Las Calandrias Heap Leach

Las Calandrias open-pit heap leach operation within the Minera Don Nicolas complex, comprising the Calandrias Sur (currently mined) and Calandrias Norte open pits in the Deseado Massif. Commenced heap leach operations 2023. Outlined in an August 2024 PEA. Crushing circuit expanded and fully commissioned in 2025 supporting production of 3,000-3,500 GEO per month. Heap leach pad sizing increased; new tailings areas added. 2025 production: 30,926 oz Au + 204,396 oz Ag (33,358 GEO) - significantly up from 2024 (12,277 Au, 53,231 Ag, 12,911 GEO) due to 10% higher gold head grade, 14% higher recoveries and 1,534,660 additional tonnes placed on pad. Q4 2025 production restricted by reduced water availability for irrigation; larger-diameter bore holes being drilled to address. Au recoveries by ore zone: 70% Oxide, 60% Transitional, 40% Primary; Ag recovery 30% all zones. PEA targets continued Calandrias Sur heap leach operations until at least 2028.