The estimates of ore reserves and mineral resources are shown as at 31 December 2021, 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$1,800 per ounce and Ag Price: US$26.0 per ounce.

Attributable metal reserves as at 31 December 2021

Reserve category Proved and probable (t) Ag (g/t) Au (g/t) Ag (moz) Au (koz) Ag Eq (moz)
OPERATIONS1            
Inmaculada            
Proved 1,637,395 168 4.1 8.9 213.8 24.3
Probable 5,002,635 140 3.3 22.5 527.4 60.5
Total 6,640,030 147 3.5 31.4 741.3 84.7
Pallancata            
Proved 524,132 265 1.2 4.5 19.9 5.9
Probable 393,336 187 0.9 2.4 11.2 3.2
Total 917,468 231 1.1 6.8 31.1 9.1
San Jose            
Proved 396,524 368 5.7 4.7 72.5 9.9
Probable 365,524 314 5.7 3.7 66.8 8.5
Total 762,315 342 5.7 8.4 139.4 18.4
GRAND TOTAL            
Proved 2,558,050 219 3.7 18.0 306.3 40.1
Probable 5,761,763 154 3.3 28.6 605.5 72.2
Total 8,319,813 174 3.4 46.6 911.8 112.2

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 Operations were audited by P&E Consulting

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Attributable metal resources as at 31 December 2021

Resource category  Tonnes(t) Ag(g/t) Au(g/t) Au Eq(g/t) Ag(moz) Au(koz) Ag Eq (m0z)
OPERATIONS              
Inmaculada              
Measured 1,938,000 199 4.89 551 12.4 304.7 34.3
Indicated 5,987,000 160 3.88 440 30.8 747.6 84.6
Total 7,925,000 169 4.13 467 43.2 1,052.3 118.9
Inferred 11,989,000 102 2.57 286 39.2 988.7 110.3
Pallancata              
Measured 1,273,000 330 1.50 439 13.5 16.6 17.9
Indicated 846,000 246 1.18 331 6.7 32.2 9.0
Total 2,119,000 297 1.38 396 20.2 93.7 27.0
Inferred 1,845,000 230 0.98 300 13.6 58.3 17.8
San Jose              
Measured  790,500 481 7.67 1,034 12.2 195.0 26.3
Indicated 611,490 358 6.21 805 7.0 122.0 15.8
Total 1,401,990 427 7.04 934 19.3 317.0 42.1
Inferred 937,890 332 5.22 708 10.0 157.4 21.4
GROWTH PROJECTS              
Crespo              
Measured 5,211,000 47 0.47 81 7.9 78.6 13.6
Indicated 17,298,000 38 0.40 66 21.0 222.5 37.0
Total 22,509,000 40 0.42 70 28.8 301.0 50.5
Inferred 775,000 46 0.57 87 1.1 14.2 2.2
Azuca              
Measured 191,000 244 0.77 299 1.5 4.7 1.8
Indicated 6,859,000 187 0.77 242 41.2 168.8 53.3
Total 7,050,000 188 0.77 243 42.7 173.5 55.2
Inferred 6,496,000 170 0.89 234 37.9 199.5 52.3
Volcan              
Measured 105,918,000 - 0.738 53 - 2,513.1 180.9
Indicated 283,763,000 - 0.698 50 - 6,368.0 458.5
Total 389,681,000 - 0.709 51 - 8,881.1 639.4
Inferred 41,553,000 - 0.502 36 - 670.7 48.3
Arcata              
Measured 834,000 438 1.34 535 11.7 36.1 14.2
Indicated 1,304,000 411 1.36 508 17.2 56.9 21.3
Total 2,138,000 421 1.35 519 29.0 92.9 35.6
Inferred 3,533,000 370 1.26 461 42.1 142.6 52.4
GRAND TOTAL              
Measured 116,156,500 16 0.86 77 59.3 3,193.7 289.2
Indicated 316,668,490 12 0.76 67 123.9 7,717.9 679.6
Total 432,824,990 13 0.78 70 183.1 10,911.6 968.8
Inferred 67,578,890 66 1.03 140 143.9 2,231.4 304.6
  1. Prices used for resources calculation: Au: $1,800/oz and Ag: $26.0/oz and Ag/Au ratio of 72x.
  2. Tables represents 100 % of the Mineral Resource. Resources are inclusive of Reserves.
Ag equivalent content (million ounces) Category % attributable December 2021 December 2020 Att.1 December 2021 Att.1 Net difference % change
Inmaculada Resource 100% 195.8 229.3 33.5 17.1%
  Reserve   79.3 84.7

5.4

6.9%
Pallancata Resource 100% 47.8 44.8 (3.0) (6.3%)
  Reserve   7.1 9.1 2.0 27.8%
San Jose Resource 51% 65.2 63.4 (1.8) (2.7%)
  Reserve   14.2 18.4 4.2 29.5%
Crespo Resource 100% 52.7 52.7 - -
  Reserve   - - - -
Azuca Resource 100% 107.5 107.5 - -
  Reserve   - - - -
Volcan Resource 100% 687.7 687.7 - -
  Reserve   - - - -
Arcata Resource 100% 88.0 88.0 - -
  Reserve   - - - -
Total Resource   1,244.7 1,273.4 28.7 2.3%
  Reserve   100.6 112.2 11.6 11.5%
  1. Attributable reserves and resources based on the Group’s percentage ownership of its joint venture projects.