Reserves

Mexico Reserves (2021)

Securities and Exchange Commission (SEC) Proven and Probable (P&P) Regulation S-K (Subpart 1300) Reserve Estimates

As of December 31, 2021, our estimate of Proven and Probable (P&P) reserves was: 

 Description Tonnes Au
g/t
Ag
g/t
AuEq
g/t
Au oz Ag oz AuEq oz Cu
%
Pb
%
Zn
%
Don David Gold Mine                    
Arista Mine                    
Proven 353,500 2.63 93 3.68 29,900 1,060,600 44,300 0.4 1.9 4.9
Probable 1,131,200 1.22 61 3.61 44,200 2,225,100 74,400 0.2 1.0 2.8
Arista Mine Total 1,484,700 1.55 69 3.58 74,100 3,285,700 118,700 0.3 1.2 3.3
Alta Gracia Mine                    
Proven 3,000 0.85 392 4.61 100 37,800 600 0.0 0.1 0.3
Probable 50,800 0.27 169 6.90 400 276,000 4,200 0.0 0.0 0.0
Alta Gracia Mine Total 53,800 0.30 181 5.00 500 313,800 4,800 0.0 0.0 0.0
Don David Gold Mine Total 1,538,500 1.51 73 3.62 74,600 3,599,500 123,500      

Notes to the 2021 P&P reserves: 

1. Mineral Reserves estimated at December 31, 2021 are based on $1,744/oz for Gold, $23.70/oz for Silver, $3.59/pound Copper, $0.97/pound Lead, and $1.15/pound Zinc. These prices reflect the August 2021 average five-year street consensus as provided by the Bank of Montreal.

2. The Arista Mine cut-off grades for Mineral Reserves are $88/tonne NSR.

3. No appreciable amounts of base metals are present in the Alta Gracia veins identified to-date. A breakeven cut-off grade of 2.33 g/t AuEq was used for Mineral Reserves using gold and silver only to calculate gold equivalencies.

4. Rounding of tonnes, average grades, and contained ounces may result in apparent discrepancies with total rounded tonnes, average grades, and total contained ounces

Report on the Estimate of Mineral Resources and Mineral Reserves

Report on the Reserve Estimate for the Don David Gold Mine as at December 31, 2021
Report on the Reserve Estimate for the Don David Gold Mine as at December 31, 2020