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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).

La Encantada

Coahuila, 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.

Category	Tonnes (Mt)	Grade (g/t Ag)	Contained (Moz Ag)	As at
Measured	—	—	—	—
Indicated	8.31 Mt	136.00 g/t	36.43 Moz	31 Dec 2025
Inferred	3.02 Mt	176.00 g/t	17.13 Moz	31 Dec 2025
Total Resources	3.46 Mt	198.31 g/t	22.06 Moz	31 Dec 2025
Proved	—	—	—	—
Probable	7.87 Mt	121.00 g/t	31.50 Moz	31 Dec 2025
Total Reserves	7.87 Mt	121.00 g/t	31.50 Moz	31 Dec 2025

Sub-category rows are as disclosed (no Reserves-treatment netting); the Total rows honour the Resources treatment and Inferred-policy toggles, so components may not sum to the Total.

Dotted tonnes/grade are derived under the active Resources treatment: tonnes are netted of (or grossed by) the reserve tonnage alongside contained, and grade is re-derived as netted contained ÷ netted tonnes — not the published figures.

Cut-off grade

60.0000 g/t Ag · 100.0000 g/t Ag

Price assumption

US$38.50/oz · US$35.00/oz

JORC code year

—

Peer benchmark — producing Ag projects (118 with resources)Resource size P44Resource grade P84View 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: 40-F: FORM 40-F — exhibit99-1.htm (AIF exhibit) · 31 Dec 2025
Reporting code: SK-1300
Convention: inclusive
Currency assumption: US$
Disagreement flags: 3 rows

Current R&R

Resources

Area	Category	Tonnes (Mt)	Ag		As at	Source	Provenance
Area	Category	Tonnes (Mt)	Grade (g/t Ag)	Contained (Moz Ag)	As at	Source	Provenance
Total	Indicated	8.31 Mt	136.00 g/t	36.43 Moz	31 Dec 2025	Table 26: La Encantada Mineral Resource Estimate Statement, Indicated Category – Total Indicated (UG + Tailings)Unverified Evidence record La Encantada Indicated · Ag · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 8310000.0000 Grade 136.0000 Contained (oz) 36430000.0000 Classification Resource Source trail 40-F: FORM 40-F — exhibit99-1.htm (AIF exhibit) Table 26: La Encantada Mineral Resource Estimate Statement, Indicated Category – Total Indicated (UG + Tailings) Published 2026-03-31 Verification Approved; not independently verified · Model extracted QA WARN: identical figures appear under ANOTHER area label of this project in the same document — likely one printed estimate stored twice (a summary/grouping line duplicating its leaf). Keep one copy; reject the relabelled twin. QA WARN: tonnes/contained equal the SUM of 3 sibling row(s) of the same classification/category/commodity (Encantada Mine Complex (UG), Prieta Mine Complex (UG), Tailings) — likely a printed multi-deposit rollup/subtotal. Policy keeps leaf rows and printed whole-project Totals only; reject mid-level rollups (double-count). Copies a pre-filled issue record so you can send it through your normal channel.

Total

Inferred

3.02 Mt

176.00 g/t

17.13 Moz

31 Dec 2025

Table 27: La Encantada Mineral Resource Estimate Statement, Inferred Category – Total Inferred (UG + Tailings)Unverified

notes (5)

Source: 40-F: FORM 40-F — exhibit99-1.htm (AIF exhibit) · published 31 Mar 2026

Ref: Table 27: La Encantada Mineral Resource Estimate Statement, Inferred Category – Total Inferred (UG + Tailings)

SK-1300 — Reporting code of record: SK-1300
Cutoff 60.00 g/t Ag — Cut-off grade assumption from the source statement.
@ US$ 38.5/oz — Metal price assumption used to derive this estimate.
inc — Stated Resources are inclusive of Reserves. Set Resources: Excl. Reserves to net them out.

QA notes:

QA WARN: identical figures appear under ANOTHER area label of this project in the same document — likely one printed estimate stored twice (a summary/grouping line duplicating its leaf). Keep one copy; reject the relabelled twin. QA WARN: tonnes/contained equal the SUM of 3 sibling row(s) of the same classification/category/commodity (Encantada Mine Complex (UG), Prieta Mine Complex (UG), Tailings) — likely a printed multi-deposit rollup/subtotal. Policy keeps leaf rows and printed whole-project Totals only; reject mid-level rollups (double-count).

Reserves

Area	Category	Tonnes (Mt)	Ag		As at	Source	Provenance
Area	Category	Tonnes (Mt)	Grade (g/t Ag)	Contained (Moz Ag)	As at	Source	Provenance
Total	Probable	7.87 Mt	121.00 g/t	31.50 Moz	31 Dec 2025	Table 28: La Encantada Mineral Reserves Statement – Total Probable (UG + Tailings)Unverified Evidence record La Encantada Probable · Ag · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 7870000.0000 Grade 121.0000 Contained (oz) 31500000.0000 Classification Reserve Source trail 40-F: FORM 40-F — exhibit99-1.htm (AIF exhibit) Table 28: La Encantada Mineral Reserves Statement – Total Probable (UG + Tailings) Published 2026-03-31 Verification Approved; not independently verified · Model extracted QA WARN: identical figures appear under ANOTHER area label of this project in the same document — likely one printed estimate stored twice (a summary/grouping line duplicating its leaf). Keep one copy; reject the relabelled twin. QA WARN: tonnes/contained equal the SUM of 3 sibling row(s) of the same classification/category/commodity (Encantada Mine Complex (UG), Prieta Mine Complex (UG), Tailings Deposit (UG)) — likely a printed multi-deposit rollup/subtotal. Policy keeps leaf rows and printed whole-project Totals only; reject mid-level rollups (double-count). QA WARN: recomputed contained 30616191.4349 oz vs reported 31500000.00 oz (2.81% disagreement) Copies a pre-filled issue record so you can send it through your normal channel.	notes (3) Source: 40-F: FORM 40-F — exhibit99-1.htm (AIF exhibit) · published 31 Mar 2026 Ref: Table 28: La Encantada Mineral Reserves Statement – Total Probable (UG + Tailings) SK-1300 — Reporting code of record: SK-1300 @ US$ 35/oz — Metal price assumption used to derive this estimate. QA notes: QA WARN: identical figures appear under ANOTHER area label of this project in the same document — likely one printed estimate stored twice (a summary/grouping line duplicating its leaf). Keep one copy; reject the relabelled twin. QA WARN: tonnes/contained equal the SUM of 3 sibling row(s) of the same classification/category/commodity (Encantada Mine Complex (UG), Prieta Mine Complex (UG), Tailings Deposit (UG)) — likely a printed multi-deposit rollup/subtotal. Policy keeps leaf rows and printed whole-project Totals only; reject mid-level rollups (double-count). QA WARN: recomputed contained 30616191.4349 oz vs reported 31500000.00 oz (2.81% disagreement)
Total	Total Reserves	7.87 Mt	121.00 g/t	31.50 Moz	31 Dec 2025	derived from 1 row Probable: Table 28: La Encantada Mineral Reserves Statement – Total Probable (UG + Tailings) Unverified Evidence record La Encantada Total Reserve · Ag · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 7870000 Grade 121 Contained (oz) 31500000 Classification Reserve Source trail 40-F: FORM 40-F — exhibit99-1.htm (AIF exhibit) Table 28: La Encantada Mineral Reserves Statement – Total Probable (UG + Tailings) · contributes Probable Verification Approved; not independently verified · Model extracted Copies a pre-filled issue record so you can send it through your normal channel.	—
Encantada Mine Complex (UG)	Probable	2.42 Mt	155.00 g/t	10.45 Moz	31 Dec 2025	Table 28: La Encantada Mineral Reserves StatementUnverified Evidence record La Encantada Probable · Ag · as at 2025-12-31 Reported figure Area Encantada Mine Complex (UG) Basis 100% Ore tonnes (t) 2420000.0000 Grade 155.0000 Contained (oz) 10450000.0000 Classification Reserve Source trail 40-F: FORM 40-F — exhibit99-1.htm (AIF exhibit) Table 28: La Encantada Mineral Reserves Statement Published 2026-03-31 Verification Approved; not independently verified · Model extracted QA BLOCK: recomputed contained 12059745.0379 oz vs reported 10450000.00 oz (15.40% disagreement) \| QA annotate (t98v, a5.txt): Same table, same defect one row up: "Probable Encantada Mine Complex (UG) \| Oxides + Mixed \| 2.42 \| 155 \| 10.45 \| 10.45 \|" — 2.42Mt x 155g/t = 12.06Moz vs the printed 10.45Moz (implies 134.3g/t). Print granularity here is ~0.6% total (2.42 +/-0.005Mt, 155 +/-0.5, 10.45 +/-0.005Moz) against a 13.3% gap, so it is not rounding. Ounces again corroborated by the printed Total Probable 31.50Moz cross-foot, and 134.3g/t is the plausible diluted conversion of the printed indicated resource line "2.78 \| 153 \| 13.64". Note the printed reserve grade 155 exceeds the printed resource grade 153 for the same complex, which a diluted reserve cannot do — the grade column of Table 28 is unreliable in both UG rows while its Tailings row reconciles. \| t98v Copies a pre-filled issue record so you can send it through your normal channel.	notes (12)
Prieta Mine Complex (UG)	Probable	1.09 Mt	89.00 g/t	5.42 Moz	31 Dec 2025	Table 28: La Encantada Mineral Reserves StatementUnverified Evidence record La Encantada Probable · Ag · as at 2025-12-31 Reported figure Area Prieta Mine Complex (UG) Basis 100% Ore tonnes (t) 1090000.0000 Grade 89.0000 Contained (oz) 5420000.0000 Classification Reserve Source trail 40-F: FORM 40-F — exhibit99-1.htm (AIF exhibit) Table 28: La Encantada Mineral Reserves Statement Published 2026-03-31 Verification Approved; not independently verified · Model extracted QA BLOCK: recomputed contained 3118943.9246 oz vs reported 5420000.00 oz (42.45% disagreement) \| QA annotate (t98v, a5.txt): Table 28 (La Encantada Mineral Reserves, eff 31-Dec-2025) prints "Probable Prieta Mine Complex (UG) \| Oxides + Mixed \| 1.09 \| 89 \| 5.42 \| 5.42 \|" — the three cells cannot all be right: 1.09Mt x 89g/t = 3.12Moz, while the printed 5.42Moz over 1.09Mt implies 154.7g/t. Tonnes and ounces are corroborated twice: they cross-foot into the printed "Total Probable (UG + Tailings) \| All Mineral Types \| 7.87 \| 121 \| 31.50" (2.42+1.09+4.37=7.88~7.87; 10.45+5.42+15.63=31.50 exactly), and Table 26 prints the parent resource "Indicated Prieta Mine Complex (UG) \| Oxides + Mixed \| 1.16 \| 191 \| 7.17" which converts to 1.09Mt at ~155g/t with normal dilution. The same table's tailings line reconciles (4.37Mt x 111g/t = 15.60Moz vs 15.63 printed), so units and the oz conversion are sound — the 89 g/t grade cell is the sole outlier. Not FIXed: 154.7 is a recompute, the print says 89. Largest single grade defect in this block (2.3Moz Ag of implied metal). \| t98v Copies a pre-filled issue record so you can send it through your normal channel.
Tailings Deposit (UG)	Probable	4.37 Mt	111.00 g/t	15.63 Moz	31 Dec 2025	Table 28: La Encantada Mineral Reserves StatementUnverified Evidence record La Encantada Probable · Ag · as at 2025-12-31 Reported figure Area Tailings Deposit (UG) Basis 100% Ore tonnes (t) 4370000.0000 Grade 111.0000 Contained (oz) 15630000.0000 Classification Reserve Source trail 40-F: FORM 40-F — exhibit99-1.htm (AIF exhibit) Table 28: La Encantada Mineral Reserves Statement Published 2026-03-31 Verification Approved; not independently verified · Model extracted Copies a pre-filled issue record so you can send it through your normal channel.	notes (2) Source: 40-F: FORM 40-F — exhibit99-1.htm (AIF exhibit) · published 31 Mar 2026 Ref: Table 28: La Encantada Mineral Reserves Statement