Hualilan Resource Table
Table 1 – Upgraded Hualilan MRE, March 2023
Mineral Resource Estimate (MRE) which is reported according to JORC (2012) for the Company’s flagship Hualilan Gold Project, in San Juan Argentina:
| Domain | Category | Mt | Au g/t | Ag g/t | Zn % | Pb % | AuEq1 g/t | AuEq1 (Mozs) |
| US$1800 optimised shell | Indicated | 45.5 | 1 | 5.1 | 0.4 | 0.06 | 1.3 | 1.9 |
| > 0.30 ppm AuEq | Inferred | 9.6 | 1.1 | 7.3 | 0.4 | 0.06 | 1.2 | 0.4 |
| Below US$1800 shell >1.0ppm AuEq | Inferred | 5.5 | 2.1 | 10.7 | 1 | 0.06 | 2.6 | 0.5 |
| Total | 60.6 | 1.1 | 6 | 0.4 | 0.06 | 1.4 | 2.8 | |
Note: Some rounding errors may be present
1 Gold Equivalent (AuEq) values – Requirements under the JORC Code
- Assumed commodity prices for the calculation of AuEq is Au US$1900 Oz, Ag US$24 Oz, Zn US$4,000/t, Pb US$2000/t
- Metallurgical recoveries are estimated to be Au (95%), Ag (91%), Zn (67%) Pb (58%) across all ore types (see JORC Table 1 Section 3 Metallurgical assumptions) based on metallurgical test work.
- The formula used: AuEq (g/t) = Au (g/t) + [Ag (g/t) x 0.012106] + [Zn (%) x 0.46204] + [Pb (%) x 0.19961]
- CEL confirms that it is the Company’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold
Table 2 – Total MRE at various cut off grades
Grade Tonnage Distribution
| Cut-off (g/t AuEq1) |
Mt | Au (g/t) |
Ag (g/t) |
Zn (%) |
Pb (%) |
AuEq1 (g/t) |
Moz (AuEq1) |
| 0.1 | 94,439,377 | 0.77 | 3.79 | 0.31 | 0.04 | 0.98 | 2,960,631 |
| 0.2 | 74,280,292 | 0.95 | 4.5 | 0.37 | 0.05 | 1.2 | 2,869,259 |
| 0.25 | 67,550,352 | 1.03 | 4.85 | 0.4 | 0.05 | 1.3 | 2,819,993 |
| 0.3 | 60,649,096 | 1.13 | 5.19 | 0.44 | 0.06 | 1.41 | 2,758,935 |
| 0.4 | 49,131,477 | 1.33 | 5.82 | 0.52 | 0.06 | 1.67 | 2,630,081 |
| 0.45 | 44,470,807 | 1.43 | 6.21 | 0.56 | 0.07 | 1.79 | 2,565,915 |
| 0.5 | 40,314,159 | 1.54 | 6.5 | 0.6 | 0.07 | 1.93 | 2,503,463 |
| 0.6 | 33,508,271 | 1.77 | 7.1 | 0.69 | 0.08 | 2.21 | 2,383,116 |
| 0.7 | 29,139,726 | 1.96 | 7.52 | 0.77 | 0.09 | 2.45 | 2,292,046 |
| 0.8 | 25,745,239 | 2.14 | 7.98 | 0.84 | 0.09 | 2.67 | 2,210,537 |
| 0.9 | 23,143,665 | 2.31 | 8.34 | 0.91 | 0.1 | 2.88 | 2,139,855 |
| 1 | 21,101,103 | 2.46 | 8.66 | 0.97 | 0.1 | 3.06 | 2,077,276 |
| 1.1 | 19,040,313 | 2.66 | 9.07 | 1.04 | 0.1 | 3.28 | 2,007,852 |
| 1.2 | 17,311,011 | 2.86 | 9.62 | 1.11 | 0.11 | 3.49 | 1,944,038 |
| 1.3 | 15,751,481 | 3.08 | 10.07 | 1.18 | 0.11 | 3.72 | 1,881,326 |
| 1.4 | 14,636,049 | 3.25 | 10.53 | 1.24 | 0.11 | 3.9 | 1,832,800 |
| 1.5 | 13,589,295 | 3.43 | 10.85 | 1.3 | 0.12 | 4.08 | 1,784,294 |
| 1.6 | 12,742,712 | 3.6 | 11.27 | 1.36 | 0.12 | 4.25 | 1,741,963 |
| 1.7 | 11,837,943 | 3.8 | 11.76 | 1.42 | 0.12 | 4.45 | 1,694,016 |
| 1.8 | 11,155,252 | 3.97 | 12.13 | 1.47 | 0.13 | 4.62 | 1,655,499 |
| 1.9 | 10,440,768 | 4.17 | 12.61 | 1.52 | 0.13 | 4.81 | 1,613,244 |
| 2 | 9,881,761 | 4.34 | 13.06 | 1.57 | 0.13 | 4.97 | 1,578,019 |
| 2.1 | 9,407,542 | 4.49 | 13.41 | 1.62 | 0.13 | 5.12 | 1,547,054 |
| 2.2 | 8,953,342 | 4.66 | 13.83 | 1.67 | 0.14 | 5.27 | 1,515,540 |
| 2.3 | 8,523,129 | 4.83 | 14.23 | 1.72 | 0.14 | 5.42 | 1,484,369 |
| 2.4 | 8,092,822 | 5.01 | 14.66 | 1.77 | 0.14 | 5.58 | 1,451,837 |
| 2.5 | 7,733,492 | 5.17 | 15.04 | 1.82 | 0.14 | 5.73 | 1,423,675 |
| 2.6 | 7,421,006 | 5.33 | 15.44 | 1.86 | 0.14 | 5.86 | 1,398,119 |
| 2.7 | 7,185,284 | 5.46 | 15.62 | 1.89 | 0.15 | 5.97 | 1,377,965 |
| 2.8 | 6,913,664 | 5.62 | 15.92 | 1.92 | 0.15 | 6.09 | 1,353,882 |
| 2.9 | 6,641,224 | 5.78 | 16.24 | 1.97 | 0.15 | 6.22 | 1,328,928 |
| 3 | 6,443,251 | 5.9 | 16.45 | 1.99 | 0.15 | 6.33 | 1,310,235 |
Note: Some rounding errors may be present
