Mexico Reserves
Securities and Exchange Commission (SEC) Proven and Probable (P&P) Regulation S-K (Subpart 1300) Reserve Estimates
As of December 31, 2024, our estimate of Proven and Probable (P&P) reserves was:
| Metallurgical recovery (%) | ||||||||||||
| Description | Tonnes | Au | Ag | Cu | Pb | Zn | Cut off grade | Au | Ag | Cu | Pb | Zn |
| g/t | g/t | % | % | % | ||||||||
| Arista Mine Total | $/tonne | |||||||||||
| Proven | 60,000 | 2.25 | 276 | 0.24 | 1.20 | 3.14 | 120 | 79.5% | 91.4% | 73.9% | 71.8% | 83.2% |
| Probable | 1,057,000 | 1.21 | 136 | 0.17 | 0.70 | 2.19 | 120 | 79.5% | 91.4% | 73.9% | 71.8% | 83.2% |
| Arista Mine Total | 1,117,000 | 1.26 | 143 | 0.18 | 0.73 | 2.24 | ||||||
| Alta Gracia | AuEq/tonne | |||||||||||
| Proven | - | - | - | - | - | - | - | - | - | - | - | - |
| Probable | - | - | - | - | - | - | - | - | - | - | - | - |
| Alta Gracia Mine Total | - | - | - | - | - | - | - | - | - | - | - | - |
| Don David Gold Mine | 1,117,000 | 1.26 | 143 | |||||||||
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Notes to the 12/31/2024 Mineral Reserves:
1. Mineral Reserves estimated at December 31, 2024 are based on $2,200/oz for Gold, $28.00/oz for Silver, $4.52/pound for Copper, $1.00/pound for Lead and $1.22/pound for Zinc. The metal prices used are based on conservative estimates of the average median consensus price for each of the three years starting 2025 through 2027 as provided by Bloomberg's consensus commodity price forecast as at January 7, 2025. The 2027 consensus was used for the remaining life of mine.
2. The Arista Mine NSR cut-off grades for Mineral Reserves are $120/tonne.
3. Alta Gracia Mineral Reserves reported as of December 31, 2022 were reclassified as Mineral Resources as of December 31, 2023 and 2024 estimates.
4. Rounding of tonnes, average grades, and contained ounces may result in apparent discrepancies with total rounded tonnes, average grades, and total contained