Mineral Resource and Reserve Estimation

We estimate mineral resources and convert them into mineral reserves in accordance with NI 43-101 (Items 14 and 15), the JORC Code (Table 1, Sections 3 and 4) and the SEC’s S-K 1300 rule, applying CIM and CRIRSCO definitions.

Data and geological model: drillhole database validation (QA/QC), densities, domaining and geological interpretation.

Resource estimation: statistical and geostatistical analysis, variography, interpolation (kriging, IDW) and block model validation.

Resource classification: Measured, Indicated and Inferred resources based on geological confidence and grade continuity, with demonstrated reasonable prospects for economic extraction.

Modifying factors: mining, metallurgical, economic, environmental, social, legal and regulatory parameters.

Reserve conversion: mine design, dilution, recovery and cut-off grades to define Proven and Probable reserves.

Economic validation: financial model and sensitivity analyses demonstrating the viability of the reserves.

Reporting and sign-off: technical sections written and signed by Qualified / Competent Persons (QP/CP).