Securities and Exchange Commission (SEC) Proven and Probable (P&P) Regulation S-K (Subpart 1300) Reserve Estimates
As of December 31, 2022, our estimate of Proven and Probable (P&P) reserves was:
Notes to the 12/31/2022 Mineral Reserves:
1.Mineral Reserves estimated at December 31, 2022 are based on $1,650/oz for Gold, $20.00/oz for Silver, $3.40/pound Copper, $0.90/pound Lead and $1.35/pound Zinc.
2.The Arista Mine breakeven NSR cut-off grade for Mineral Reserves is $80/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 2.35 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.
5.Mining, processing, and overhead costs were based on 2022 actual costs for the Don David Gold Mine and consider cost improvements made in the fourth quarter of 2022.
6.An exchange rate of 20 Mexican Pesos to 1 U.S. dollar is applied to peso-denominated costs.