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NI 43-101 Resource*

At Cordero, we are defining a large, high-margin silver project with the optionality of significant resource expansion at higher silver prices.

In October 2021 we announced an updated Mineral Resource Estimate on our Cordero project. Highlights include:

  • Measured & Indicated Resource of 910 Moz AgEq and Inferred Resource of 140 Moz AgEq
  • Resource is pit-constrained with an estimated waste-to-ore ratio of 1.1
  • Resource is supported by 224,000 m of drilling in 517 drill holes and reinterpreted structural and geological models of the deposit
  • Size of the Resource positions Cordero as one of the largest silver development-stage projects globally

SULPHIDE RESOURCE:

Sulphide mineralization is categorized as all mineralization that sits beneath the oxide/transition boundary and is assumed to be processed via standard flotation processing. The reporting Net Smelter Return cut-off for Sulphide mineralization is assumed to be $7.25/t. The estimates in the below table sit within a pit shell that extends to a maximum depth of approximately 600 m.


1. Please refer to the Supporting Technical Disclosure in our October 20, 2021 press release

Sulphide Resource Estimate – NSR Cut-off Sensitivity

A significant portion of the Sulphide Resource persists at higher NSR cut-offs as highlighted in the graph below. At an NSR cut-off $25/oz, the Measured & Indicated Resource is 509 Moz AgEq at an average grade of 101 g/t AgEq representing over 60% of the total Measured and Indicated Sulphide Resource.


Note – NSR cut-off of $7.25/t is the reporting cut-off for Sulphide mineralization 

OXIDE/TRANSITION RESOURCE:

Oxide/transition mineralization is categorised as all mineralization that is at or close to surface that is weathered (oxide) or partially weathered (transition). Oxide/transition mineralization is assumed to be processed via heap leaching. Lead and zinc grades are not shown as these metals are not recoverable through heap leaching. The reporting Net Smelter Return cut-off for Oxide/Transition is assumed to be $4.78/t.


1. Please refer to the Supporting Technical Disclosure in our October 20, 2021 press release

Oxide/Transition Resource Estimate – NSR Cut-off Sensitivity

A graph showing sensitivities to the NSR cut-off is also provided below. At a $15 NSR cut-off the Oxide/Transition Measured & Indicated Resource is 26 Moz averaging 61 g/t AgEq highlighting the excellent potential to generate meaningful cash flow via heap leaching in the early years of the mine life.


Note – NSR cut-off of $4.84/t is the reporting cut-off for Oxide/Transition mineralization 

Further details can be found in our October 20, 2021 press release.

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