Mexico Reserves
Securities and Exchange Commission (SEC) Proven and Probable (P&P) Regulation S-K (Subpart 1300) Reserve Estimates
As of December 31, 2025, our estimate of Proven and Probable (P&P) reserves was:
| Metallurgical recovery (%) | ||||||||||||
| Description | Tonnes | Au | Ag | Cu | Pb | Zn | Cut off grade | Au | Ag | Cu | Pb | Zn |
| g/t | g/t | % | % | % | ||||||||
| Arista Mine Total | $/tonne | |||||||||||
| Proven | 26,000 | 1.91 | 475.7 | 0.22 | 0.81 | 1.90 | 150 | 71.3% | 85.0% | 58.9% | 65.8% | 76.3% |
| Probable | 626,000 | 1.16 | 183.9 | 0.18 | 0.82 | 2.52 | 150 | 71.3% | 85.0% | 58.9% | 65.8% | 76.3% |
| Arista Mine Total | 652,000 | 1.19 | 195.7 | 0.18 | 0.82 | 2.49 | ||||||
| Alta Gracia | AuEq/tonne | |||||||||||
| Proven | - | - | - | - | - | - | - | - | - | - | - | - |
| Probable | - | - | - | - | - | - | - | - | - | - | - | - |
| Alta Gracia Mine Total | - | - | - | - | - | - | - | - | - | - | - | - |
| Don David Gold Mine | 652,000 | 1.19 | 195.7 | |||||||||
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Notes to the 12/31/2025 Mineral Reserves:
- Mineral Reserves estimated at December 31, 2025 are based on $3,000/oz Au, $38.00/oz Ag, $4.54/lb Cu, $0.95/lb Pb, and $1.25/lb Zn.
- A breakeven NSR cutoff grade of $150/t was used for estimations of P & P reserves at the Arista Underground Mine. The term “cutoff grade” means the lowest NSR value considered economic to process.
- Mining, processing, and overheads were based on 2025 actual costs for the Don David Gold Mine.
- No Mineral Reserves are reported as at December 31, 2025 for Alta Gracia.
- Rounding of tonnes, average grades, and contained ounces may result in apparent discrepancies with total rounded tonnes, average grades, and total contained ounces.