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UPDATE FOR THE WEEK OF AUGUST 1, 2022

Drilling continues with a focus on North Zone – we completed N021 and N022 whilst N023 is well advanced on the east slope of North Zone using a recently deployed rig. B007 at Brasiles will be complete shortly, with a plan to affect some modifications/repairs to that rig before re-locating it.

The Huites Reservoir continues to rise, and we now have two of boats in operation reducing the frequency of trips by road to the site. This eases the supply of water for drilling and adds to the increased drill water security.

As welcome as the rains are, there is a need to stand down and idle drills during torrential/cloudburst conditions (which tend to pass quickly). This practice has a limited impact on our drilling productivity, but in the past week a brief hillside ‘sheet flow’ entrained some mud and boulder debris through the drill pad at N021 (pictured below). We thank the site security and drilling teams for placing safety first.

The site geological team are focused on preparations to handle more core following their completion during the week of core re-logging (a program that started during our June drilling hiatus). We expect that this work will enable updating of our databases and geological understanding which will inform near term modeling of the North Zone geology. This modeling is an important step in our preparations for resource estimation work that will commence later this year.

We have expanded the core sawing and sampling facility on site, where we will shortly receive the second of two new core saws.  

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@Orococorp

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These historical resource estimate models are based upon historical resource estimates prepared by John Thornton in 2011. While, in the opinion of Dane A. Bridge, author of the revised NI 43-101 standard technical report, Geology, Mineralization and Exploration of the Santo Tomas Cu-(Mo-Au-Ag) Porphyry Deposit, Sinaloa, Mexico dated April 21, 2020 (the “Report”), reliable estimation practices were used, in order to upgrade or verify the historical estimations, resampling and assay of historical drill samples, twinning of historical drill holes, and a new program of regularly spaced drilling is required. No qualified person has undertaken sufficient work to classify the current mineral resources or mineral reserves upon which these models are based and the Company is not treating the estimates as current estimates of the mineral resources. The Company gives no assurance that either these models or the historical resource estimates upon which they are based are accurate, and does not undertake any obligation to update the models or to release publicly any update or revisions of the resource estimates except as required by applicable securities law. The reader is cautioned not to rely upon these models or the historical resource estimates upon which they are based.

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