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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).

Minera Don Nicolas

Santa Cruz, Argentina · 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	5.43 Mt	1.05 g/t	0.18 Moz	01 Apr 2024
Indicated	8.01 Mt	1.20 g/t	0.31 Moz	01 Apr 2024
M&I = Measured + Indicated (overlaps both)	13.44 Mt	1.13 g/t	0.49 Moz	01 Apr 2024
Inferred	3.60 Mt	1.05 g/t	0.12 Moz	01 Apr 2024
Total Resources	17.99 Mt	1.09 g/t	0.63 Moz	01 Apr 2024
Proved	—	—	—	—
Probable	—	—	—	—
Total Reserves	—	—	—	—

M&I is the issuer's printed Measured + Indicated subtotal — it overlaps the Measured and Indicated rows and is never added alongside them; the Total rows and every rollup already exclude it.

Ag

Category	Tonnes (Mt)	Grade (g/t Ag)	Contained (Moz Ag)	As at
Measured	5.43 Mt	16.93 g/t	2.95 Moz	01 Apr 2024
Indicated	8.01 Mt	14.13 g/t	3.64 Moz	01 Apr 2024
M&I = Measured + Indicated (overlaps both)	13.44 Mt	15.26 g/t	6.59 Moz	01 Apr 2024
Inferred	3.60 Mt	3.20 g/t	0.37 Moz	01 Apr 2024
Total Resources

Cut-off grade

0.3000 g/t Ag · 0.3000 g/t Au · 1.9500 g/t Ag · 1.4600 g/t Ag · 1.4600 g/t Au · 0.2700 g/t Au · 1.9500 g/t Au · 0.2700 g/t Ag

Price assumption

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JORC code year

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Peer benchmark — producing Au projects (282 with resources)Resource size P31Resource grade P39View 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: Cerrado Files NI 43-101 Preliminary Economic Assessment Technical Report and Mineral Resource Estimate for The Minera Don Nicolas Mine in Santa Cruz, Argentina · 01 Apr 2024
Reporting code: unknown
Convention: unknown
Currency assumption: US$

Current R&R

Resources

Area	Category	Tonnes (Mt)	Au		Ag		As at	Source	Provenance
Area	Category	Tonnes (Mt)	Grade (g/t Au)	Contained (Moz Au)	Grade (g/t Ag)	Contained (Moz Ag)	As at	Source	Provenance
Total	Measured	5.43 Mt	1.05 g/t	0.18 Moz	16.93 g/t	2.95 Moz	01 Apr 2024	Mineral Resources table — Total rowUnverified

Total

Inferred

3.60 Mt

1.05 g/t

0.12 Moz

3.20 g/t

0.37 Moz

01 Apr 2024

Mineral Resources table — Total rowUnverified

notes (3)

Source: Cerrado Files NI 43-101 Preliminary Economic Assessment Technical Report and Mineral Resource Estimate for The Minera Don Nicolas Mine in Santa Cruz, Argentina · published 19 Sept 2024

Ref: Mineral Resources table — Total row

Unknown code — Reporting code not yet captured for this row.

QA notes:

QA WARN: tonnes/contained equal the SUM of 5 sibling row(s) of the same classification/category/commodity (Calandrias Sur (Open Pit), Calandrias Norte (Open Pit), Zorro (Open Pit), Depleted Satellites (Open Pit), Paloma Trend (Underground)) — likely a printed multi-deposit rollup/subtotal. Policy keeps leaf rows and printed whole-project Totals only; reject mid-level rollups (double-count).
t88 swarm r2 (a7): F3(a) printed subtotal is deposits-only, stockpiles sit outside it: this row 3,598,830 t @1.05 g/t = 121,150 oz (reported) equals the five in-situ leaves EXACTLY - Calandrias Norte 10,580 + Calandrias Sur 2,261,420 + Depleted Satellites 1,117,030 + Paloma Trend 88,910 + Zorro 120,880 = 3,598,820 t, and 3,640+44,990+58,140+11,220+3,160 = 121,150 oz to the ounce. The 951,730 t / 16,570 oz shortfall against the six-leaf sum is exactly the Stockpiles leaf 20d6a564 (951,740 t @0.54 = 16,570 oz). Suggested qa_note: printed Inferred subtotal covers the five deposit areas only; add the Stockpiles row for an all-in inferred figure.

Calandrias Sur (Open Pit)

M&I = Measured + Indicated (overlaps both)

12.83 Mt

0.97 g/t

0.40 Moz

15.34 g/t

6.33 Moz

01 Apr 2024

Mineral Resources tableUnverified

notes (14)

Source: Cerrado Gold Reports NI 43-101 Preliminary Economic Assessment and Mineral Resource Estimate for the Minera Don Nicolas Mine in Santa Cruz, Argentina · published 06 Aug 2024

Ref: Mineral Resources table

Unknown code — Reporting code not yet captured for this row.
Cutoff 0.27 g/t Au — Cut-off grade assumption from the source statement.

QA notes:

QA fix+approve (t103v, q1.txt): mining_area=Calandrias Sur (Open Pit). area=Calandrias Sur (Open Pit) — figures verified exact against printed line "Calandrias Sur ¹ (Open pit)
M+I
12,834.40
0.97
15.34
400.72
6,328.98" (kt
Au g/t
Ag g/t
Au k oz
Ag k oz); new to the book (no approved M+I row exists for this project) and M+I reconciles to the approved Measured+Indicated pair; only the area label is normalised: the print writes 'Calandrias Sur ¹ (Open pit)' with a lower-case "pit", but all 6 approved book rows for this deposit carry "Calandrias Sur (Open Pit)" — leaving it split would fragment the area key
t103v

Zorro (Open Pit)

M&I = Measured + Indicated (overlaps both)

0.21 Mt

1.60 g/t

0.01 Moz

7.84 g/t

0.05 Moz

01 Apr 2024

Mineral Resources tableUnverified

notes (14)

Source: Cerrado Gold Reports NI 43-101 Preliminary Economic Assessment and Mineral Resource Estimate for the Minera Don Nicolas Mine in Santa Cruz, Argentina · published 06 Aug 2024

Ref: Mineral Resources table

Unknown code — Reporting code not yet captured for this row.
Cutoff 0.30 g/t Au — Cut-off grade assumption from the source statement.

QA notes:

QA fix+approve (t103v, q1.txt): mining_area=Zorro (Open Pit). area=Zorro (Open Pit) — figures verified exact against printed line "Zorro ¹ (Open pit)
M+I
205.59
1.60
7.84
10.58
51.81" (kt
Au g/t
Ag g/t
Au k oz
Ag k oz); new to the book (no approved M+I row exists for this project) and M+I reconciles to the approved Measured+Indicated pair; only the area label is normalised: the print writes 'Zorro ¹ (Open pit)' with a lower-case "pit", but all 6 approved book rows for this deposit carry "Zorro (Open Pit)" — leaving it split would fragment the area key
t103v