* Notes to accompany the Mineral Resource Estimate:
- The Independent and Qualified Person for the Mineral Resource Estimate, as defined by NI 43-101, is David Machuca-Mory , PhD, PEng, from SRK Consulting (Canada) Inc., and the effective date is September 1, 2025.
- Mineral Resources have been classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards on Mineral Resources and Mineral Reserves.
- Reasonable prospects of eventual economic extraction were considered by applying appropriate cut-off grades and reporting within potentially mineable envelopes.
- Metal prices considered were US$2,750 /oz Au, US$3.80 /lb Cu, US$27.00 /oz Ag, and US$22.00 /lb Mo.
- Cut-off grades considered for oxide and sulphide block model estimates were, respectively, 0.16 g/t Au and 0.35% Cu.
- Metallurgical recoveries used for open pit oxides based on Coarse Bottle Roll and CIL Leach test work are 76.0% for gold and 50.0% for silver.
- Metallurgical recoveries used for underground sulphides based on initial flotation tests was 94.0% for copper, 95.0% for gold, 80.0% for silver, and 64.0% for molybdenum.
- Au-Ox epithermal Mineral Resource estimates are reported within a conceptual pit optimized with a slope angle of 45° and assuming US$2.43/t for mining costs, US$5.45/t for processing costs, and US$1.31/oz for gold selling costs.
- Cu-Au porphyry related Mineral Resource Estimates are reported assuming bulk underground extraction techniques within an envelope around 40m x 40m x 40m mineable shapes above a cut-off of 0.30% Cu.
- Tonnage is expressed in millions of tonnes; metal content is expressed in thousands of ounces, for gold and silver, millions of tonnes, for copper, and thousands of tonnes for molybdenum.
- All figures rounded to reflect the relative accuracy of the estimates and totals may not add up due to rounding.
- Gold Equivalent (AuEq) is calculated assuming US$27/oz Ag and US$2,750/oz Au and metallurgical recoveries of 76% for Au and 50% for Ag using the formula AuEq g/t = Au g/t + 0.005856 * Ag g/t).
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Copper Equivalent (CuEq) is calculated assuming US$3.80/lb Cu, US$2,750/oz Au, US$27/oz Ag, and US$22/lb Mo and metallurgical recoveries of 94% for Cu, 95% for Au, 80% for Ag, and 64% for Mo using the formula CuEq % = Cu % + (10499.12432 * Au g/t /10000) + (82.424482 * Ag g/t /10000) + (3.5790963 * Mo g/t /10000).
The mineral resources of the Valeriano Project are sensitive to the selection of the reporting cut-off grade. To illustrate this sensitivity, the block model quantities and grade estimates within the underground RPEEE envelope used to constrain the mineral resources are presented at different cut-off grades in the tables below.
Table 2: Sensitivity to Cutoff Grade of Indicated Mineral Resources in Copper-Gold Sulphides
*The reader is cautioned that the figures in this table should not be misconstrued for a Mineral Resource Statement. The figures are only presented to show the sensitivity of the block model estimates to the selection of a cut-off grade.
** Copper Equivalent (CuEq) is calculated assuming US$3.80/lb Cu, US$2,750/oz Au, US$27/oz Ag, and US$22/lb Mo and metallurgical recoveries of 94% for Cu, 95% for Au, 80% for Ag, and 64% for Mo using the formula CuEq % = Cu % + (10499.12432 * Au g/t /10000) + (82.424482 * Ag g/t /10000) + (3.5790963* Mo g/t /10000).
Table 3: Sensitivity to Cutoff Grade of Inferred Mineral Resources in Copper-Gold Sulphides
*The reader is cautioned that the figures in this table should not be misconstrued for a Mineral Resource Statement. The figures are only presented to show the sensitivity of the block model estimates to the selection of a cut-off grade.
** Copper Equivalent (CuEq) is calculated assuming US$3.80/lb Cu, US$2,750/oz Au, US$27/oz Ag, and US$22/lb Mo and metallurgical recoveries of 94% for Cu, 95% for Au, 80% for Ag, and 64% for Mo using the formula CuEq % = Cu % + (10499.12432 * Au g/t /10000) + (82.424482 * Ag g/t /10000) + (3.5790963* Mo g/t /10000).