Investor Presentaiton
ZACATECAS, MEXICO
LA COLORADA SKARN - MINERAL RESOURCE ESTIMATE
Mining
Method
Cut-off
Value
(US$/tonne)
Resource
Classification
Tonnes
Zn
Pb
Ag
Zn
Pb
Ag
(millions)
(%)
(%)
(g/t)
(Mt)
(Mt)
(Moz)
Indicated
95.9
2.77
1.28
31
2.66
1.23
94.4
Sub-level
Caving (SLC)
45
Inferred
147.8
2.29
1.04
28
3.39
1.54
132.9
5.
Notes:
1.
Estimation and reporting of mineral resources were carried out in accordance with Canadian Institute of
Mining, Metallurgy and Petroleum (CIM) guidelines.
2.
Mineral resources have reasonable prospects for eventual economic extraction demonstrating sufficient
spatial continuity of mineralisation constrained within a potentially mineable shape. No mineral reserves are
reported at this time.
3.
Prices used to report mineral resources were: US$22 per ounce of silver, US$2,800 per tonne of zinc and
US$2,200 per tonne of lead.
6.
4.
An estimate of mineral value per tonne was calculated using metallurgical recoveries of 87.4% Ag, 88% Pb and
93% Zn with mineral concentrate qualities of 67% Pb in lead concentrate and 60% Zn in zinc concentrate,
obtained from metallurgical testing. Estimates for transport, payability and refining/selling costs, based on
experience and long-term views of the marketing, treatment and refining of these types of mineral
concentrates, were included.
7.
Reasonable prospects for eventual economic extraction were assessed by determining the total in-situ tonnes
and grade constrained inside volumes that are based on a bulk style sub-level caving underground mining
method. The tonnes and grades are inclusive of the must-take low grade material within the volume, as per
CIM best practice guidelines. No other mining dilution or mineral losses have been accounted for. A US$45
per tonne operating cost has been assumed, which includes estimates of mining, processing and G&A
operating costs.
This mineral resource estimate was prepared under the supervision of, or was reviewed by, Christopher
Emerson, FAusIMM, Vice President Exploration and Geology, and Martin G. Wafforn, P.Eng., Senior Vice
President Technical Services and Process Optimization, each of whom is a Qualified Person as that term is
defined in National Instrument 43-101 ("NI 43-101").
The effective date of the mineral resources estimate is Sept. 13, 2022.
PAN AMERICAN
SILVER
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