#1INVESTOR PRESENTATION The next mid-tier copper-gold-zinc producer in Mexico TSX.V: ATLY | OTCQX: ATLYF | FSE: TSGA ALTALEY MINING JANUARY 2023#2FORWARD LOOKING STATEMENTS A Legal Disclaimer: This corporate presentation (this "Corporate Presentation") has been prepared by the management of Altaley Mining Corporation (the "Company" or "Altaley") for informational purposes only and is not intended to provide financial, tax, legal or accounting advice. This Corporate Presentation and the contents herein do not constitute or form part of any advertisement, any offer to sell or any solicitation of an offer to buy or subscribe for securities of Altaley or represent an intention to induce any person to make an investment in the Company or to assist any person in the making of an investment decision. Unless otherwise indicated, the information provided in this Corporate Presentation is provided as of August 31, 2022. Cautionary Note Regarding Production Decisions and Forward-Looking Statements: Statements contained in this corporate presentation that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable securities laws. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance in 2022 and future years that are based on assumptions and forecasts about future economic conditions and courses of action; comparisons to other polymetallic producers in the same jurisdiction as the Company; the timing and costs of future activities on the Company's properties, such as production rates and increases; success of exploration, development and bulk sample processing activities; ; and timing for processing at the Company's own mineral processing facility on the Tahuehueto project site. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as "plans", "expects", "scheduled", "estimates", "forecasts", "intends", "anticipates" or variations of such words and phrases. In preparing the Forward-Looking Information in this Corporate Presentation, the Company has applied several material assumptions, including, but not limited to, that the current exploration, development, environmental and other objectives concerning the Campo Morado Mine and the Tahuehueto Project can be achieved, the continuity of the price of gold and other metals, economic and political conditions, and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and uncertainties includes fluctuations in metal prices and currency markets, unpredictable results of exploration activities, uncertainties inherent in the estimation of mineral reserves and resources, fluctuations in the costs of goods and services, problems associated with exploration, mining and milling operations, changes in legal, social or political conditions in the jurisdictions in which Altaley operates, the novel coronavirus ("COVID-19") outbreak, lack of appropriate funding and other risk factors discussed in the Company's filings with Canadian regulatory agencies and available at www.sedar.com. The Company believes that the expectations reflected in Forward-Looking Information in this Corporate Presentation are reasonable but there can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume or undertake any obligation to update Forward- Looking Information contained in this Corporate Presentation to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. No statement in this Corporate Presentation, including the asset forecasts, is intended to be nor may be construed as a profit forecast. Altaley relies on litigation protection for Forward-Looking Information. It should be noted that Altaley has declared commercial production mining at Campo Morado without the benefit of a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, readers should be cautioned that Altaley's production decision has been made without a comprehensive feasibility study of established reserves such that there is greater risk and uncertainty as to future economic results from the Campo Morado mine and a higher technical risk of failure than would be the case if a feasibility study was completed and relied upon to make a production decision. Altaley has completed a preliminary economic assessment ("PEA") mining study on the Campo Morado mine that provides a conceptual life of mine plan and a preliminary economic analysis based on the previously identified mineral resources (the PEA dated March 30, 2018, is available on SEDAR). The assessments in the PEA are preliminary in nature, mineral resources are not mineral reserves and do not have demonstrated economic viability, and there is no assurance the preliminary assessments will be realized. The results of this PEA are materially affected by the metals pricing, environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. This Corporate Presentation also refers to non-GAAP financial measures, such as free cash flow, undiscounted cash flow, average cost per ton; average cost per AuEq ounce; unit LOM operating cash costs; average head grade of ore; average payable recoveries of ore; annual discount rate; and EBITDA. These measures do not have a standardized meaning or method of calculation, even though the descriptions of such measures may be common. These performance measures have no meaning under International Financial Reporting Standards (IFRS) and therefore, amounts presented may not be comparable to similar data presented by other mining companies. Ralph Shearing, P. Geol., President of Altaley Mining Corporation is the Qualified Person for the Company as defined in National Instrument 43-101. Mr. Shearing is responsible for ensuring that the technical information contained in this presentation is an accurate summary of the original reports and data provided to or developed by Altaley Mining Corporation and has approved this disclosure. Cautionary Notes to U.S. Investors Concerning Resource Estimates The terms "Mineral Resource", "Measured Mineral Resource", "Indicated Mineral Resource" and "Inferred Mineral Resource" are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into Reserves. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category or that Mineral Resources will ever be upgraded to Mineral Reserves. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies other than Preliminary Economic Assessments. United States investors are cautioned not to assume that all or any part of Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists or is economically or legally mineable, or that an Indicated Mineral Resource is economically or legally mineable. Accordingly, information contained in this corporate presentation containing descriptions of the Company's mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations there under. Cautionary Note to U.S. Investors regarding Adjacent or Similar Properties This document may also contain information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. The Company advises United States investors that the United States Securities and Exchange Commission's mining guidelines strictly prohibit information of this type in documents filed with the SEC. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company's properties. 2#3COMPANY OVERVIEW A#4Now is the Opportunity One operating mine & one in pre-production, in Mexico, each with +10-year mine lives New Management Increased Copper-Gold Focus Excellent resource and throughput expansion potentials at both sites ✓ Company substantially under-valued لا 4 A#5OPERATIONS HIGHLIGHTS ☐ ☐ TAHUEHUETO 10.5-year LOM with Reserves 20 years life with Resources Revenue - 60% Au & 11% Ag, 29% base metals ■ PFS (2022): After-tax NPV5 US$161m, IRR 65%, payback 2 years @ 1000 tpd Excellent exploration and mine expansion potential CAMPO MORADO 20-year M&I resources ■ 2023 plan: 25% of revenue from copper, potential to ☐ increase further Improving metallurgical performance Strong exploration upside with scope to double resources Tahuehueto Durango State Campo Morado Guerrero State A 5#6BOARD OF DIRECTORS Mike Struthers, M.Sc., CEng CEO and Director A 40+ year mining career starting in operations in Africa and Australia, then an international technical consulting career in Africa, Europe, Russia and CIS, and the Americas, with extensive experience in feasibility studies, capital projects and executive roles. David Rhodes, B.Sc. (Hons) UMIST Chairman, Director David's career in the finance industry has spanned more than twenty- five years with an award-winning track record of success in the mining industry, specializing in arranging multi-sourced funding solutions for development companies. Ralph Shearing, B.Sc. PGeol President and Director Over 38 years' experience in mineral exploration & development and 35 years senior management experience with publicly listed companies. Natascha Keirnan, J.D., CDI.D Independent Director Lawyer and consultant with over 15 years of experience specializing in transactions involving mining and other natural resources. She brings extensive legal experience in mining, as well as corporate governance expertise. Mark Bailey, M.Sc., P.Geo. Independent Director Mr. Bailey is a mining executive and registered professional geologist with 44 years of industry experience. He is currently non-executive Chairman of Fiore Gold Ltd. Mr. Bailey has B.Sc degree in Geology from the University of Washington and a M.Sc degree in Geology from Oregon State University. Tom Kelly, M.Sc., Fellow AusIMM, RM SME Independent Director Over 40 years of world-wide mineral industry experience including mine development, mine valuation, reserve estimation, and junior company corporate management. He has both a Bachelors and Masters Degree in mining engineering from the Colorado School of Mines and is a Fellow of Australasian Institute of Mining & Metallurgy. Roberto Guzman, M.Fin. Director 25 years' experience in financial sector with several Mexican publicly traded and private companies. A Director of Bursametrica Casa de Bolsa, a Mexican brokerage firm. Ruben Alvidrez Ortega, BIE & MBA Independent Director Since 1994 he worked in several roles with Citigroup, working with corporate clients in the US and Mexico and leading teams of over 200 people. >300 YEARS OF COMBINED MINING & CAPITAL MARKETS EXPERIENCE#7CAPITAL MARKETS PROFILE Capital Structure Tickers Basic Shares Institutional Holdings Share Ownership TSXV: ATLY OTCQX: ATLYF Trafigura Mexico FSE: TSGA 35.6M Sprott Global Resource Investment Outstanding Options: C$3.1 million Warrants: C$14.0 Myrmikan Gold Fund LLC 1.2M 6.1M EMA GARP Fund LP million Fully Diluted Shares 42.9M Outstanding P&V Precious Metal Mining Fund Market Cap. (Basic) CAD$15.3M Accendo Banco @Jan 18, 2022 Cash CAD$2.0M A Insiders 11.0% 27.0% 12.0% ■Public Float 50.0% Institutions Close Management Associates 7#8TAHUEHUETO MINE IN PRE-PRODUCTION#9TAHUEHUETO PROJECT SUMMARY A Property Location Mineralization P&P Reserves¹ M&I Resources¹ Mining Method Processing Commercial Production EBITDA +10 year mine life based on reserves 28 mining concessions totalling 7,492 ha Durango State within the prolific Sierra Madre Belt Au-Ag epithermal veins and breccias with Pb-Zn-Cu 3.6M tonnes at 2.55 g/t Au (4.92 g/t AuEq) | Contains 356K oz Au (613K oz AuEq) 6.3M tonnes at 2.11 g/t Au (4.44 g/t AuEq) containing 425K oz Au (886K oz AuEq) Underground: PFS - primarily sub-level long-hole open stoping and some cut and fill Stage I-500tpd, Stage II - 1,000 tpd, flotation Estimated end 2023 Average EBITDA 2024 (commercial production) US$ 2.2m per month +18 year mine life based on resources 27k oz Annual Average Gold Payable over first 6 years of production 1,000 tpd Current Pre-Production average 300tpd 41k oz AuEq per year over first 6 years US$855/oz AuEq All In Sustaining Cost (AISC) over Life of Mine 2 1. 2. M&I Resources include Reserves. See appendix for a breakdown of reserves and resources as well as underlying assumptions Refer N143-101 Technical Report "Preliminary Feasibility Study - Tahuehueto Project", April 2022. 9#10TAHUEHUETO PRODUCTION & AISC PROFILE GUIDANCE Gold Equivalent Production (000 oz AuEq) COMPANY FORECAST BASED ON CURRENT RESERVES AND THE 2022 PFS AT 1,000 TPD OPERATION Gold Equivalent Production and (Internal) AISC Forecast Lead Silver Gold Copper Zinc 50 47 41 42 42 41 42 58 39 38 40 30 20 Total Revenue Breakdown (Life of Mine) Copper Lead AISC 1,200 Silver 13% 4% 9% Zinc 1,000 12% 50 800 30 600 400 AISC (US$/oz AuEq) Lead Zinc ■Gold Silver 10 о 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 200 Gold 62% 75% OF ESTIMATED ANNUAL REVENUES FROM PRECIOUS METALS 1. Based on management's forecasts. Gold equivalent production, AISC and revenue breakdown were calculated using the following metal price forecast based on CIBC September 2022 consensus research median prices: 2. Production expected to be maintained above 40,000 AuEq ounces in later years of mine life and mine life expected to be significantly extended past 2032 by outlining new reserves with exploration. Metal Zinc Unit 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 USD/lb Lead USD/lb Gold USD/oz Silver USD/oz Copper USD/lb 1.36 0.94 1,796.02 21.86 3.73 1.29 0.93 1,761.93 22.30 3.86 1.24 1.14 1.14 1.14 1.14 1.14 1.14 1.14 0.93 0.92 0.92 0.92 0.92 0.92 0.92 0.92 1,748.80 1,649.97 1,649.97 1,649.97 1,649.97 1,649.97 1,649.97 1,649.97 22.24 21.35 21.35 21.35 21.35 21.35 21.35 21.35 3.94 3.59 3.59 3.59 3.59 3.59 3.59 3.59 10#11TAHUEHUETO FINANCIAL METRICS (PFS, 2022) Financial Metrics – 1,000 tpd Post-tax Net Cash Flow 258.9 $Million Pre-tax Net Cash Flow per tonne of ore 98 $Tonne ore All In Sustaining Costs (LOM) 855 $/AuEq oz Post-tax Net Present Value at 5% discount* 161.3 $Million Post-tax Net Present Value at 10% discount 131.8 $Million EBITDA (LOM) 357.7 $Million Internal Rate of Return (IRR)** 65.5 % Payback Period 2.0 Years * 5% discount considered reasonable due to advanced state of Tahuehueto construction, with construction at 85% completion and therefore remaining capital costs are known with substantially increased accuracy. ** IRR is calculated with approximately $34 million of pre-Jan 2022 expenses on the project. $19 million of pre-2015 costs of exploration, acquisition and carrying costs have been treated as sunk costs. A 11#12TAHUEHUETO CONSTRUCTION New Construction Management 500 tpd Project currently approx. 85% complete, delivery 2Q23 1000 tpd Project ramp-up 3Q23 PRINCIPLE OUTSTANDING ITEMS - 500 TPD Finalise comminution circuit to 500tpd (current capacity 350tpd, averaging 320tpd) Construct definitive tailings storage facility (TSF) Budgets and schedules being finalised. Finalise definitive water supply PRE-PRODUCTION " Now mining high-grade fresh ores from underground Plant performance exceeding expectations: ■ 50% zinc in zinc concentrates 48-50 g/t gold in lead concentrates 12#13TAHUEHUETO MINERALIZED DISTRICT Altaley's concessions cover ~80% of the 90 km2 epithermal mineralized district Only ~30% of Altaley's 7,495 ha land package (blue) has been explored to date Structural corridor at least 7.5 km in length Mineralization open at depth in current mine area Multiple vein targets along strike, both close to and distant from the mine K Mineralization has been traced over more than 7.5 km strike length Red veins have been drilled and contain reserves/resources Yellow veins are targets identified to date Drilled with R&R (N1-43 101 compliant) Not Drilled 12 km mage 2018 CNESA 25.10 g/t Au 840 g/t g 10.25 g/t Au Initial Mining Area Texcalama 11.60 g/t Au Tres de Mayo 8 km District-scale project with similar multi-vein potential as San Dimas Excellent potential to grow to a multi-million-ounce gold deposit 13#14TAHUEHUETO RESOURCE EXPANSION IN MINE AREA Representation of reserve and resource blocks across key zones at Tahuehueto. Past drill results indicate mineralization remains open down dip and along strike Mineralization remains 2800 L open down dip and along AuEq grams/tonne 2600 L 0.000 <= strike 1.000 <= <1.000 <1.500 2400 L 1.500 <= < 2.000 Undrilled area between 2,000 <= < 2.500 2200 L 2.500 <= < 3.000 the Creston and Santiago, 3,000 <= <10.000 10.000 <= <20.000 potential to increase 2000 L 20.000 <= <999.000 resources by as much as 1800 L 30% 1600 L 2018 underground 1400 L development intersected 1200 L continuous mineralization over a 1000 L 200m adit from Creston 800 L towards Santiago 600 L No expansionary drilling. 400 L River since 2011 Level 200 L OL Cinco de Mayo OPEN OPEN El Catorce 500 1,000 meters OPEN OPEN Crestón OPEN OPEN N Santiago Reserves Blocks Resource Blocks Reserves & Resources PFS 2017 NI 43-101 Compliant 14#15CAMPO MORADO IN PRODUCTION - INCREASING FOCUS ON COPPER 15#16CAMPO MORADO SUMMARY 20-year mine life based on M & I resources Mineralization Processing Commercial Production 2022 Production 2023 Plan EBITDA US$0.83/lb Zn Avg 2021 All-In Sustaining Costs (AISC) US$0.60/lb Zn Avg 2021 Project Costs (C1) At least 7 zones containing VMS mineralization 2,400 tpd (crushing, milling, flotation) Altaley - May 2018 (previous owners – 2009) >35k tonnes Zn, 11k tonnes Cu, and 4k tonnes Pb >25k tonnes Cu, >16k tonnes Zn, 9.7kg Au, 21 tonnes Ag Average EBITDA 2023 US$ 1.8m per month +US$26.7M 2021 Mine Operating Profit Tonnes Gold Silver Class (M mt) g/t g/t M&I Resources Inferred Resources¹ 16.6 0.99 1.70 1.32 123 116 Copper Lead Zinc % % % 0.80 0.93 4.01 0.64 0.92 3.20 Note (1): Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them such that they can be categorized as Mineral Reserves. Form 43-101F1 Technical Report, Titley Consulting Ltd. and Micon International Limited - March 2018. Note: Approximately 2.2M mt have been mined to the end of April 2022. 16#17CAMPO MORADO - AUSENCO REVIEW Comprehensive review of Campo Morado mill by world-class metallurgical engineers Deliverable - A roadmap for progressive performance improvements Significant potential to increase recoveries by multiple points Selected elements: Implement a robust Mine-to-Mill / Geometallurgy program More consistent plant feed through blending Assess water treatment opportunity using current reagents. Historical tests - 14% increase in Cu recovery Install additional grinding power to reduce flotation feed size Currently developing a detailed implementation plan for 2023 17#182500 H CAMPO MORADO RESOURCE EXPANSION POTENTIAL 577km historical diamond drilling Numerous large-scale anomalies below the Southwest, G9, El Largo and El Rey deposits A Second Mineral Horizon is expected below the current resource. Nyrstar intercepted wide zones of mineralized VMS within this zone Numerous other identified targets remain undrilled within the wider mineralised district HO 378500 E 1500 DI 1000 1600 L 1400 L 2011000 N 500 H 2011500 N Borehole Electromagnetic Geophysical Anomalies 379000 E 1000 H Second Mineral Horizon? 1200 L G9 El Largo 1000 L 800 Southwest 600 400 L 200 L Second Mineral Horizon ? U/G drill hole massive sulphides 800 L 600 L R888896z El Rey Reforma Second Mineral Horizon MAP 18 3000 H REFORMA 1000 RL. 1500 BI 2013500 N#19CAMPO MORADO OPPORTUNITIES 2023 Ausenco Plant Performance Improvements Realize Precious Metal Recovery Improvements Historic Tailings Contains Estimated 280 koz AuEq Near Term Resource Growth Long Term Expansion to 5,000 TPD 19#20UPCOMING CATALYSTS#21UPCOMING CATALYSTS Expecting a strong performance in 2023 and significant re-rating 2023 2Q 2023 Campo Morado - Increase Copper Concentrate grades by 5% 4Q 2023 Expand Tahuehueto to 1,000 tpd 2Q 2023 Complete Tahuehueto construction at 500 tpd 2023 Demonstrate Significantly increase precious metals recoveries at Campo Morado - select optimal technology and execute into 2024 2023 Progressively improve plant performance at Campo Morado per Ausenco recommendations 2024 A 21#22COMMITMENT TO SOCIAL RESPONSIBILITY ENVIRONMENTAL We are actively working towards the implementation of green energy At both Campo Morado and Tahuehueto Mines, Altaley is working with various groups assessing proposals to install solar power to supplement the operations existing energy demands. Some options include funding through partnering. SOCIAL School built in Tahuehueto ▪ In Tahuehueto, during exploration the Company constructed the first school and medical clinic for the local community. It also contributed to improving infrastructure, such as electricity, water supply and filtration systems, and sanitation improvements for residents near the mine site Local hiring and procurement policies have been adopted to ensure that benefits flow to the communities and regions surrounding both projects. Campo Morado currently employs 64% of its labor force from the area. Altaley is an equal opportunity employer currently employing & training both men and women at both mines GOVERNANCE As a listed company in the TSX Venture Stock Exchange, we have high standards of transparency and corporate governance to support sustainable development Clinic Built in Tahuehueto Clínica Sierra Soleada Management in meetings with local community#23ALTALEY MINING CORPORATION Altaley Mining Corporation 1000 1111 Melville Street Vancouver, BC, V6E 3V6, Canada Tel: +1 (604) 684-8071 Email: [email protected] Web: www.altaleymining.com#24APPENDIX#25RESERVES & RESOURCES Tahuehueto Reserves & Resources (NI 43-101 Compliant, April 2022) Category Tonnes Gold Silver Copper Lead Zinc Gold Equivalent 000s g/t 000 oz g/t 000 oz % 000 lbs % 000 lbs % 000 lbs g/t 000 oz Probable 3,585 2.55 294 50.06 5,770 0.26 20,550 1.11 Reserves M&I Resources 6,260 2.11 425 46.97 9,454 0.27 36,594 0.90 87,357 123,872 1.92 151,640 4.92 567 1.98 273,364 4.40 886 Inferred 918 1.02 30 28.46 840 0.15 3,077 1.16 23,571 1.96 39,755 2.99 88 Resources Note: Mineral reserves are based upon and included within the current mineral resource estimate. Mineral reserves are estimated using a metal price forecast of US$1,647.50/oz for gold, US$21.64/oz for silver, US$3.60/lb for copper, US$0.92/lb for lead and US$1.14/lb for zinc Mineral resources are not mineral reserves and do not have demonstrated economic viability. Mineral resource estimates include inferred mineral resources which are considered too speculative geologically to have economic considerations applied that would enable them to be classified as mineral reserves. There is no certainty that inferred mineral resources will be converted to measured or indicated mineral resources. Gold equivalency was estimated using metal selling prices of US$1,650/Oz Au, US$21.02/Oz Ag, US$0.91/Lb Pb, US$1.15/Lb Zn and US$3.70/Lb Cu. Source: NI 43-101 Technical Report Preliminary Feasibility Study for the Tahuehueto Project prepared by Scott E. Wilson (independent qualified person) of Resource Development Associates Inc. with an effective date of April 25, 2022 Campo Morado Resources (NI 43-101 Compliant, March 2018) Measured & Indicated Resources Inferred Resources Cut-off Tonnes Gold Silver Copper Lead (% ZnEq) (000s) g/t Zinc ZnEq Cut-off Tonnes Gold Silver Copper Lead Zinc ZnEq g/t % % % % (% ZnEq) (000s) g/t g/t % % % % 3.0 33,852 1.29 88 0.70 0.64 2.71 6.36 3.0 3,316 0.98 76 0.52 0.58 2.10 5.03 4.0 25,736 1.46 102 0.74 0.76 3.22 7.27 4.0 2,152 1.11 90 0.55 0.71 2.54 5.85 5.5 7.0 16,627 10,404 1.70 123 0.80 0.93 4.01 8.68 5.5 988 1.32 116 0.64 0.92 3.20 7.27 1.91 146 0.87 1.11 4.85 10.16 7.0 416 1.52 148 0.76 1.10 3.78 8.75 Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Zinc equivalent calculations used metal prices of US$1.20/lb for zinc, US$2.80/lb for copper, US$17/oz for silver, US$1,150/oz for gold and US$0.90/lb for lead and metallurgical recoveries of 70% for zinc, 68% for copper, 38% for silver, 25% for gold, and 60% for lead. Metal price assumptions used in the Zn Eq calculation are the same assumptions used in establishing the cut-off for the estimates and reasonable prospects of eventual economic extraction. A 5.5% Zn Eq cut-off in bold is considered to be appropriate for the sub-level caving mining method planned for extraction of the mineralization in the various deposits. All Mineral Resource estimates, cut-offs and metallurgical recoveries are subject to change as a consequence of more detailed economic analyses that would be required in Pre-Feasibility and Feasibility studies. The 5.5% Zn Eq cut-off in bold is considered the base case Mineral Resource estimate. Other estimates are reported in the context of cut-off grade sensitivity analysis. Source: NI 43-101 Technical Report on the Preliminary Economic Assessment of the Campo Morado Project prepared by Eric Titley (independent QP) of Titley Consulting Ltd. with an effective date of March 30, 2018