INVESTOR

Mineral Reserves and Resources

Mineral reserves and resources are presented below on a 100% project basis.
For additional information, please consult the Technical Reports section of our website.

General notes:

  1. Mineral Resources are inclusive of Mineral Reserves reported above.
  2. Mineral Resources and Mineral Reserves were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the Standards Committee on Reserve Definitions and adopted by the CIM Council on May 10, 2014.
  3. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
  4. There is no certainty that all or any part of the estimated Mineral Resources will be converted into Mineral Reserves.
  5. Mineral Reserves and Mineral Resources are disclosed on a total project basis (at 100%).
  6. Tonnages are metric tonnes and contained gold is reported as troy ounces.
  7. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
  8. The numbers may not divide due to rounding.

 

Notes on the Ollachea Mineral Reserve:

  1. The Mineral Reserve is supported by a Feasibility Study.
  2. The Mineral Reserve was estimated under the supervision of Neil Schunke of Mining Plus Canada Pty Ltd, who is recognized as a Qualified Person for the purposes of NI 43-101.
  3. The Mineral Reserves is based upon a gold price of $1,300 per ounce, LOM project operating costs of $49.3 per tonne of ore.

 

Notes on the Ollachea Mineral Resource:

  1. The Mineral Resource was estimated under the supervision of Doug Corley of GHD Group Pty, who is recognized as a Qualified Person for the purposes of NI 43-101.
  2. The Mineral Resource is reported above a cut-off of 2.1 g/t Au.

 

Notes on the Corihuarmi Mineral Reserve:

  1. The Mineral Reserve is supported by a Pre-Feasibility Study.
  2. The Mineral Reserve was estimated by Mr. R. Espinoza MAusIMM, CP(Min), Independent Qualified Person under NI 43-101., of Mining Plus Consultants.
  3. A. Johnston MAusIMM, CP(Met), Independent Qualified Person under NI 43-101., provided input to the processing parameters used to demonstrate economic viability.
  4. The cut-off grade of 0.14 g/t gold was estimated using a gold price of USD1250, which was the mean rounded price for Mineral Reserve reporting from a survey of 22 industry peers in February 2018.
  5. The Mineral Reserve is depleted for mining activity up to 31 December 2017, which is the effective date.

 

Notes on the Corihuarmi Mineral Resource:

  1. The Mineral Resource was estimated by Mr. J. Limaylla and reviewed by Dr. A. Fowler, MAusIMM, CP(Geo), Independent Qualified Person under NI 43-101, of Mining Plus Consultants who takes responsibility for it.
  2. Data was verified by Mr. D. Seers, MAusIMM, CP(Geo), Independent Qualified Person under NI 43-101, of Mining Plus Consultants.
  3. The Mineral Resource is sub-horizontal, outcropping or close to surface, and has been proven to be mineable by open pit methods with a low strip ratio.
  4. The oxide material has reasonable prospects of economic extraction at a cut-off grade of 0.12 g/t gold.
  5. Sulphide material as currently modelled is considered too low grade to have reasonable prospects of economic extraction.
  6. The Mineral Resource is reported at a cut-off grade of 0.12 g/t Au inside an optimized pit shell. Both the pit shell and cut-off grade are calculated using a gold price of USD $1,400, which was the mean rounded price for Mineral Resource reporting from a survey of 22 industry peers in February 2018.
  7. Drilling results as of 1st April, 2017 are included.
  8. The Mineral Resource is depleted for mining activity up to 31 December 2017, which is the effective date.