Palmarejo

100%-owned silver-gold underground complex in northern Chihuahua, Mexico, operating since 2009. Originally open-pit; now fully underground using conventional longhole mining. Subject to a gold stream agreement with Franco-Nevada (impact excluded from Mineral Reserves calculations). Recently acquired adjacent mining concessions from a Fresnillo plc subsidiary. 2025 reserves at $2,200/oz Au and $26.00/oz Ag; cut-offs 1.27-2.19 g/t AuEq. M&I gold resources decreased 28% YoY and silver M&I 37% due to conversion-to-reserves and technical revisions; Inferred gold +97% and Inferred silver +74% from exploration.