The estimates of ore reserves and mineral resources are shown as at 31 December 2025. 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$2,250 per ounce and Ag Price: US$27.0 per ounce for Inmaculada and Mara Rosa; Au Price: US$2,750 per ounce and Ag Price: US$31.0 per ounce for San Jose. The prices used for resources calculation were: Au: $2,900/oz and Ag: $32.0/oz and Ag/Au ratio of 83x.
Attributable metal reserves as at 31 December 2025
|
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 | 2,356,147 | 90 | 2.30 | 6.8 | 174.5 | 21.3 | 256 |
| Probable | 3,136,223 | 92 | 2.11 | 9.3 | 213.1 | 27 | 325 |
| Total | 5,492,370 | 91 | 2.19 | 16.1 | 387.5 | 48.3 | 581 |
| San Jose | |||||||
| Proved | 513,932 | 199 | 3.73 | 3.3 | 61.5 | 8.4 | 101 |
| Probable | 372,956 | 175 | 3.69 | 2.1 | 44.3 | 5.8 | 70 |
| Total | 886,888 | 189 | 3.71 | 5.4 | 105.7 | 14.2 | 171 |
| Mara Rosa | |||||||
| Proved | 5,009,170 | - | 1.06 | - | 170.5 | 14.1 | 170 |
| Probable | 24,446,843 | - | 0.95 | - | 746.9 | 62 | 747 |
| Total | 29,456,013 | - | 0.97 | - | 917.4 | 76.1 | 917 |
| GROWTH PROJECTS | |||||||
| Monte Do Carmo | |||||||
| Proved | 2,015,000 | - | 1.68 | - | 109 | 9 | 109 |
| Probable | 14,780,000 | - | 1.66 | - | 787 | 65.3 | 787 |
| Total | 16,795,000 | - | 1.66 | - | 896 | 74.4 | 896 |
| GRAND TOTAL | |||||||
| Proved | 9,894,249 | 32 | 1.62 | 10.7 | 515.4 | 52.9 | 637 |
| Probable | 42,736,022 | 8 | 1.3 | 11.4 | 1,791.20 | 160.1 | 1,928 |
| Total | 52,630,270 | 13 | 1.36 | 21.5 | 2,306.60 | 212.9 | 2,565 |
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.
1 The prices used for Monte Do Carmo reserves calculation were from 2024 Reserve statement assumptions: Au:$1,750/oz.
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 (moz) | Au Eq (koz) |
|---|---|---|---|---|---|---|---|---|
| OPERATIONS | ||||||||
| Inmaculada | ||||||||
| Measured | 4,984,000 | 98 | 2.46 | 302 | 15.7 | 394.3 | 48.5 | 584 |
| Indicated | 6,151,000 | 100 | 2.29 | 290 | 19.8 | 452.4 | 57.3 | 691 |
| Total | 11,135,000 | 99 | 2.37 | 296 | 35.5 | 846.7 | 105.8 | 1,275 |
| Inferred | 19,868,000 | 93 | 2.39 | 292 | 59.6 | 1,525.40 | 186.2 | 2,244 |
| Pallancata | ||||||||
| Measured | 1,052,000 | 293 | 1.26 | 397 | 9.9 | 42.6 | 13.4 | 162 |
| Indicated | 2,858,000 | 466 | 1.53 | 593 | 42.8 | 140.4 | 54.5 | 657 |
| Total | 3,910,000 | 420 | 1.46 | 540 | 52.7 | 183 | 67.9 | 819 |
| Inferred | 11,898,000 | 409 | 1.57 | 539 | 156.3 | 601.8 | 206.2 | 2,485 |
| San Jose | ||||||||
| Measured | 868,530 | 341 | 5.73 | 817 | 9.5 | 160.1 | 22.8 | 275 |
| Indicated | 595,170 | 242 | 4.55 | 619 | 4.6 | 87.1 | 11.8 | 143 |
| Total | 1,463,700 | 301 | 5.25 | 737 | 14.2 | 247.2 | 34.7 | 418 |
| Inferred | 1,359,660 | 222 | 3.81 | 538 | 9.7 | 166.7 | 23.5 | 283 |
| Mara Rosa | ||||||||
| Measured | 5,965,000 | - | 0.98 | 81 | - | 187.9 | 15.6 | 188 |
| Indicated | 31,993,000 | - | 0.87 | 72 | - | 898.1 | 74.5 | 898 |
| Total | 37,958,000 | - | 0.89 | 74 | - | 1,086.00 | 90.1 | 1,086 |
| Inferred | 9,353,000 | - | 0.72 | 60 | - | 217.1 | 18 | 217 |
| GROWTH PROJECTS | ||||||||
| Monte Do Carmo2 | ||||||||
| Measured | 2,056,000 | - | 1.73 | 144 | - | 115 | 9.5 | 115 |
| Indicated | 16,302,000 | - | 1.71 | 142 | - | 897 | 74.5 | 897 |
| Total | 18,358,000 | - | 1.72 | 143 | - | 1,012 | 84 | 1,012 |
| Inferred | 1,053,000 | - | 1.95 | 162 | - | 66 | 5.5 | 66 |
| 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 |
| GRAND TOTAL | ||||||||
| Measured | 138,904,530 | 8 | 0.83 | 76 | 35.2 | 3,692.00 | 341.6 | 4,116 |
| Indicated | 397,173,170 | 5 | 0.74 | 67 | 67.3 | 9,487.90 | 854.8 | 10,298 |
| Total | 536,077,700 | 6 | 0.76 | 69 | 102.4 | 13,178.90 | 1,196.30 | 14,413.00 |
| Inferred | 118,549,660 | 59 | 1 | 142 | 225.6 | 3,823.00 | 542.9 | 6,541 |
- Tables represents 100 % of the Mineral Resource. Resources are inclusive of Reserves.
- The prices used for Monte Do Carmo resources calculation were from 2024 Resource statement assumptions: Au: $2,100/oz
| Ag equivalent content (million ounces) | Category | % attributable December 2025 | December 2024 Att.1 | December 2025 Att.1 | Net difference | % change |
|---|---|---|---|---|---|---|
| Inmaculada | Resource | 100% | 271.6 | 292 | 20.4 | 7.50% |
| Reserve | 47.1 | 48.3 | 1.1 | 2.40% | ||
| Pallancata | Resource | 100% | 191.8 | 274.2 | 82.4 | 43.00% |
| Reserve | - | - | - | - | ||
| San Jose | Resource | 51% | 69.8 | 58.2 | -11.7 | -16.70% |
| Reserve | 13.1 | 14.2 | 1 | 7.90% | ||
| Mara Rosa | Resource | 100% | 105.9 | 108.2 | 2.3 | 2.20% |
| Reserve | 71.8 | 76.1 | 4.4 | 6.10% | ||
| Monte Do Carmo | Resource | 100% | 89.5 | 89.5 | - | - |
| Reserve | 74.4 | 74.4 | - | - | ||
| Volcan | Resource | 69.8% | 917.2 | 917.2 | - | - |
| Reserve | - | - | - | - | ||
| Total | Resource | 1,645.70 | 1,739.20 | 93.5 | 5.70% | |
| Reserve | 206.4 | 212.9 | 6.6 | 3.20% |
- Attributable reserves and resources based on the Group’s percentage ownership of its joint venture projects. 2024 silver equivalent figures have been re-presented using a Ag/Au ratio of 83x (previously calculated at Ag/Au ratio of 75x).