Reserves & Resources

Mineral Resource Estimate as of December 31, 2021

Project Deposit Type Measured Indicated Measured & Indicated Inferred
Tonnes
(kt)
Grade
(g/t)
Au
metal
(koz)
Tonnes
(kt)
Grade
(g/t)
Au
metal
(koz)
Tonnes
(kt)
Grade
(g/t)
Au
metal
(koz)
Tonnes
(kt)
Grade
(g/t)
Au
metal
(koz)
Segvoia Providencia LTR 263 12 101 385 8.8 109 648 10.1 210 367 7 83
Pillars 156 17.5 88 88 9.3 26 243 14.6 114 458 17.6 259
Sandra K LTR 17 12.2 7 498 9.5 153 515 9.6 159 704 12.3 279
Pillars 27 14.7 13 188 10.4 63 214 10.9 75 67 26.8 58
El Silencio LTR 1,601 11.2 577 1,601 11.2 577 2,159 8.8 609
Pillars 1,228 11.4 449 1,228 11.4 449 341 12.1 133
Verticales LTR 771 7.1 176
Subtotal LTR 280 12.0 108 2,484 10.5 839 2,764 10.4 928 4,001 8.9 1,146
Segovia Project Pillars 182 17.1 100 1,504 11.1 538 1,675 11.8 634 867 16.2 450
Carla Subtotal Carla Project LTR 129 7.9 33 129 7.9 33 224 9.6 69
Vera Subtotal Vera Project LTR 6 10.9 2 6 10.9 2 257 4.6 38
December 31, 2021(1) 462 14 208 4,123 10.6 1,412 4,585 11 1,620 5,349 9.9 1,704
December 31, 2020(2) 327 19.8 208 3.639 10.4 1,217 3,967 11.2 1,425 3,661 10.3 1,209
% Change vs previous 41% -29% - 13% 2% 16% 16% -2% 14% 46% -4% 41%

1) The Mineral Resources are reported at an in situ cut-off grade of 2.9 g/t Au over a 1.0 m mining width, which has been derived using a gold price of US$1,800 per ounce and suitable benchmarked technical and economic parameters for the existing underground mining (mining = US$99.0/t, processing = US$26.0/t, G&A = US$22.0/t, Royalties = US$6.1/t) and conventional gold mineralized material processing (90.5%). Each of the mining areas have been sub-divided into Pillar areas (“Pillars”), which represent the areas within the current mining development, and long-term resources (“LTR”), which lie along strike or down dip of the current mining development. Mineral Resources are reported inclusive of the Mineral Reserve. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate. All composites have been capped where appropriate. Some production at Segovia is sourced from mining areas that are not currently included in the Company’s MRE.

2) Sourced from the NI 43-101 Technical Report, Prefeasibility Study Update, Segovia Project, Colombia dated May 13, 2021 and effective as of December 31, 2020, prepared by SRK Consulting (US) Inc. (“SRK”).

Six Straight Years of Replacing or Increasing Reserves at Segovia

Mineral Reserve Estimate as of December 31, 2021

Area Category Tonnes (kt) Grade (g/t) Au
metal
(koz)
Providencia Proven 204 12 79
Probable 154 9.9 49
Sandra K Probable 399 8 103
El Silencio Probable 1,461 10.5 492
Carla Probable 72 9.6 22
December 31, 2021 (1) Total 2,290 10.1 745
December 31, 2020 (2) Total 2,196 9.0 633
% Change vs previous 4% 13% 18%

1) Ore reserves are reported using a gold cutoff grade ranging from 3.20 to 3.51 g/t depending on mining area and mining method. The cutoff grade calculations assume a $1,650/oz Au price, 90.5% metallurgical recovery, $6/oz smelting and refining charges, 3.5% royalty, $21.72/t G&A, $26.06/t processing cost, and projected LOM mining costs ranging from $99.70/t to $114.05/t. The reserves are valid as of December 31, 2021. Note that costs/prices used here may be somewhat different than those in the final economic model. This is due to the need to make assumptions early on for mine planning prior to finalizing other items and using long term forecasts for the life of mine plan. Mining dilution is applied to a minimum mining height and estimated overbreak (values differ by area/mining method) using a zero grade. Reserves are inclusive of Mineral Resources. All figures are rounded to reflect the relative accuracy of the estimates. Totals may not sum due to rounding. Mineral Reserves have been stated on the basis of a mine design, mine plan, and economic model. There are potential survey unknowns in some of the mining areas and lower extractions have been used to account for these unknowns. The Mineral Reserves were estimated by Fernando Rodrigues, BS Mining, MBA, MMSAQP #01405, MAusIMM #304726 of SRK, a Qualified Person.

2) Sourced from the NI 43-101 Technical Report, Prefeasibility Study Update, Segovia Project, Colombia dated May 13, 2021 and effective as of December 31, 2020, prepared by SRK.