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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).

El Pilar

Sonora, Mexico · DevelopingUnverified

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 (% Cu)	Contained (Mt Cu)	As at
Measured	2.20 Mt	0.20%	4.08 kt Cu	31 Dec 2021
Indicated	81.30 Mt	0.18%	0.14 Mt Cu	31 Dec 2021
Inferred	88.60 Mt	0.12%	0.11 Mt Cu	31 Dec 2021
Total Resources	172.10 Mt	0.15%	0.25 Mt Cu	31 Dec 2021
Proved	63.00 Mt	0.27%	0.17 Mt Cu	31 Dec 2021
Probable	254.00 Mt	0.25%	0.62 Mt Cu	31 Dec 2021
Total Reserves	317.00 Mt	0.25%	0.79 Mt Cu	31 Dec 2021

Cut-off grade

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Price assumption

US$3.80/t · US$3.30/t

JORC code year

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Peer benchmark — developing Cu projects (124 with resources)Resource size P50Resource grade P13View 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 2021
Reporting code: SK-1300
Convention: exclusive
Currency assumption: US$
Disagreement flags: 4 rows

Current R&R

Resources

Category	Tonnes (Mt)	Cu		As at	Source	Provenance
Category	Tonnes (Mt)	Grade (% Cu)	Contained (Mt Cu)	As at	Source	Provenance
Measured	2.20 Mt	0.20%	4.08 kt Cu	31 Dec 2021	El Pilar — Mineral resources table 2025Unverified Evidence record El Pilar Measured · Cu · as at 2021-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 2200000.0000 Grade 0.2000 Contained (t Cu) 4082.3313 Classification Resource Source trail 10-K: 10-K El Pilar — Mineral resources table 2025 Published 2026-02-27 Verification Approved; not independently verified · Model extracted QA BLOCK: recomputed contained 4400.0000 t Cu vs reported 4082.33133000000 t Cu (7.78% disagreement) Copies a pre-filled issue record so you can send it through your normal channel.

Reserves

Category	Tonnes (Mt)	Cu		As at	Source	Provenance
Category	Tonnes (Mt)	Grade (% Cu)	Contained (Mt Cu)	As at	Source	Provenance
Proved	63.00 Mt	0.27%	0.17 Mt Cu	31 Dec 2021	El Pilar — Mineral reserves table 2025Unverified Evidence record El Pilar Proved · Cu · as at 2021-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 63000000.0000 Grade 0.2700 Contained (t Cu) 167829.1769 Classification Reserve Source trail 10-K: 10-K El Pilar — Mineral reserves table 2025 Published 2026-02-27 Verification Approved; not independently verified · Model extracted QA INFO: recompute differs 1.35% from the printed contained figure, but the printed tonnes/grade/contained are only good to ±2.65% (rounding granularity) — treated as reconciled. Copies a pre-filled issue record so you can send it through your normal channel.	notes (3) Source: 10-K: 10-K · published 27 Feb 2026 Ref: El Pilar — Mineral reserves table 2025 SK-1300 — Reporting code of record: SK-1300 @ US$ 3.3/t — Metal price assumption used to derive this estimate. QA notes: QA INFO: recompute differs 1.35% from the printed contained figure, but the printed tonnes/grade/contained are only good to ±2.65% (rounding granularity) — treated as reconciled.
Probable	254.00 Mt	0.25%	0.62 Mt Cu	31 Dec 2021	El Pilar — Mineral reserves table 2025Unverified Evidence record El Pilar Probable · Cu · as at 2021-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 254000000.0000 Grade 0.2500 Contained (t Cu) 623235.9164 Classification Reserve Source trail 10-K: 10-K El Pilar — Mineral reserves table 2025 Published 2026-02-27 Verification Approved; not independently verified · Model extracted QA INFO: recompute differs 1.89% from the printed contained figure, but the printed tonnes/grade/contained are only good to ±2.20% (rounding granularity) — treated as reconciled. Copies a pre-filled issue record so you can send it through your normal channel.	notes (3) Source: 10-K: 10-K · published 27 Feb 2026 Ref: El Pilar — Mineral reserves table 2025 SK-1300 — Reporting code of record: SK-1300
Total Reserves	317.00 Mt	0.25%	0.79 Mt Cu	31 Dec 2021	derived from 2 rows Proved: El Pilar — Mineral reserves table 2025 Probable: El Pilar — Mineral reserves table 2025 Unverified Evidence record El Pilar Total Reserve · Cu · as at 2021-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 317000000 Grade 0.2539747634069401 Contained (t Cu) 791065.0933 Classification Reserve Source trail 10-K: 10-K El Pilar — Mineral reserves table 2025 · contributes Proved 10-K: 10-K El Pilar — Mineral reserves table 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.