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Reserves & Resources

Table 1 – Mineral Reserves – Boumadine, Morocco

Cutoff Tonnes Average Grade Contained Metal
Ag Au Cu Pb Zn AgEq AuEq Ag Au Cu Pb Zn AgEq AuEq
NSR US$ (Kt) (g/t) (g/t) (%) (%) (%) (g/t) (g/t) (Koz) (Koz) (Kt) (Kt) (Kt) (Koz) (Koz)
Pit-Constrained
Indicated 95 995 145 2.71 0.17 1.58 5.92 634 7.40 4,647 87 2 16 59 20,299 237
Inferred 95 8,474 103 2.97 0.10 0.79 2.54 475 5.54 28,087 808 8 67 215 129,478 1,510
Out-of-Pit
Indicated 125 1,046 82 2.33 0.11 0.58 2.79 402 4.69 2,751 78 1 6 29 13,533 158
Inferred 125 15,096 76 2.42 0.07 0.87 2.19 389 4.53 36,653 1,175 11 131 330 188,663 2,198
Total
Indicated 95/125 2,042 113 2.51 0.14 1.07 4.32 515 6.01 7,398 165 3 22 88 33,832 395
Inferred 95/125 23,569 85 2.62 0.08 0.84 2.32 420 4.89 64,740 1,983 19 198 546 318,141 3,708

 

  1. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. There is no certainty that Mineral Resources will be converted to Mineral Reserves.
  2. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
  3. The Mineral Resources in this news release were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) Standards on Mineral Resources and Mineral Reserves Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council, as may be amended from time to time.
  4. A silver price of US$21/oz with a process recovery of 89%, a gold price of US$1,900/oz with a process recovery of 85%, a zinc price of US$1.20/lb with a process recovery of 72%, a lead price of US$1.00/lb with a process recovery of 85%, and a copper price of US$4.00/lb with a process recovery of 75% were used in establishing the MRE.
  5. AgEq = Ag(g/t) + (Au(g/t) *Au price/oz*Au recovery)/(Ag price/oz*Ag recovery) + Zn(%)*Zn price/lb* Zn recovery/(Ag price/oz*Ag recovery)*685.7147973 + Pb(%)*Pb price/lb* Pb recovery/(Ag price/oz*Ag recovery)*685.7147973 + Cu(%)*Cu price/lb* Cu recovery/(Ag price/oz*Ag recovery)*685.7147973
  6. AuEq = Au(g/t) + (Ag(g/t) *Ag price/oz*Ag recovery)/(Au price/oz*Au recovery) + Zn(%)*Zn price/lb* Zn recovery/(Au price/oz*Au recovery)*685.7147973 + Pb(%)*Pb price/lb* Pb recovery/(Au price/oz*Au recovery)*685.7147973 + Cu(%)*Cu price/lb* Cu recovery/(Au price/oz*Au recovery)*685.7147973
  7. The constraining pit optimization parameters were US$3/t for mineralized material mining, US$2/t for waste mining, US$89/t for processing and US$6/t for G&A totalling US$95/t for a cut-off and 50-degree pit slopes.
  8. The out-of-pit parameters used a US$30/t mining cost, US$90/t processing cost and US$6/t G&A totalling US$125/t for a cut-off.. The out-of-pit Mineral Resource grade blocks were quantified above the $125 NSR cut-off, below the constraining pit shell and within the constraining mineralized wireframes. Out–of-pit Mineral Resources exhibit continuity and reasonable potential for extraction by the long hole underground mining method.
  9. Individual calculations in tables and totals may not sum due to rounding of original numbers.
  10. Grade capping of 800 g/t Ag, 30 g/t Au, 28% Zn, 10% Pb and 1.4% Cu was applied to composites before grade estimation.
  11. Bulk density was evaluated separately for each individual vein with values ranging from 3.20 to 4.00 t/m3 determined from drill core samples and used for the MRE. For oxidized and transitional material, a bulk density of 2.65 t/m3 was used.
  12. 1.0m composites were used during grade estimation.

Table 2 – Mineral Reserves – Zgounder Mine, Morocco

Area Classification Cut-Off (Ag g/t) Tonnes (k) Ag (g/t) Ag (k oz)
Open pit reserves Proven 47 567 312 5,694
Probable 47 1,611 233 12,057
P&P 47 2,178 253 17,750
Underground reserves Proven 85 2,533 283 23,054
Probable 85 3,560 256 29,286
P&P 85 6,093 267 52,340
Sub-total Proven 47-85 3,100 288 28,748
Probable 47-85 5,171 249 41,343
P&P 47-85 8,271 264 70,090
Historical tailings reserves Probable 44 319 77 785
Total Reserves Proven 47-85 3,100 288 28,748
Probable 44-85 5,490 239 42,128
Total P&P 44-85 8,590 257 70,876

 

  1. The Mineral Reserve is estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
  2. The Mineral Reserve is estimated with a variable COG which was calculated by mining method.
  3. Ag content (oz) is estimated as in-situ.
  4. An ONHYM royalty of 3% is included in the Mineral Reserve Estimate.
  5. The Mineral Reserve is estimated with a mining recovery of 95%.
  6. The Mineral Reserve includes both internal and external dilution. The external dilution included a mining dilution of 0.3 m width on the hanging wall and footwall for the long-hole mining method and a 0.1 m width on the hanging wall and footwall for the cut-and-fill mining methods.
  7. A minimum mining width of 4m was used for the long hole and cut-and-fill mining methods.
  8. The economic viability of the Mineral Reserve has been demonstrated.
  9. For the historical tailings Reserves Estimate, a silver price of US$20/oz with a process recovery of 92%, a process cost of $20.93/t (including G&A), and a mining cost of $4.31/t (including haulage) were used.
  10. For the Open-pit Reserves Estimate, a silver price of US$20/oz with a process recovery of 92%, a process cost of US$22.91/t (including G&A), and a mining cost of $4.00/t (including haulage) were used.
  11. For the Underground Reserves Estimate, a silver price of $20/oz with a process recovery of 92%, a process cost of US$22.91/t (including G&A), and a mining cost of $24.13/t (including haulage and backfill) were used for the combined cut-and-fill and long-hole methods.
  12. The reserves estimate has an effective date of December 13, 2021.
  13. Totals may not add due to rounding.

Zgounder Resources

Area Classification Cut-Off (Ag g/t) Tonnes (k) Ag (g/t) Ag oz(k)
Pit-Constrained Measured 65 108 477 1,656
Indicated 65 406 325 4,242
M&I 65 514 357 5,898
Out-of-Pit Measured 75 3,403 343 37,527
Indicated 75 5,576 289 51,810
M&I 75 8,979 309 89,337
Inferred 75 542 367 6,395
Historical Tailings Indicated 50 272 94 822
Total Measured 65-75 3,511 347 39,183
Indicated 50-65-75 6,254 283 56,874
M&I 50-65-75 9,765 306 96,057
Inferred 65-75 542 367 6,395

 

  1. Mineral resources are not mineral reserves and do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. There is no certainty that mineral resources will be converted to mineral reserves.
  2. The Inferred mineral resource in this estimate has a lower level of confidence than that applied to an indicated mineral resource and must not be converted to a mineral reserve. It is reasonably expected that the majority of the inferred mineral resource could be upgraded to an indicated mineral resource with continued exploration.
  3. The mineral resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) Standards on Mineral Resources and Mineral Reserves Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council, as may be amended from time to time.
  4. A silver price of US$22.5/oz with a process recovery of 90%, US$20/t rock process cost, US$16.5/t tailings process cost and US$7/t G&A cost were used.
  5. The constraining pit optimization parameters were US$15/t of mineralized material (including waste mining) and 50-degree pit slopes with a 65 g/t Ag cut-off.
  6. The out-of-pit parameters used a US$22/t mining cost. The out-of-pit Mineral Resource grade blocks were quantified above the 75 g/t Ag cut-off, below the constraining pit shell and within the constraining mineralized wireframes. Out–of-pit Mineral Resources exhibit continuity and reasonable potential for extraction by the cut and fill underground mining method.
  7. The historical tailings parameters were at a US$9/t mining cost, and Mineral Resource grade blocks were quantified above the 50 g/t Ag cut-off.
  8. Individual calculations in tables and totals may not sum correctly due to rounding of original numbers.
  9. Grade capping of 6,000 g/t Ag was applied to composites before grade estimation.
  10. A bulk density value of 2.77 t/m3 was determined from core samples and used for the Mineral Resource Estimate.
  11. 1.2m composites were used during grade estimation.
  12. Previously mined areas of the deposit were depleted from the mineral resource estimate.