Zgounder Silver Mine

100%-owned underground + open-pit silver mine on the western flank of the Siroua Massif (Anti-Atlas), Taroudant Province, Morocco; held through ZMSM (Aya acquired ONHYM's 15% in Dec 2022 for ~US$6.5M). 378 km2 land package (8 mining licenses + 15 exploration permits within 40 km radius); core Zgounder exploitation license LE-393459 covers 16 km2 valid to Oct 2027. ONHYM retains a 3% royalty on revenue from licence LE-393459 (extended to cover 5 newly acquired permits). Open pit + underground (cut & fill plus longhole stoping starting 2026). Three plants centralized into Plant #1 silver extraction circuit: Plant #1 new build (2,000 tpd comminution / 2,500 tpd extraction, cyanide leach + CCD + Merrill-Crowe + refining, commissioned 2024, debottlenecked to 3,650 tpd combined slurry by mid-2025, target 3,850 tpd post-2026 upgrades); Plant #2 flotation (500 tpd) on care & maintenance; Plant #3 cyanidation independent comminution feeding Plant #1 leach. Updated Zgounder Technical Report (Dec 16, 2025) - reserves at $26/oz Ag, recovery 91.5% LOM, cut-offs 40 g/t Ag in-pit and 90 g/t Ag UG, exchange rate 9.5 MAD:USD, process+G&A $25.25/t. LOM 2025-2036 (open pit ends 2036; underground ends mid-2032). Before-tax NPV5 $471M, IRR 57% at $26/oz Ag; After-tax NPV5 $373M, IRR 48%; LOM AISC $9.58/oz Ag; LOM mill production ~67.1Moz Ag; LOM total undiscounted cash flow $522M; payback 1.7 yrs post-expansion. Recommended 2026-2027 exploration program $18.2M, 50,000 m drilling. Q1 2025 commercial production declared at expanded plant; cash cost $18.93/oz in Q1 2025.