Gatos Silver Investor Presentation Deck
Mineral Resource (exclusive of Mineral Reserve)
Mineral Resource - CLG, as at July 1, 2023 (1,2,3,4,5,6,7,8,9,10,11)
Zn (%)
Ag (g/t)
141
2.50
85
3.71
93
3.55
100
3.40
Measured
Indicated
Measured and Indicated
Inferred
Mt
0.05
0.34
0.40
4.58
(4)
(5)
(6)
(7)
(8)
Pb (%)
1.70
1.90
1.88
2.32
(9)
No dilution was applied to the Mineral Resource.
(10) Contained Metal (CM) is calculated as follows:
Au (g/t)
0.40
0.23
0.25
0.21
Zn, Pb and Cu CM (Mlb) = Tonnage (Mt) * Grade (%) / 100 * 2204.6
Cu (%)
0.05
0.15
0.14
0.40
Ag (Moz) Zn (Mlbs) Pb (Mlbs)
0.2
2.9
2.0
0.9
28.1
14.4
1.2
30.9
16.4
14.7
343.6
234.5
(1) Mineral Resources are reported on a 100% basis and are exclusive of Mineral Reserves.
(2) The SEC definitions for Mineral Resources in S-K 1300 were used for Mineral Resource classification which are consistent with Canadian Institute of Mining, Metallurgy and Petroleum (CIM)
Definition Standards for Mineral Resources and Mineral Reserves (CIM (2014) definitions).
(3)
Under SEC Regulation S-K 1300, a Mineral resource is defined as a concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity
that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining
dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an
inventory of all mineralization drilled or sampled. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be
materially affected by environmental, permitting, legal, marketing, or other relevant issues.
The quantity and grade of reported Inferred Mineral Resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred Mineral Resources as an
Indicated or Measured Mineral Resource. It is uncertain if further exploration will result in upgrading Inferred Mineral Resources to an Indicated or Measured Mineral Resource category.
Specific gravity has been assumed on a dry basis.
Tonnage and contained metal have been rounded to reflect the accuracy of the estimate and numbers may not sum exactly.
Mineral Resources exclude all Mineral Resource material mined prior to July 1, 2023.
GATOS
SILVER
Au (koz) Cu (Mlbs)
0.7
0.1
2.5
1.1
3.2
1.2
30.9
40.1
Mineral Resources are reported within stope shapes using a $81.03/tonne Resource NSR cut-off calculated using an Ag price of $22/oz, Zn price of $1.20/lb, Pb price of $0.90/lb, Au price of
$1,700/oz and Cu price of $3.50/lb. The Resource NSR cutoff includes mill recoveries and payable metal factors appropriate to the existing CLG processing circuit augmented with a pyrite leach
circuit and copper separation circuit. The processing recoveries for these additional projects is based on existing preliminary metallurgical testwork.
Ag and Au, CM (Moz) = Tonnage (Mt) * Grade (g/t) / 31.1035; multiply Au CM (Moz) by 1000 to obtain Au CM (koz)
(11) The Mineral Resource estimates were prepared under the supervision of by Ronald Turner, MAusIMM(CP) an employee of Golder Associates S.A. who is the independent Qualified Person for these
Mineral Resource estimates.
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