Mercedes
Mineral Resources & Mineral Reserves
The Mercedes Project hosts established Mineral Resources and Mineral Reserves prepared in accordance with NI 43-101 standards. The current estimates (the “2024 Estimates”) are effective September 30, 2024 and were publicly released January 29, 2025, supported by an independent Technical Report filed on SEDAR+.
2024 Mineral Resource Estimate
| 2024 Mineral Resources (effective September 30, 2024) | |||||
|---|---|---|---|---|---|
| Category | Tonnes | Au (g/t) | Ag (g/t) | Contained Au (oz) | Contained Ag (oz) |
| Measured | 792,569 | 6.62 | 58.10 | 168,575 | 1,480,539 |
| Indicated | 1,546,484 | 5.65 | 49.06 | 281,102 | 2,439,101 |
| Measured + Indicated | 2,339,053 | 5.98 | 52.12 | 449,677 | 3,919,640 |
| Inferred | 383,417 | 5.26 | 36.06 | 64,884 | 444,563 |
| Total | 2,722,470 | 5.88 | 49.86 | 514,561 | 4,364,203 |
- Mineral Resources are inclusive of Mineral Reserves.
The Mineral Resource estimate comprises multiple underground vein systems across the Mercedes district and reflects varying mining and processing assumptions by deposit area. Cut-off grades range between 2.1 and 3.0 g/t Au depending on mining method and cost structure.
The resource model has been independently reviewed and validated, confirming compliance with industry standards and strong correlation to the underlying drill hole database.
2024 Mineral Reserve Estimate
| 2024 Mineral Reserves (effective September 30, 2024) | |||||
|---|---|---|---|---|---|
| Category | Tonnes | Au (g/t) | Ag (g/t) | Contained Au (oz) | Contained Ag (oz) |
| Proven | 9,392 | 4.25 | 24.67 | 1,282 | 7,448 |
| Probable | 418,584 | 3.94 | 22.67 | 53,009 | 305,048 |
| Total | 427,976 | 3.95 | 22.71 | 54,291 | 312,496 |
Mineral Reserves are derived from detailed underground mine designs, incorporating updated mining costs, recovery assumptions, dilution, and operational constraints. Only material with reasonable prospects for economic extraction is classified as Reserve.
Silver credits are conservatively excluded due to historically low mill recoveries, ensuring Reserve estimates remain robust and conservative.