Paloma Underground & CIL Plant

High Grade CIL operation within Minera Don Nicolas, comprising the existing 1,000 tpd CIL plant fed by the new Paloma underground mine plus low-grade stockpiles from prior open-pit operations (Martinetas region). Paloma underground commenced June 2025 with three portals opened beneath the prior Paloma open pit, providing the first significant underground contribution in Q4 2025. Underground development continues following minor delays for portal support and shotcrete; ramp-up expected throughout 2026. Provides platform for lower-cost underground exploration to materially expand resources. 2025 CIL production: 16,078 oz Au + 65,745 oz Ag (16,880 GEO); 2024: 40,861 Au + 61,280 Ag (41,583 GEO) - CIL volumes declined YoY as feed transitioned from depleted Calandrias Norte open pit to stockpiles + initial underground ore. Q4 2025 mill throughput 1,009 tpd. Recovery: Au 88%, Ag 58% (FY2025). Paloma Trend underground M+I 274.82 kt @ 4.34g/t Au (38.36 koz Au); Inferred 88.91 kt @ 3.93g/t Au (11.22 koz Au).