• Reserves & Resources

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

  1. 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.
  2. 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.
  3. 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).
  4. Mineral resources are exclusive of and in addition to mineral reserves.
  5. 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%
  1. Mineral resource and reserve cut-off grades – refer to note 5.
  2. Metallurgical recoveries – refer to note 5.
  3. Mining recoveries – refer to note 5.
  4. Minimum mining widths were 0.8 m for mineral reserve estimate calculations.
  5. Dilution factors for mineral reserve estimate calculations – refer to note 5.
  6. 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
  7. Price assumptions for Guanaceví, Bolañitos and Compas are $23/oz for silver, $1,725/oz for gold.
  8. Figures in the tables are rounded to reflect estimate precision; small differences generated by rounding are not material to the estimates.
  9. The Veta Colorada structure (Parral Project) does not contain gold on an economic scale.
  10. Silver equivalent calculation in Silver-Lead-Zinc Resources excludes base metals