Mineral Reserves at Lagunas Norte – June 30, 2021

Classification Tonnage Grade Contained Metal
(000 t) (g/t Au) (g/t Ag) (000 oz Au) (000 oz Ag)
Proven 21,467 2.52 6.07 1,738 4,190
Probable 27,936 2.47 6.37 2,214 5,726
Proven & Probable 49,404 2.49 6.24 3,952 9,916

Notes:

  1. CIM (2014) definitions were followed for Mineral Reserves.
  2. Lagunas Norte Mineral Reserves are estimated at gold cut-off grades that vary by material type from 0.312 g/t to 0.422 g/t for Heap Leach processing, from 0.806 g/t to 1.087 g/t for CMOP processing, and from 0.960 g/t to 1.618 g/t for PMR processing.
  3. Mineral Reserves are estimated using an average long-term gold price of US$1,650/oz and an average long-term silver price of US$22/oz.
  4. Metallurgical recoveries for Lagunas Norte pit Mineral Reserves vary by material type from 59.4% to 76.3% for gold and 30% for silver for Heap Leach processing, from 58.8% to 68.6% for gold and 36.5% to 51% for silver for CMOP processing, and from 86.9% to 96.0% for gold and 40% for silver for PMR processing.
  5. Metallurgical recoveries for Lagunas Norte stockpile Mineral Reserves vary by material type from 57.2% to 68.9% for gold and 37.7% to 51.6% for silver for CMOP processing and averages 88.4% for gold and 40% for silver for PMR processing of M3A material type.
  6. A minimum mining width of 20 m was used.
  7. The Mineral Reserve estimate includes stockpile inventory as of June 30, 2021.
  8. Numbers may not add due to rounding.

Mineral Resources at Lagunas Norte – June 30, 2021

Classification Tonnage Grade Contained Metal
(000 t) (g/t Au) (g/t Ag) (000 oz Au) (000 oz Ag)
Measured 1,749 0.80 2.82 45 158
Indicated 23,901 0.80 2.64 618 2,027
Measured & Indicated 25,650 0.80 2.65 663 2,186
Inferred 2,432 0.90 3.15 70 246

Notes:

  1. CIM (2014) definitions were followed for Mineral Resources.
  2. Mineral Resources are reported on a 100% ownership basis and are constrained within Whittle optimized pit shells.
  3. Lagunas Norte Mineral Resources are estimated at gold cut-off grades that vary by material type from 0.286 g/t to 0.387 g/t for heap leach processing, from 0.738 g/t to 0.966 g/t for CMOP processing, and from 0.880 g/t to 1.482 g/t for PMR processing.
  4. Metallurgical recoveries for Lagunas Norte Mineral Resources vary by material type from 61.4% to 79.9% for gold and 30% for silver for heap leach processing, from 57.2% to 67.6% for gold and 36.5% to 51% for silver for CMOP processing and from 87.2% to 96.5% for gold and 40% for silver for PMR processing.
  5. Zona Sur Mineral Resources are estimated at gold cut-off grades that vary by material type from 0.177 g/t to 0.297 g/t for heap leach processing and from 0.203 g/t to 0.932 g/t for CMOP processing.
  6. Gold metallurgical recoveries for Zona Sur Mineral Resources vary by material type from 75% for clean oxide heap leach processing to 46% for sulphur heap leach or 15% to 65% for CMOP processing.
  7. Mineral Resources are estimated using a long-term gold price of US$1,800/oz and an average long-term silver price of US$25/oz.
  8. A minimum mining width of 10 m was used.
  9. Bulk densities for Lagunas Norte range between 2.00 t/m3 and 2.85 t/m3 and for Zona Sur range between 2.35 t/m3 and 2.57 t/m3 depending on the rock type.
  10. Mineral Resources are exclusive of Mineral Reserves. 
  11. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 
  12. Numbers may not add due to rounding.

Qualified Persons

Rosmery J. Cárdenas Barzola, (P.Eng.), Goran Andric, (P.Eng.), Andrew P. Hampton, (M.Sc.), (P.Eng.), Stephan Theben, SME (RM), Grant A. Malensek, (P.Eng.), and Richard J. Lambert. P.E. from SLR International Corporation, who are independent Qualified Persons for the Technical Report for the purposes of NI 43-101.