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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).

Cerro Vanguardia

Argentina · Producing · 92.5% 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	6.55 Mt	3.26 g/t	0.69 Moz	31 Dec 2025
Indicated	8.25 Mt	3.08 g/t	0.82 Moz	31 Dec 2025
Inferred	3.41 Mt	3.32 g/t	0.37 Moz	31 Dec 2025
Total Resources	18.21 Mt	3.19 g/t	1.88 Moz	31 Dec 2025
Proved	2.98 Mt	3.48 g/t	0.34 Moz	31 Dec 2025
Probable	4.48 Mt	2.92 g/t	0.42 Moz	31 Dec 2025
Total Reserves	7.46 Mt	3.14 g/t	0.76 Moz	31 Dec 2025

Ag

Category	Tonnes (Mt)	Grade (g/t Ag)	Contained (Moz Ag)	As at
Measured	6.55 Mt	65.49 g/t	13.79 Moz	31 Dec 2025
Indicated	8.25 Mt	75.09 g/t	19.90 Moz	31 Dec 2025
Inferred	3.41 Mt	105.73 g/t	11.58 Moz	31 Dec 2025
Total Resources	18.21 Mt	77.37 g/t	45.28 Moz	31 Dec 2025
Proved	2.98 Mt	61.14 g/t	5.87 Moz	31 Dec 2025
Probable

Cut-off grade

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Price assumption

US$23.00/oz · US$2000.00/oz · US$1700.00/oz · US$19.50/oz

JORC code year

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Peer benchmark — producing Au projects (282 with resources)Resource size P52Resource grade P76View 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: 20-F · 31 Dec 2025
Reporting code: SK-1300
Convention: exclusive
Currency assumption: US$
Disagreement flags: 12 rows

Current R&R

Resources

Category	Tonnes (Mt)	Au		Ag		As at	Source	Provenance
Category	Tonnes (Mt)	Grade (g/t Au)	Contained (Moz Au)	Grade (g/t Ag)	Contained (Moz Ag)	As at	Source	Provenance
Measured	6.55 Mt	3.26 g/t	0.69 Moz	65.49 g/t	13.79 Moz	31 Dec 2025	Summary Mineral Resource for silver at 31 December 2025Unverified Evidence record Cerro Vanguardia Measured · Ag · as at 2025-12-31 Reported figure Area Whole project Basis attributable Ore tonnes (t) 6551351.3513513515 Grade 65.4900 Contained (oz) 13794594.594594596 Classification Resource Source trail 20-F: 20-F Summary Mineral Resource for silver at 31 December 2025 Published 2026-03-26 Verification Approved; not independently verified · Model extracted AGENT-QA 2026-07-11 (t6 recovery first gate, operator-delegated): post-#133 re-extraction verified - structure, single as-at vintage, reported basis and spot-checks against the printed tables. Approved. Copies a pre-filled issue record so you can send it through your normal channel.

Reserves

Category	Tonnes (Mt)	Au		Ag		As at	Source	Provenance
Category	Tonnes (Mt)	Grade (g/t Au)	Contained (Moz Au)	Grade (g/t Ag)	Contained (Moz Ag)	As at	Source	Provenance
Proved	2.98 Mt	3.48 g/t	0.34 Moz	61.14 g/t	5.87 Moz	31 Dec 2025	Summary Mineral Reserve for gold at 31 December 2025Unverified Evidence record Cerro Vanguardia Proved · Au · as at 2025-12-31 Reported figure Area Whole project Basis attributable Ore tonnes (t) 2983783.783783784 Grade 3.4800 Contained (oz) 335135.13513513515 Classification Reserve Source trail 20-F: 20-F Summary Mineral Reserve for gold at 31 December 2025 Published 2026-03-26 Verification Approved; not independently verified · Model extracted AGENT-QA 2026-07-11 (t6 recovery first gate, operator-delegated): post-#133 re-extraction verified - structure, single as-at vintage, reported basis and spot-checks against the printed tables. Approved. Copies a pre-filled issue record so you can send it through your normal channel.	notes (4) Source: 20-F: 20-F · published 26 Mar 2026 Ref: Summary Mineral Reserve for gold at 31 December 2025 SK-1300 — Reporting code of record: SK-1300 @ US$ 1,700/oz — Metal price assumption used to derive this estimate. attrib — Figures are net to the issuer's ownership interest as reported (attributable basis) — NOT 100% of the project. QA notes: AGENT-QA 2026-07-11 (t6 recovery first gate, operator-delegated): post-#133 re-extraction verified - structure, single as-at vintage, reported basis and spot-checks against the printed tables. Approved.
Probable	4.48 Mt	2.92 g/t	0.42 Moz	97.25 g/t	13.98 Moz	31 Dec 2025	Summary Mineral Reserve for silver at 31 December 2025Unverified Evidence record Cerro Vanguardia Probable · Ag · as at 2025-12-31 Reported figure Area Whole project Basis attributable Ore tonnes (t) 4475675.675675676 Grade 97.2500 Contained (oz) 13978378.378378378 Classification Reserve Source trail 20-F: 20-F Summary Mineral Reserve for silver at 31 December 2025 Published 2026-03-26 Verification Approved; not independently verified · Model extracted AGENT-QA 2026-07-11 (t6 recovery first gate, operator-delegated): post-#133 re-extraction verified - structure, single as-at vintage, reported basis and spot-checks against the printed tables. Approved. Copies a pre-filled issue record so you can send it through your normal channel.	notes (4) Source: 20-F: 20-F · published 26 Mar 2026
Total Reserves	7.46 Mt	3.14 g/t	0.76 Moz	82.79 g/t	19.86 Moz	31 Dec 2025	Summary Mineral Reserve for silver at 31 December 2025Unverified Evidence record Cerro Vanguardia Total Reserve · Ag · as at 2025-12-31 Reported figure Area Whole project Basis attributable Ore tonnes (t) 7459459.459459459 Grade 82.7900 Contained (oz) 19859459.45945946 Classification Reserve Source trail 20-F: 20-F Summary Mineral Reserve for silver at 31 December 2025 Published 2026-03-26 Verification Approved; not independently verified · Model extracted AGENT-QA 2026-07-11 (t6 recovery first gate, operator-delegated): post-#133 re-extraction verified - structure, single as-at vintage, reported basis and spot-checks against the printed tables. Approved. Copies a pre-filled issue record so you can send it through your normal channel.	notes (4) Source: 20-F: 20-F