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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 Colorada

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	0.40 Mt	0.12 g/t	1.54 koz	30 June 2025
Indicated	2.60 Mt	0.35 g/t	0.03 Moz	30 June 2025
Inferred	15.30 Mt	0.27 g/t	0.13 Moz	30 June 2025
Total Resources	18.30 Mt	0.28 g/t	0.16 Moz	30 June 2025
Proved	3.40 Mt	0.21 g/t	0.02 Moz	30 June 2025
Probable	6.10 Mt	0.21 g/t	0.04 Moz	30 June 2025
Total Reserves	9.50 Mt	0.21 g/t	0.06 Moz	30 June 2025

Ag

Category	Tonnes (Mt)	Grade (g/t Ag)	Contained (Moz Ag)	As at
Measured	0.40 Mt	229.00 g/t	2.95 Moz	30 June 2025
Indicated	268.00 Mt	37.05 g/t	319.22 Moz	30 June 2025
Inferred	77.00 Mt	83.05 g/t	205.61 Moz	30 June 2025
Total Resources	345.40 Mt	47.53 g/t	527.77 Moz	30 June 2025
Proved	3.40 Mt	300.00 g/t	32.79 Moz	30 June 2025
Probable

Zn

Category	Tonnes (Mt)	Grade (% Zn)	Contained (Mt Zn)	As at
Measured	0.40 Mt	1.55%	0.01 Mt Zn	30 June 2025
Indicated	268.00 Mt	2.83%	7.59 Mt Zn	30 June 2025
Inferred	77.00 Mt	2.72%	2.09 Mt Zn	30 June 2025
Total Resources	345.40 Mt	2.81%	9.69 Mt Zn	30 June 2025
Proved	3.40 Mt	2.17%	0.07 Mt Zn	30 June 2025
Probable

Pb

Category	Tonnes (Mt)	Grade (% Pb)	Contained (Mt Pb)	As at
Measured	0.40 Mt	0.91%	3.64 kt Pb	30 June 2025
Indicated	268.00 Mt	1.36%	3.65 Mt Pb	30 June 2025
Inferred	77.00 Mt	1.14%	0.88 Mt Pb	30 June 2025
Total Resources	345.40 Mt	1.31%	4.54 Mt Pb	30 June 2025
Proved	3.40 Mt	1.24%	0.04 Mt Pb	30 June 2025
Probable

Cut-off grade

50.0000 % Pb · 50.0000 % Zn · 50.0000 g/t Ag

Price assumption

US$24.00/t · US$22.00/t

JORC code year

—

Peer benchmark — producing Zn projects (46 with resources)Resource size P97Resource grade P58View 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 2025
Reporting code: SK-1300
Convention: exclusive
Currency assumption: US$

Current R&R

Resources

Area	Category	Tonnes (Mt)	Au		Ag		Zn		Pb		As at	Source	Provenance
Area	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
Total	Total Resources	18.30–345.40 Mt

Reserves

Area	Category	Tonnes (Mt)	Au		Ag		Zn		Pb		As at	Source	Provenance
Area	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
vein mine	Proved	3.40 Mt	0.21 g/t	0.02 Moz	300.00 g/t	32.79 Moz	2.17%	0.07 Mt Zn	1.24%	0.04 Mt Pb	30 June 2025	La Colorada Mineral Reserves tableUnverified Evidence record La Colorada Proved · Zn · as at 2025-06-30 Reported figure Area vein mine Basis 100% Ore tonnes (t) 3400000.0000 Grade 2.1700 Contained (t Zn) 73780.0000 Classification Reserve Source trail 40-F: 40-F — aif-2025ye.htm (AIF, backfilled exhibit) La Colorada Mineral Reserves 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 (2) Source: 40-F: 40-F — aif-2025ye.htm (AIF, backfilled exhibit) · published 18 Feb 2026 Ref: La Colorada Mineral Reserves table SK-1300 — Reporting code of record: SK-1300 @ US$ 22/t — Metal price assumption used to derive this estimate.
vein mine	Probable	6.10 Mt	0.21 g/t	0.04 Moz	295.00 g/t	57.86 Moz	2.21%	0.13 Mt Zn	1.20%	0.07 Mt Pb	30 June 2025	La Colorada Mineral Reserves tableUnverified Evidence record La Colorada Probable · Au · as at 2025-06-30 Reported figure Area vein mine Basis 100% Ore tonnes (t) 6100000.0000 Grade 0.2100 Contained (oz) 41185.1064 Classification Reserve Source trail 40-F: 40-F — aif-2025ye.htm (AIF, backfilled exhibit) La Colorada Mineral Reserves 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 (2)
vein mine	Total Reserves	9.50 Mt	0.21 g/t	0.06 Moz	297.00 g/t	90.71 Moz	2.20%	0.21 Mt Zn	1.21%	0.11 Mt Pb	30 June 2025	La Colorada Mineral Reserves tableUnverified Evidence record La Colorada Total Reserve · Au · as at 2025-06-30 Reported figure Area vein mine Basis 100% Ore tonnes (t) 9500000.0000 Grade 0.2100 Contained (oz) 64140.7394 Classification Reserve Source trail 40-F: 40-F — aif-2025ye.htm (AIF, backfilled exhibit) La Colorada Mineral Reserves 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 (2)