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Reporting assumptions

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Ownership basis

Show the full project inventory before ownership adjustment.

Display scale

Display contained quantities in millions of ounces or tonnes.

Resource treatment

Normalise Resources to exclude Reserves: where a project is flagged inclusive, net Reserves out of Resources so the figure is additional Resources beyond Reserves. Unknown-convention rows are shown as stated.

Resource total

Total Resource includes Inferred (JORC convention). Totals are re-derived from category rows wherever the document discloses them.

Recovery basis

Show the issuer's headline recoverable figure as reported. Lithium-brine reserves already have the brine-processing recovery factor applied; everything else is shown as stated.

Commodity view

Primary view: each commodity in its own contained unit (oz / t).

Aranzazu

Zacatecas, Mexico · Producing · 100.0% ownedUnverified

Current R&R by category

Whole-project rollup at the latest vintage per category: printed project-level rows are preferred, and mining areas are summed (tonnes-weighted grade) only where the issuer prints no project-level row. Per-area and per-source detail in the Current R&R table below.

Au

Category	Tonnes (Mt)	Grade (g/t Au)	Contained (Moz Au)	As at
Measured	5.22 Mt	0.79 g/t	0.13 Moz	31 Dec 2025
Indicated	3.51 Mt	0.43 g/t	0.05 Moz	31 Dec 2025
Inferred	5.62 Mt	0.48 g/t	0.09 Moz	31 Dec 2025
Total Resources	14.34 Mt	0.58 g/t	0.27 Moz	31 Dec 2025
Proved	6.99 Mt	0.66 g/t	0.15 Moz	31 Dec 2025
Probable	6.06 Mt	0.50 g/t	0.10 Moz	31 Dec 2025
Total Reserves	13.05 Mt	0.59 g/t	0.25 Moz	31 Dec 2025

Ag

Category	Tonnes (Mt)	Grade (g/t Ag)	Contained (Moz Ag)	As at
Measured	5.22 Mt	17.40 g/t	2.91 Moz	31 Dec 2025
Indicated	3.51 Mt	14.00 g/t	1.58 Moz	31 Dec 2025
Inferred	5.62 Mt	15.00 g/t	2.74 Moz	31 Dec 2025
Total Resources	14.34 Mt	15.63 g/t	7.24 Moz	31 Dec 2025
Proved	6.99 Mt	15.83 g/t	3.56 Moz	31 Dec 2025
Probable

Cu

Category	Tonnes (Mt)	Grade (% Cu)	Contained (Mt Cu)	As at
Measured	5.22 Mt	1.10%	0.06 Mt Cu	31 Dec 2025
Indicated	3.51 Mt	0.76%	0.03 Mt Cu	31 Dec 2025
Inferred	5.62 Mt	0.85%	0.05 Mt Cu	31 Dec 2025
Total Resources	14.34 Mt	0.92%	0.13 Mt Cu	31 Dec 2025
Proved	6.99 Mt	0.98%	0.07 Mt Cu	31 Dec 2025
Probable

Cut-off grade

50.0000 g/t Au · 50.0000 g/t Ag · 50.0000 % Cu · 73.1800 g/t Ag · 73.1800 g/t Au · 73.1800 % Cu

Price assumption

US$2600.00/t

JORC code year

—

Peer benchmark — producing Cu projects (98 with resources)Resource size P24Resource grade P75View on grade-tonnage chart →

Percentile of this project's current total Resource among covered peers (P100 = largest / highest grade). Basis and Inferred toggles apply.

Data quality

Latest source: 20-F/A: FORM 20-F/A · 31 Dec 2025
Reporting code: SK-1300
Convention: exclusive
Currency assumption: US$
Disagreement flags: 1 row

Current R&R

Resources

Category	Tonnes (Mt)	Au		Ag		Cu		As at	Source	Provenance
Category	Tonnes (Mt)	Grade (g/t Au)	Contained (Moz Au)	Grade (g/t Ag)	Contained (Moz Ag)	Grade (% Cu)	Contained (Mt Cu)	As at	Source	Provenance
Measured	5.22 Mt	0.79 g/t	0.13 Moz	17.40 g/t	2.91 Moz	1.10%	0.06 Mt Cu	31 Dec 2025

Reserves

Category	Tonnes (Mt)	Au		Ag		Cu		As at	Source	Provenance
Category	Tonnes (Mt)	Grade (g/t Au)	Contained (Moz Au)	Grade (g/t Ag)	Contained (Moz Ag)	Grade (% Cu)	Contained (Mt Cu)	As at	Source	Provenance
Proved	6.99 Mt	0.66 g/t	0.15 Moz	15.83 g/t	3.56 Moz	0.98%	0.07 Mt Cu	31 Dec 2025	Proven & Probable Mineral Reserve Estimates (as of December 31, 2025) — Silver table / Aranzazu Mineral Reserve EstimateUnverified Evidence record Aranzazu Proved · Ag · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 6992000.0000 Grade 15.8300 Contained (oz) 3559000.0000 Classification Reserve Source trail 20-F/A: FORM 20-F/A Proven & Probable Mineral Reserve Estimates (as of December 31, 2025) — Silver table / Aranzazu Mineral Reserve Estimate Published 2026-04-29 Verification Approved; not independently verified · Model extracted Copies a pre-filled issue record so you can send it through your normal channel.	notes (3) Source: 20-F/A: FORM 20-F/A · published 29 Apr 2026 Ref: Proven & Probable Mineral Reserve Estimates (as of December 31, 2025) — Silver table / Aranzazu Mineral Reserve Estimate SK-1300 — Reporting code of record: SK-1300 Cutoff 73.18 g/t Ag — Cut-off grade assumption from the source statement. @ US$ 2,600/oz — Metal price assumption used to derive this estimate.
Probable	6.06 Mt	0.50 g/t	0.10 Moz	17.51 g/t	3.41 Moz	0.95%	0.06 Mt Cu	31 Dec 2025	Proven & Probable Mineral Reserve Estimates (as of December 31, 2025) — Copper table / Aranzazu Mineral Reserve EstimateUnverified Evidence record Aranzazu Probable · Cu · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 6060000.0000 Grade 0.9500 Contained (t Cu) 57520.9556 Classification Reserve Source trail 20-F/A: FORM 20-F/A Proven & Probable Mineral Reserve Estimates (as of December 31, 2025) — Copper table / Aranzazu Mineral Reserve Estimate Published 2026-04-29 Verification Approved; not independently verified · Model extracted Copies a pre-filled issue record so you can send it through your normal channel.	notes (3) Source: 20-F/A: FORM 20-F/A
Total Reserves	13.05 Mt	0.59 g/t	0.25 Moz	16.61 g/t	6.97 Moz	0.97%	0.13 Mt Cu	31 Dec 2025	derived from 2 rows Proved: Proven & Probable Mineral Reserve Estimates (as of December 31, 2025) — Silver table / Aranzazu Mineral Reserve Estimate Probable: Proven & Probable Mineral Reserve Estimates (as of December 31, 2025) — Silver table / Aranzazu Mineral Reserve Estimate Unverified Evidence record Aranzazu Total Reserve · Ag · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 13052000 Grade 16.610018387986514 Contained (oz) 6971000 Classification Reserve Source trail 20-F/A: FORM 20-F/A Proven & Probable Mineral Reserve Estimates (as of December 31, 2025) — Silver table / Aranzazu Mineral Reserve Estimate · contributes Proved 20-F/A: FORM 20-F/A Proven & Probable Mineral Reserve Estimates (as of December 31, 2025) — Silver table / Aranzazu Mineral Reserve Estimate · contributes Probable Verification Approved; not independently verified · Model extracted Copies a pre-filled issue record so you can send it through your normal channel.