Current Mineral Resource

Current NI43-101 Mineral Resource, effective date January 31, 2023

The MRE is reported in accordance with National Instrument 43‐101 (“NI 43‐101”) and the estimate was completed by AMC Mining Consultants (Canada) Ltd. (“AMC”). The MRE is based on a geological model incorporating data from 386 drill holes including the 63 diamond core holes drilled by Aftermath in 2021/2022, and historical drilling data from 32 diamond core and 291 RC holes drilled between 2004 and 2019. The current estimate confirms and expands the previous historical Mineral Resources and is based on the most extensive geological model of the Berenguela deposit to date, which significantly enhances the understanding of the deposit.

MINERAL RESOURCE ESTIMATES

The Mineral Resource estimate used conceptual open pit mining constraints for reporting purposes and is presented in Table 1. Mineral Resources are stated at a cut‐off grade of 80 g/t silver equivalent (AgEq) which equates to a 3.55% manganese equivalent cut-off grade. The relative value in the Mineral Resource by metal is as follows, Ag=26%, Mn=44%, Cu=26%, Zn=4%. The model is depleted for historical mining activities:

Table 1. Berenguela Ag-Cu-Mn deposit Mineral Resource as of 31 January 2023

Notes:

• CIM Definition Standards (2014) were used for reporting the Mineral Resources.
• The effective date of the estimate is 31 January 2023
• The Qualified Person is Dinara Nussipakynova, P.Geo., of AMC Mining Consultants (Canada) Ltd.
• Mineral Resources are constrained by an optimized pit shell using the assumptions in Table 2
• No dilution or mining recovery applied.
• Silver equivalency (AgEq) formula is AgEq = Ag+ Cu%*121.905+Mn%*22.809+Zn%*41.463 based on the parameters in Table 2.
• Cut-off grade is 80g/t AgEq
• Bulk density used was estimated and variable. but averaged 2.30 tonnes/m3 for mineralized material and 2.25 tonnes/m3 for waste.
• Drilling results up to 13 October 2022.
• Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
• The numbers may not compute exactly due to rounding.
• Mineral Resources are depleted for historic mined out material.
• The relative value in the Mineral Resource by metal is as follows, Ag=26% Cu=26%, Mn=44%, Zn=4%

Source: AMC, (2023)

The assumptions for the open pit optimization exercise to constrain the Mineral Resource and confirm reasonable prospects for eventual economic extraction are shown in Table 2.

Table 2. Assumptions for pit optimization

Source: AMC, (2023)

Further details supporting the geological model, estimation procedure, sampling and metallurgical testwork will be available in a NI 43-101 technical report which will be posted under the Company’s profile at www.sedar.com within 45 days.