanaceví
488,000 132 0.16 145 2,076,000 2,500 2,276,000 1.36 2.54 - Parral (Cometa)
880,000 74 1.45 190 2,100,000 41,000 5,380,000 3.27 3.24 - Calicanto
268,000 111 1.01 192 960,000 9,000 1,680,000 2.65 3.73 0.09 Total Inferred
1,636,000 98 1.00 177 5,136,000 52,500 9,336,000 2.60 3.11 0.02 Notes to Mineral Resources and Reserves tables
- Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that any or all of the mineral resources will be converted into mineral reserves. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
- The inferred mineral resource in this estimate has a lower level of confidence than that applied to an indicated mineral resource and must not be converted to a mineral reserve. It is reasonably expected that the majority of the inferred mineral resource could be upgraded to an indicated mineral resource with continued exploration.
- The mineral resources in this estimate were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council (May 10, 2014).
- Mineral resources are exclusive of and in addition to mineral reserves.
- Key Inputs
OPERATIONS MINE CUT OFF GRADE PRICES MILL RECOVERIES MINING RECOVERY MINIMUN DILUTION Ageq g/t Aueq g/t Ag $/Oz Au $/Oz Ag Au Mining Width Cut & Fill Longhole GUANACEVI Santa Cruz Sur 201 US$ 23/oz US$ 1725/oz 86.4% 91.0% 92.0% 0.80m 24.0% 40.0% Santa Cruz 207 US$ 23/oz US$ 1725/oz 86.4% 91.0% 92.0% 0.80m 24.0% 40.0% El Curso Porvenir Norte 252 US$ 23/oz US$ 1725/oz 86.4% 91.0% 92.0% 0.80m 24.0% 40.0% Milache 207 US$ 23/oz US$ 1725/oz 86.4% 91.0% 92.0% 0.80m 24.0% 40.0% BOLAÑITOS La Luz 141 US$ 23/oz US$ 1725/oz 85.7% 90.1% 92.0% 0.80m 24.0% 40.0% Lucero 141 US$ 23/oz US$ 1725/oz 85.7% 90.1% 92.0% 0.80m 24.0% 40.0% San Miguel 141 US$ 23/oz US$ 1725/oz 85.7% 90.1% 92.0% 0.80m 24.0% 40.0% Belen 149 US$ 23/oz US$ 1725/oz 85.7% 90.1% 92.0% 0.80m 24.0% 40.0% COMPAS El orito 3.42 US$ 23/oz US$ 1725/oz 67.0% 82.0% 92.0% 0.80m 25.0% 40.0% Compas 3.42 US$ 23/oz US$ 1725/oz 67.0% 82.0% 92.0% 0.80m 25.0% 40.0% Ana Camila 3.42 US$ 23/oz US$ 1725/oz 67.0% 82.0% 92.0% 0.80m 25.0% 40.0% TERRONERA Terronera Reserves 156-200 US$ 19/oz US$ 1,500/oz 84.9% 79.8% 90% Cut and Fill, 95% Longhole, 80% Shrinkage (La Luz) 1.3 21% Cut and Fill, 20% Shrinkage 41.0% Terronera Resources 150 US$ 19/oz US$ 1,500/oz La Luz 197 US$ 19/oz US$ 1,500/oz 95.0% 0.80m Parral Veta Colorada 150 US$ 16.34/oz US$ 1,279/oz 67.0% 82.0% 92.0% 0.80m 25.0% 40.0% - Mineral resource and reserve cut-off grades – refer to note 5.
- Metallurgical recoveries – refer to note 5.
- Mining recoveries – refer to note 5.
- Minimum mining widths were 0.8 m for mineral reserve estimate calculations.
- Dilution factors for mineral reserve estimate calculations – refer to note 5.
- Silver equivalent grades are based on an 80:1 silver: gold ratio, with the exception of Terronera which uses 75:1 for Inferred Resources and 79:1 for Probable Reserves
- Price assumptions for Guanaceví, Bolañitos and Compas are $23/oz for silver, $1,725/oz for gold.
- Figures in the tables are rounded to reflect estimate precision; small differences generated by rounding are not material to the estimates.
- The Veta Colorada structure (Parral Project) does not contain gold on an economic scale.
- Silver equivalent calculation in Silver-Lead-Zinc Resources excludes base metals
