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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.

The existing NI 43-101 resource outlines one of the world’s largest undeveloped silver resources (see table below). However, we believe true opportunity is framed at 50 g/t AgEq cutoff by leveraging the under-explored higher-grade zones within the larger mineralized system, with the objective of upgrading the economic potential of Cordero.

The company’s current Phase 1 drill program at Cordero, planned to be completed by Q2 2021, comprises 65,000 metres of drilling.  The focus of the program is to define and delineate these high-grade zones and upgrade the majority of the existing resource to M&I. Our updated resource model will incorporate geology and structure for the first time. The updated resource model, to be completed in H2 2021, will include more than 180,000 metres of drilling and 350 drill holes.

  TONNAGE & GRADE WITHIN MINERAL RESOURCES PIT SHELL CONTAINED SILVER
AgEq Cutoff Class Mt AgEq g/t Ag g/t Zn % Pb % Au g/t Ag ozs x 1000
10 Indicated 1,166 29 12 0.3 0.2 0.04 436,006
Inferred 344 49 18 0.6 0.3 0.03 197,173
15 Indicated 990 32 13 0.4 0.2 0.04 407,761
Inferred 282 56 21 0.8 0.3 0.04 187,461
20 Indicated 710 38 15 0.4 0.2 0.05 347,133
Inferred 224 66 24 0.9 0.4 0.04 174,564
25 Indicated 467 46 19 0.5 0.3 0.06 278,399
Inferred 183 77 28 1.0 0.4 0.05 163,252
50 Indicated 99 95 40 0.9 0.6 0.11 128,395
Inferred 100 112 41 1.5 0.7 0.06 131,052

*Resource by IMC Inc., March 1, 2018; The resource is within an open pit geometry generated by a floating cone algorithm using metal prices of: ($US) $17.14 Ag, $1.11/lb Zn, $0.96/lb Pb, $1,262/oz Au; and recoveries of 85% Ag, 80% Zn, 81% Pb, 33% Au.

For more information, please see: NI 43-101 Technical Report / Cordero Project PEA Update (March 2018)

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