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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).

Cotabambas

Peru · Developing · 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	—	—	—	—
Indicated	507.30 Mt	0.20 g/t	3.29 Moz	20 Nov 2023
Inferred	496.00 Mt	0.17 g/t	2.69 Moz	20 Nov 2023
Total Resources	1,003.30 Mt	0.19 g/t	5.98 Moz	20 Nov 2023
Proved	—	—	—	—
Probable	—	—	—	—
Total Reserves	—	—	—	—

Ag

Category	Tonnes (Mt)	Grade (g/t Ag)	Contained (Moz Ag)	As at
Measured	—	—	—	—
Indicated	507.30 Mt	2.42 g/t	39.45 Moz	20 Nov 2023
Inferred	496.00 Mt	2.53 g/t	40.86 Moz	20 Nov 2023
Total Resources	1,003.30 Mt	2.47 g/t	80.31 Moz	20 Nov 2023
Proved	—	—	—	—
Probable

Cu

Category	Tonnes (Mt)	Grade (% Cu)	Contained (Mt Cu)	As at
Measured	—	—	—	—
Indicated	507.30 Mt	0.33%	1.70 Mt Cu	20 Nov 2023
Inferred	496.00 Mt	0.27%	1.34 Mt Cu	20 Nov 2023
Total Resources	1,003.30 Mt	0.30%	3.05 Mt Cu	20 Nov 2023
Proved	—	—	—	—
Probable

Mo

Category	Tonnes (Mt)	Grade (% Mo)	Contained (Mt Mo)	As at
Measured	—	—	—	—
Indicated	507.30 Mt	0.00%	0.01 Mt Mo	20 Nov 2023
Inferred	496.00 Mt	0.00%	0.01 Mt Mo	20 Nov 2023
Total Resources	1,003.30 Mt	0.00%	0.02 Mt Mo	20 Nov 2023
Proved	—	—	—	—
Probable

Cut-off grade

0.1500 % Cu · 0.1500 g/t Ag · 0.1500 g/t Au · 0.1500 % Mo

Price assumption

—

JORC code year

—

Peer benchmark — developing Cu projects (124 with resources)Resource size P78Resource grade P38View 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: Panoro Minerals Files NI 43-101 Technical Report for the Updated Mineral Resource Estimate, Cotabambas Project, Peru · 20 Nov 2023
Reporting code: unknown
Convention: unknown
Currency assumption: US$
Disagreement flags: 14 rows

Current R&R

Resources

Area	Category	Tonnes (Mt)	Au		Ag		Cu		Mo		As at	Source	Provenance
Area	Category	Tonnes (Mt)	Grade (g/t Au)	Contained (Moz Au)	Grade (g/t Ag)	Contained (Moz Ag)	Grade (% Cu)	Contained (Mt Cu)	Grade (% Mo)	Contained (Mt Mo)	As at	Source	Provenance
Total	Indicated	507.30 Mt	0.20 g/t	3.29 Moz

Mixed

Inferred

7.10 Mt

0.15 g/t

0.04 Moz

4.57 g/t

1.04 Moz

0.18%

0.01 Mt Cu

0.00%

0.09 kt Mo

20 Nov 2023

Table 2: Mineral Resource in Inferred Category Classified by Mineralization TypeUnverified

notes (3)

Source: Panoro Minerals Files NI 43-101 Technical Report for the Updated Mineral Resource Estimate, Cotabambas Project, Peru · published 29 Feb 2024

Ref: Table 2: Mineral Resource in Inferred Category Classified by Mineralization Type

Unknown code — Reporting code not yet captured for this row.
Cutoff 0.15 g/t Au — Cut-off grade assumption from the source statement.

QA notes:

QA INFO: recompute gap is a rounded BLENDED grade over reconciling components — approve on the printed total (t69 class): this row's tonnes AND contained both equal the sum of its same-vintage sibling rows within their print granularity, so only the weighted-average grade print is too coarse to recompute from. QA WARN: bare method label 'Mixed' beside tenement/deposit-prefixed method labels on the same project — a multi-block table's lost prefix makes this row read as the project-level method total when it is one block's leaf (t57 MGX ML33760: bare 'Open Pit' was a 4.5x misread). Restore the printed block prefix (FIX mining_area) or verify the row really is the project-wide method line. QA WARN: recomputed contained 34240.5451 oz vs reported 40000.00 oz (14.40% disagreement) Rounding-interval overlap exists at the printed granularity, but a 14.40% gap exceeds the 10% interval-waiver ceiling (t23 STM AuEq-miscopy precedent) — verify the printed contained figure before approval.

Supergene

Inferred

1.90 Mt

0.46 g/t

0.03 Moz

3.95 g/t

0.24 Moz

0.82%

0.02 Mt Cu