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Update for the week ending OCTOBER 23, 2022

The week was characterized by three hole completions and the start of moves, so we backed off the production posted last week: nevertheless some 1,807m was drilled with work being undertaken at ten hole locations: N032, N038, N039, N040, N041, S005, S006, S007, S008 & GT001. GT001 is a short geotechnical hole being drilled on the west side of north zone. The geotech hole has been drilled to establish a location of the bounding thrust fault below N038 and to collect geotechnical and hysdrological data to aid in pit design.

We completed drill holes N032, N038 & S005.

Progress against the North Zone plan is very good, and shows strong promise for completion of drilling against PEA requirements prior to the Christmas break shutdown, and we expect to demobilize some North Zone drills late November.

Figure 1

Recent drill images – working day & night (left) and the beautiful setting of a North Zone drill setup from what Jesus, driller, calls his ‘corner suite’

Some 573 samples (including duplicates and standards) were shipped from Ranchito to the assay lab during the week: these samples included material from holes N032, N038 and S004.

Work on metallurgical samples has commenced and SMC Test® work on Santo Tomas samples is complete. This data from this work will allow the Ausenco group to start on the SAG circuit sizing. Further tests are continuing.

Figure 2

North Zone drilling (above) and sample rejects being logged in at the core storage facility (below). These will be relocated to the Rejects Storage once construction completes.

Figure 3

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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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