The estimates of ore reserves and mineral resources are shown as at 31 December 2024, unless otherwise stated. Mineral resources that are reported include those mineral resources that have been modified to produce ore reserves. All tonnage and grade information has been rounded to reflect the relative uncertainty in the estimates; there may therefore be small differences. The prices used for the reserves calculation were: Au Price: US$1,750 per ounce and Ag Price: US$23.0 per ounce. The prices used for resources calculation were: Au: $2,100/oz and Ag: $26.0/oz and Ag/Au ratio of 75x.
Attributable metal reserves as at 31 December 2024
| Reserve category | Proved and probable (t) | Ag (g/t) | Au (g/t) | Ag (moz) | Au (koz) | Ag Eq (moz) | Au Eq (moz) |
|---|---|---|---|---|---|---|---|
| OPERATIONS | |||||||
| Inmaculada | |||||||
| Proved | 1,894,349 | 120 | 3.03 | 7.3 | 184.6 | 21.1 | 282 |
| Probable | 2,629,697 | 92 | 2.38 | 7.8 | 201.5 | 22.9 | 305 |
| Total | 4,524,046 | 104 | 2.65 | 15.1 | 386.1 | 44 | 587 |
| San Jose | |||||||
| Proved | 356,784 | 295 | 4.72 | 3.4 | 54.1 | 7.4 | 99 |
| Probable | 224,115 | 272 | 5.5 | 2 | 39.7 | 4.9 | 66 |
| Total | 580,899 | 286 | 5.02 | 5.3 | 93.8 | 12.4 | 165 |
| Mara Rosa | |||||||
| Proved | 5,139,599 | - | 1.22 | - | 201.8 | 15.1 | 202 |
| Probable | 18,169,492 | - | 1.13 | - | 662.7 | 49.7 | 663 |
| Total | 23,309,091 | - | 1.15 | - | 864.5 | 64.8 | 865 |
| GROWTH PROJECTS | |||||||
| Monte Do Carmo | |||||||
| Proved | 2,015,000 | 0 | 1.68 | 0 | 109 | 8.2 | 109 |
| Probable | 14,780,000 | 0 | 1.66 | 0 | 787 | 59 | 787 |
| Total | 16,795,000 | 0 | 1.66 | 0 | 896 | 67.2 | 896 |
| GRAND TOTAL | |||||||
| Proved | 9,405,732 | 35 | 1.82 | 10.7 | 549.5 | 51.9 | 692 |
| Probable | 35,803,304 | 8 | 1.47 | 9.7 | 1690.9 | 136.6 | 1,821 |
| Total | 45,209,036 | 14 | 1.54 | 20.4 | 2,240.40 | 188.4 | 2,513 |
Note: Where reserves are attributable to a joint venture partner, reserve figures reflect the Company’s ownership only. Includes discounts for ore loss and dilution.
Attributable metal resources as at 31 December 2024
| Resource category | Tonnes(t) | Ag(g/t) | Au(g/t) | Au Eq(g/t) | Ag(moz) | Au(koz) | Ag Eq (m0z) | Au Eq (m0z) |
|---|---|---|---|---|---|---|---|---|
| OPERATIONS | ||||||||
| Inmaculada | ||||||||
| Measured | 3,367,000 | 141 | 3.45 | 400 | 15.3 | 373.4 | 43.3 | 43.3 |
| Indicated | 5,883,000 | 107 | 2.76 | 314 | 20.2 | 522.5 | 59.4 | 792 |
| Total | 9,250,000 | 119 | 3.01 | 345 | 35.5 | 895.9 | 102.7 | 1,369 |
| Inferred | 14,882,000 | 104 | 2.82 | 315 | 49.9 | 1,347.40 | 150.9 | 2,012 |
| Pallancata | ||||||||
| Measured | 1,353,000 | 285 | 1.3 | 383 | 12.4 | 56.6 | 16.7 | 222 |
| Indicated | 1,253,000 | 362 | 1.64 | 485 | 14.6 | 65.9 | 19.5 | 260 |
| Total | 2,606,000 | 322 | 1.46 | 434 | 27 | 122.5 | 36.2 | 482 |
| Inferred | 7,911,000 | 453 | 1.87 | 593 | 115.2 | 474.7 | 150.8 | 2,011 |
| San Jose | ||||||||
| Measured | 954,210 | 412 | 6.66 | 911 | 12.6 | 204.2 | 28 | 373 |
| Indicated | 706,860 | 269 | 5.53 | 684 | 6.1 | 125.7 | 15.5 | 207 |
| Total | 1,661,070 | 351 | 6.18 | 815 | 18.8 | 329.9 | 43.5 | 580 |
| Inferred | 1,164,840 | 252 | 4.59 | 596 | 9.5 | 171.8 | 22.3 | 298 |
| Mara Rosa | ||||||||
| Measured | 5,713,000 | - | 1.15 | 86 | - | 211.2 | 15.8 | 211 |
| Indicated | 24,721,000 | - | 1.03 | 77 | - | 820.5 | 61.5 | 821 |
| Total | 30,434,000 | - | 1.05 | 79 | - | 1,031.80 | 77.4 | 1,032 |
| Inferred | 5,636,000 | - | 1.35 | 101 | - | 243.9 | 18.3 | 244 |
| GROWTH PROJECTS | ||||||||
| Monte Do Carmo | ||||||||
| Measured | 2,056,000 | - | 1.73 | 130 | - | 115 | 8.6 | 115 |
| Indicated | 16,302,000 | - | 1.71 | 128 | - | 897 | 67.3 | 897 |
| Total | 18,358,000 | - | 1.72 | 129 | - | 1,012 | 75.9 | 1,012 |
| Inferred | 1,053,000 | - | 1.95 | 146 | - | 66 | 5 | 66 |
| Azuca | ||||||||
| Measured | 191,000 | 244 | 0.77 | 302 | 1.5 | 4.7 | 1.9 | 25 |
| Indicated | 6,859,000 | 187 | 0.77 | 244 | 41.2 | 168.8 | 53.8 | 718 |
| Total | 7,050,000 | 188 | 0.77 | 246 | 42.7 | 173.5 | 55.7 | 743 |
| Inferred | 6,946,000 | 170 | 0.89 | 237 | 37.9 | 199.5 | 52.9 | 705 |
| Volcan | ||||||||
| Measured | 123,979,000 | - | 0.7 | 53 | - | 2,792.00 | 209.4 | 2,792 |
| Indicated | 339,274,000 | - | 0.643 | 48 | - | 7,013.00 | 526 | 7,013 |
| Total | 463,253,000 | - | 0.658 | 49 | - | 9,804.00 | 735.3 | 9,804 |
| Inferred | 75,018,000 | - | 0.516 | 39 | - | 1,246.00 | 93.5 | 1,246 |
| Arcata | ||||||||
| Measured | 834,000 | 438 | 1.35 | 539 | 11.7 | 36.1 | 14.4 | 193 |
| Indicated | 1,304,000 | 411 | 1.36 | 512 | 17.2 | 56.9 | 21.5 | 286 |
| Total | 2,138,000 | 421 | 1.35 | 523 | 29 | 93 | 35.9 | 479 |
| Inferred | 3,533,000 | 371 | 1.26 | 465 | 42.1 | 142.6 | 52.8 | 704 |
| GRAND TOTAL | ||||||||
| Measured | 138,447,210 | 12 | 0.85 | 76 | 53.6 | 3,793.20 | 338.1 | 4,508 |
| Indicated | 396,302,860 | 8 | 0.76 | 65 | 99.3 | 9,670.20 | 824.6 | 10,994 |
| Total | 534,750,070 | 9 | 0.78 | 68 | 152.9 | 13,462.40 | 1,162.60 | 15,501.00 |
| Inferred | 116,143,840 | 68 | 1.04 | 146 | 254.5 | 3,891.80 | 546.4 | 7,286 |
- Tables represents 100 % of the Mineral Resource. Resources are inclusive of Reserves.
- Operations only were audited by P&E Consulting.
| Ag equivalent content (million ounces) | Category | % attributable December 2024 | December 2023 Att.1 | December 2024 Att.1 | Net difference | % change |
|---|---|---|---|---|---|---|
| Inmaculada | Resource | 100% | 190.6 | 253.6 | 63 | 33.10% |
| Reserve | 57.6 | 44 | -13.5 | -23.50% | ||
| Pallancata | Resource | 100% | 88.7 | 187 | 98.3 | 110.80% |
| Reserve | - | - | - | - | ||
| San Jose | Resource | 51% | 60.3 | 65.8 | 5.6 | 9.20% |
| Reserve | 12.1 | 12.4 | 0.3 | 2.60% | ||
| Mara Rosa | Resource | 100% | 86.4 | 95.7 | 9.3 | 10.80% |
| Reserve | 67.6 | 64.8 | -2.8 | -4.20% | ||
| Monte Do Carmo | Resource | 100% | - | 80.9 | 80.9 | - |
| Reserve | - | 67.2 | 67.2 | - | ||
| Azuca | Resource | 100% | 108.6 | 108.6 | - | - |
| Reserve | - | - | - | - | ||
| Volcan | Resource | 100% | 828.8 | 828.8 | - | - |
| Reserve | - | - | - | - | ||
| Arcata | Resource | 100% | 88.7 | 88.7 | - | - |
| Reserve | - | - | - | - | ||
| Total | Resource | 1,452.00 | 1,709.00 | 257 | 17.70% | |
| Reserve | 137.3 | 188.4 | 51.2 | 37.30% |
- Attributable reserves and resources based on the Group’s percentage ownership of its joint venture projects.