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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).

Juanicipio

Zacatecas, Mexico · Producing · 44.0% 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	2.05 Mt	1.77 g/t	0.12 Moz	30 June 2024
Indicated	16.82 Mt	1.93 g/t	1.04 Moz	30 June 2024
Inferred	12.50 Mt	0.83 g/t	0.33 Moz	30 June 2024
Total Resources	12.73 Mt	1.34 g/t	0.55 Moz	30 June 2024
Proved	1.59 Mt	1.18 g/t	0.06 Moz	30 June 2024
Probable	17.05 Mt	1.61 g/t	0.88 Moz	30 June 2024
Total Reserves	18.64 Mt	1.58 g/t	0.95 Moz	30 June 2024

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.

Ag

Category	Tonnes (Mt)	Grade (g/t Ag)	Contained (Moz Ag)	As at
Measured	2.05 Mt	662.00 g/t	43.54 Moz	30 June 2024
Indicated	16.82 Mt	242.00 g/t	130.85 Moz	30 June 2024
Inferred	12.50 Mt	200.00 g/t	80.38 Moz	30 June 2024
Total Resources	12.73 Mt	299.00 g/t	122.35 Moz	30 June 2024
Proved

Zn

Category	Tonnes (Mt)	Grade (% Zn)	Contained (Mt Zn)	As at
Measured	2.05 Mt	3.59%	0.07 Mt Zn	30 June 2024
Indicated	16.82 Mt	5.04%	0.85 Mt Zn	30 June 2024
Inferred	12.50 Mt	5.82%	0.73 Mt Zn	30 June 2024
Total Resources	12.73 Mt	6.98%	0.89 Mt Zn	30 June 2024
Proved

Pb

Category	Tonnes (Mt)	Grade (% Pb)	Contained (Mt Pb)	As at
Measured	2.05 Mt	1.90%	0.04 Mt Pb	30 June 2024
Indicated	16.82 Mt	2.77%	0.47 Mt Pb	30 June 2024
Inferred	12.50 Mt	1.87%	0.23 Mt Pb	30 June 2024
Total Resources	12.73 Mt	2.51%	0.32 Mt Pb	30 June 2024
Proved

Cut-off grade

213.0000 g/t Ag · 213.0000 % Pb · 213.0000 % Zn · 213.0000 g/t Au · 222.0000 g/t Ag · 222.0000 % Pb · 222.0000 % Zn · 222.0000 g/t Au

Price assumption

US$1750.00/oz

JORC code year

2012

Peer benchmark — producing Ag projects (118 with resources)Resource size P83Resource grade P91View 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: 40-F — aif-2025ye.htm (AIF, backfilled exhibit) · 30 June 2024
Reporting code: JORC 2012
Convention: mixed
Currency assumption: US$

Current R&R

Resources

Category	Tonnes (Mt)	Au		Ag		Zn		Pb		As at	Source	Provenance
Category	Tonnes (Mt)	Grade (g/t Au)	Contained (Moz Au)	Grade (g/t Ag)	Contained (Moz Ag)	Grade (% Zn)	Contained (Mt Zn)	Grade (% Pb)	Contained (Mt Pb)	As at	Source	Provenance
Measured	2.05 Mt	1.77 g/t	0.12 Moz	662.00 g/t	43.54 Moz	3.59%

Reserves

Category	Tonnes (Mt)	Au		Ag		Zn		Pb		As at	Source	Provenance
Category	Tonnes (Mt)	Grade (g/t Au)	Contained (Moz Au)	Grade (g/t Ag)	Contained (Moz Ag)	Grade (% Zn)	Contained (Mt Zn)	Grade (% Pb)	Contained (Mt Pb)	As at	Source	Provenance
Proved	1.59 Mt	1.18 g/t	0.06 Moz	450.00 g/t	23.02 Moz	2.69%	0.04 Mt Zn	1.45%	0.02 Mt Pb	30 June 2024	Juanicipio Mineral Reserves (44% ownership basis) tableUnverified Evidence record Juanicipio Proved · Ag · as at 2024-06-30 Reported figure Area Whole project Basis attributable Ore tonnes (t) 1590909.090909091 Grade 450.0000 Contained (oz) 23017011.747954547 Classification Reserve Source trail 40-F: 40-F — aif-2025ye.htm (AIF, backfilled exhibit) Juanicipio Mineral Reserves (44% ownership basis) table Published 2026-02-18 Verification Approved; not independently verified · Model extracted Copies a pre-filled issue record so you can send it through your normal channel.	notes (4) Source: 40-F: 40-F — aif-2025ye.htm (AIF, backfilled exhibit) · published 18 Feb 2026 Ref: Juanicipio Mineral Reserves (44% ownership basis) table JORC 2012 — Reporting code of record: JORC 2012 Cutoff 222.00 g/t Ag — Cut-off grade assumption from the source statement. @ US$ 1,750/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.
Probable	17.05 Mt	1.61 g/t	0.88 Moz	201.00 g/t	110.15 Moz	4.21%	0.72 Mt Zn	2.33%	0.40 Mt Pb	30 June 2024	Juanicipio Mineral Reserves (44% ownership basis) tableUnverified Evidence record Juanicipio Probable · Ag · as at 2024-06-30 Reported figure Area Whole project Basis attributable Ore tonnes (t) 17045454.545454547 Grade 201.0000 Contained (oz) 110152841.9368182 Classification Reserve Source trail 40-F: 40-F — aif-2025ye.htm (AIF, backfilled exhibit) Juanicipio Mineral Reserves (44% ownership basis) table Published 2026-02-18 Verification Approved; not independently verified · Model extracted Copies a pre-filled issue record so you can send it through your normal channel.	notes (4) Source:
Total Reserves	18.64 Mt	1.58 g/t	0.95 Moz	221.00 g/t	132.42 Moz	4.08%	0.76 Mt Zn	2.25%	0.42 Mt Pb	30 June 2024	Juanicipio Mineral Reserves (44% ownership basis) tableUnverified Evidence record Juanicipio Total Reserve · Pb · as at 2024-06-30 Reported figure Area Whole project Basis attributable Ore tonnes (t) 18636363.636363637 Grade 2.2500 Contained (t Pb) 419318.1818181819 Classification Reserve Source trail 40-F: 40-F — aif-2025ye.htm (AIF, backfilled exhibit) Juanicipio Mineral Reserves (44% ownership basis) table Published 2026-02-18 Verification Approved; not independently verified · Model extracted Copies a pre-filled issue record so you can send it through your normal channel.	notes (3)