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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).

Puna

Jujuy, Argentina · 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.

Ag

Category	Tonnes (Mt)	Grade (g/t Ag)	Contained (Moz Ag)	As at
Measured	0.44 Mt	126.01 g/t	1.78 Moz	31 Dec 2025
Indicated	3.31 Mt	192.75 g/t	20.51 Moz	31 Dec 2025
Inferred	3.13 Mt	239.68 g/t	24.15 Moz	31 Dec 2025
Total Resources	6.88 Mt	209.87 g/t	46.44 Moz	31 Dec 2025
Proved	0.89 Mt	133.22 g/t	3.83 Moz	31 Dec 2025
Probable	3.80 Mt	116.40 g/t	14.23 Moz	31 Dec 2025
Total Reserves	4.70 Mt	119.60 g/t	18.06 Moz	31 Dec 2025

Zn

Category	Tonnes (Mt)	Grade (% Zn)	Contained (Mt Zn)	As at
Measured	0.44 Mt	0.41%	1.81 kt Zn	31 Dec 2025
Indicated	3.31 Mt	3.59%	0.12 Mt Zn	31 Dec 2025
Inferred	3.13 Mt	5.62%	0.18 Mt Zn	31 Dec 2025
Total Resources	6.88 Mt	4.31%	0.30 Mt Zn	31 Dec 2025
Proved	0.89 Mt	0.18%	1.59 kt Zn	31 Dec 2025
Probable

Pb

Category	Tonnes (Mt)	Grade (% Pb)	Contained (Mt Pb)	As at
Measured	0.44 Mt	1.22%	0.01 Mt Pb	31 Dec 2025
Indicated	1.49 Mt	0.86%	0.01 Mt Pb	31 Dec 2025
Inferred	0.03 Mt	0.76%	0.18 kt Pb	31 Dec 2025
Total Resources	1.95 Mt	0.94%	0.02 Mt Pb	31 Dec 2025
Proved	0.89 Mt	1.10%	0.01 Mt Pb	31 Dec 2025
Probable

Cut-off grade

39.7900 % Zn · 39.7900 g/t Ag · 39.7900 % Pb · 120.0000 % Zn · 120.0000 g/t Ag · 44.3200 % Zn · 44.3200 g/t Ag · 44.3200 % Pb

Price assumption

US$1.30/oz · US$23.00/oz · US$0.95/oz · US$1.15/oz · US$20.50/oz · US$0.90/oz

JORC code year

—

Peer benchmark — producing Ag projects (118 with resources)Resource size P58Resource grade P89View 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: 10-K: 10-K · 31 Dec 2025
Reporting code: SK-1300
Convention: exclusive
Currency assumption: US$
Disagreement flags: 4 rows

Current R&R

Resources

Area	Category	Tonnes (Mt)	Ag		Zn		Pb		As at	Source	Provenance
Area	Category	Tonnes (Mt)	Grade (g/t Ag)	Contained (Moz Ag)	Grade (% Zn)	Contained (Mt Zn)	Grade (% Pb)	Contained (Mt Pb)	As at	Source	Provenance
Total	Total Resources	1.95–6.88 Mt	209.87 g/t	46.44 Moz

Chinchillas (Low Grade Stockpile)

Indicated

0.48 Mt

72.68 g/t

1.12 Moz

0.49%

2.36 kt Zn

0.61%

2.9 kt Pb

31 Dec 2025

Puna Resources as of December 31, 2025Unverified

notes (6)

Source: 10-K: 10-K · published 17 Feb 2026

Ref: Puna Resources as of December 31, 2025

SK-1300 — Reporting code of record: SK-1300
Cutoff 39.79 g/t Ag — Cut-off grade assumption from the source statement.
@ US$ 23/oz — Metal price assumption used to derive this estimate.
excl — Stated Resources are EXCLUSIVE of Reserves — they sit on top of the reserve, so decks quoting inclusive resources will show a larger figure (inclusive = this row + the converted reserve).
attrib — Figures are net to the issuer's ownership interest as reported (attributable basis) — NOT 100% of the project.

QA notes:

QA WARN: area 'Chinchillas (Low Grade Stockpile)' references sibling project 'chinchillas' stored from this same document — likely an umbrella/headline summary duplicate of that project's own rows; policy keeps the per-project rows. QA WARN: identical figures appear under ANOTHER project in this document — possible row-bleed (the model copying one project's printed line onto another). Verify each project's table prints these figures; reject the copy whose table does not.

Chinchillas (OP)

Measured

0.44 Mt

126.01 g/t

1.78 Moz

0.41%

1.81 kt Zn

1.22%

0.01 Mt Pb

31 Dec 2025

Puna Resources as of December 31, 2025Unverified

notes (6)

Source: 10-K: 10-K · published 17 Feb 2026

Ref: Puna Resources as of December 31, 2025

SK-1300 — Reporting code of record: SK-1300
Cutoff 39.79 % Zn — Cut-off grade assumption from the source statement.
@ US$ 1.3/t — Metal price assumption used to derive this estimate.
excl — Stated Resources are EXCLUSIVE of Reserves — they sit on top of the reserve, so decks quoting inclusive resources will show a larger figure (inclusive = this row + the converted reserve).
attrib — Figures are net to the issuer's ownership interest as reported (attributable basis) — NOT 100% of the project.

QA notes:

QA WARN: area 'Chinchillas (OP)' references sibling project 'chinchillas' stored from this same document — likely an umbrella/headline summary duplicate of that project's own rows; policy keeps the per-project rows. QA WARN: identical figures appear under ANOTHER project in this document — possible row-bleed (the model copying one project's printed line onto another). Verify each project's table prints these figures; reject the copy whose table does not. QA INFO: recompute differs 1.02% from the printed contained figure, but the printed tonnes/grade/contained carry ±1.33% rounding granularity (capped per component; the true half-step band of coarse prints is wider) and the remainder sits under the warn threshold — treated as reconciled.

Chinchillas (OP)

Indicated

1.01 Mt

114.69 g/t

3.72 Moz

0.34%

3.45 kt Zn

0.98%

0.01 Mt Pb

31 Dec 2025

Puna Resources as of December 31, 2025Unverified

notes (6)

Source: 10-K: 10-K · published 17 Feb 2026

Ref: Puna Resources as of December 31, 2025

SK-1300 — Reporting code of record: SK-1300
Cutoff 39.79 % Zn — Cut-off grade assumption from the source statement.
@ US$ 1.3/t — Metal price assumption used to derive this estimate.
excl — Stated Resources are EXCLUSIVE of Reserves — they sit on top of the reserve, so decks quoting inclusive resources will show a larger figure (inclusive = this row + the converted reserve).
attrib — Figures are net to the issuer's ownership interest as reported (attributable basis) — NOT 100% of the project.

QA notes:

QA WARN: area 'Chinchillas (OP)' references sibling project 'chinchillas' stored from this same document — likely an umbrella/headline summary duplicate of that project's own rows; policy keeps the per-project rows. QA WARN: identical figures appear under ANOTHER project in this document — possible row-bleed (the model copying one project's printed line onto another). Verify each project's table prints these figures; reject the copy whose table does not.

Chinchillas (OP)

Inferred

0.03 Mt

96.61 g/t

0.08 Moz

0.17%

0.05 kt Zn

0.76%

0.18 kt Pb

31 Dec 2025

Puna Resources as of December 31, 2025Unverified

notes (6)

Source: 10-K: 10-K · published 17 Feb 2026

Ref: Puna Resources as of December 31, 2025

SK-1300 — Reporting code of record: SK-1300
Cutoff 39.79 g/t Ag — Cut-off grade assumption from the source statement.
@ US$ 23/oz — Metal price assumption used to derive this estimate.
excl — Stated Resources are EXCLUSIVE of Reserves — they sit on top of the reserve, so decks quoting inclusive resources will show a larger figure (inclusive = this row + the converted reserve).
attrib — Figures are net to the issuer's ownership interest as reported (attributable basis) — NOT 100% of the project.

QA notes:

QA WARN: area 'Chinchillas (OP)' references sibling project 'chinchillas' stored from this same document — likely an umbrella/headline summary duplicate of that project's own rows; policy keeps the per-project rows. QA WARN: identical figures appear under ANOTHER project in this document — possible row-bleed (the model copying one project's printed line onto another). Verify each project's table prints these figures; reject the copy whose table does not.

Pirquitas (UG)

Indicated

1.83 Mt

267.27 g/t

15.68 Moz

6.19%

0.11 Mt Zn

—

31 Dec 2025

Puna Resources as of December 31, 2025Unverified

notes (6)

Source: 10-K: 10-K · published 17 Feb 2026

Ref: Puna Resources as of December 31, 2025

SK-1300 — Reporting code of record: SK-1300
Cutoff 120.00 % Zn — Cut-off grade assumption from the source statement.
@ US$ 1.3/t — Metal price assumption used to derive this estimate.
excl — Stated Resources are EXCLUSIVE of Reserves — they sit on top of the reserve, so decks quoting inclusive resources will show a larger figure (inclusive = this row + the converted reserve).
attrib — Figures are net to the issuer's ownership interest as reported (attributable basis) — NOT 100% of the project.

QA notes:

QA WARN: area 'Pirquitas (UG)' references sibling project 'pirquitas' stored from this same document — likely an umbrella/headline summary duplicate of that project's own rows; policy keeps the per-project rows. QA WARN: identical figures appear under ANOTHER project in this document — possible row-bleed (the model copying one project's printed line onto another). Verify each project's table prints these figures; reject the copy whose table does not.

Pirquitas (UG)

Inferred

3.11 Mt

240.83 g/t

24.07 Moz

5.66%

0.18 Mt Zn

—

31 Dec 2025

Puna Resources as of December 31, 2025Unverified

notes (6)

Source: 10-K: 10-K · published 17 Feb 2026

Ref: Puna Resources as of December 31, 2025

SK-1300 — Reporting code of record: SK-1300
Cutoff 120.00 % Zn — Cut-off grade assumption from the source statement.
@ US$ 1.3/t — Metal price assumption used to derive this estimate.
excl — Stated Resources are EXCLUSIVE of Reserves — they sit on top of the reserve, so decks quoting inclusive resources will show a larger figure (inclusive = this row + the converted reserve).
attrib — Figures are net to the issuer's ownership interest as reported (attributable basis) — NOT 100% of the project.

QA notes:

QA WARN: area 'Pirquitas (UG)' references sibling project 'pirquitas' stored from this same document — likely an umbrella/headline summary duplicate of that project's own rows; policy keeps the per-project rows. QA WARN: identical figures appear under ANOTHER project in this document — possible row-bleed (the model copying one project's printed line onto another). Verify each project's table prints these figures; reject the copy whose table does not.

Reserves

Area	Category	Tonnes (Mt)	Ag		Zn		Pb		As at	Source	Provenance
Area	Category	Tonnes (Mt)	Grade (g/t Ag)	Contained (Moz Ag)	Grade (% Zn)	Contained (Mt Zn)	Grade (% Pb)	Contained (Mt Pb)	As at	Source	Provenance
Total	Total Reserves	4.70 Mt	119.60 g/t	18.06 Moz	0.16%	0.01 Mt Zn	1.06%	0.05 Mt Pb	31 Dec 2025	derived from 3 rows Proved: Puna Reserves as of December 31, 2025 Probable: Puna Reserves as of December 31, 2025 Probable: Puna Reserves as of December 31, 2025 Unverified Evidence record Puna Total Reserve · Zn · as at 2025-12-31 Reported figure Area Whole project Basis attributable Ore tonnes (t) 4697000 Grade 0.16424952097083245 Contained (t Zn) 7711.0703 Classification Reserve Source trail 10-K: 10-K Puna Reserves as of December 31, 2025 · contributes Proved 10-K: 10-K Puna Reserves as of December 31, 2025 · contributes Probable 10-K: 10-K Puna Reserves as of December 31, 2025 · contributes Probable Verification Approved; not independently verified · Model extracted Copies a pre-filled issue record so you can send it through your normal channel.	—
Chinchillas (OP)	Proved	0.89 Mt	133.22 g/t	3.83 Moz	0.18%	1.59 kt Zn	1.10%	0.01 Mt Pb	31 Dec 2025	Puna Reserves as of December 31, 2025Unverified Evidence record Puna Proved · Zn · as at 2025-12-31 Reported figure Area Chinchillas (OP) Basis attributable Ore tonnes (t) 894000.0000 Grade 0.1800 Contained (t Zn) 1587.5733 Classification Reserve Source trail 10-K: 10-K Puna Reserves as of December 31, 2025 Published 2026-02-17 Verification Approved; not independently verified · Model extracted QA INFO: inclusive-of-reserves flag cleared — the flag describes resource statements; reserve rows carry none. QA WARN: area 'Chinchillas (OP)' references sibling project 'chinchillas' stored from this same document — likely an umbrella/headline summary duplicate of that project's own rows; policy keeps the per-project rows. QA WARN: identical figures appear under ANOTHER project in this document — possible row-bleed (the model copying one project's printed line onto another). Verify each project's table prints these figures; reject the copy whose table does not. QA INFO: recompute differs 1.36% from the printed contained figure, but the printed tonnes/grade/contained carry ±2.83% rounding granularity (capped per component; the true half-step band of coarse prints is wider) and the remainder sits under the warn threshold — treated as reconciled. Copies a pre-filled issue record so you can send it through your normal channel.
Chinchillas (OP)	Probable	2.52 Mt	126.40 g/t	10.23 Moz	0.12%	3.04 kt Zn	1.15%	0.03 Mt Pb	31 Dec 2025	Puna Reserves as of December 31, 2025Unverified Evidence record Puna Probable · Ag · as at 2025-12-31 Reported figure Area Chinchillas (OP) Basis attributable Ore tonnes (t) 2518000.0000 Grade 126.4000 Contained (oz) 10233000.0000 Classification Reserve Source trail 10-K: 10-K Puna Reserves as of December 31, 2025 Published 2026-02-17 Verification Approved; not independently verified · Model extracted QA INFO: inclusive-of-reserves flag cleared — the flag describes resource statements; reserve rows carry none. QA WARN: area 'Chinchillas (OP)' references sibling project 'chinchillas' stored from this same document — likely an umbrella/headline summary duplicate of that project's own rows; policy keeps the per-project rows. Copies a pre-filled issue record so you can send it through your normal channel.	notes (5)
Chinchillas (Stockpile)	Probable	1.29 Mt	96.79 g/t	4.00 Moz	0.24%	3.08 kt Zn	0.85%	0.01 Mt Pb	31 Dec 2025	Puna Reserves as of December 31, 2025Unverified Evidence record Puna Probable · Zn · as at 2025-12-31 Reported figure Area Chinchillas (Stockpile) Basis attributable Ore tonnes (t) 1285000.0000 Grade 0.2400 Contained (t Zn) 3084.4281 Classification Reserve Source trail 10-K: 10-K Puna Reserves as of December 31, 2025 Published 2026-02-17 Verification Approved; not independently verified · Model extracted QA INFO: inclusive-of-reserves flag cleared — the flag describes resource statements; reserve rows carry none. QA WARN: area 'Chinchillas (Stockpile)' references sibling project 'chinchillas' stored from this same document — likely an umbrella/headline summary duplicate of that project's own rows; policy keeps the per-project rows. QA WARN: identical figures appear under ANOTHER project in this document — possible row-bleed (the model copying one project's printed line onto another). Verify each project's table prints these figures; reject the copy whose table does not. Copies a pre-filled issue record so you can send it through your normal channel.