Cordero Project

100%-owned Cordero polymetallic (Ag-Au-Pb-Zn) CRD/skarn project in Hidalgo del Parral, Chihuahua, Mexico. Feasibility Study (Feb 2024) supports a 19-year LOM open pit truck-and-shovel operation processing 327 Mt of sulphide and oxide mineralization at a strip ratio of 2.2:1. A staged flotation flowsheet ramps from 25.5 kt/d (Phase 1, Years 1-3) to 51.0 kt/d (Phase 2 Year 4 and Phase 3 Year 7). Total payable LOM production: ~230 Moz Ag, 86 koz Au, 2,427 Mlb Pb, 3,733 Mlb Zn (~550 Moz AgEq). Capex: Phase 1 US$606M, Phase 2 US$292M, Phase 3 US$17M, sustaining US$463M (incl. closure US$137M). Post-tax NPV5 US$1,177M / IRR 22.0% / payback 5.2 yrs at Ag US$22/oz, Au US$1,600/oz, Pb US$1.00/lb, Zn US$1.20/lb. LOM AISC US$13.47/oz AgEq; total cash cost US$12.83/oz AgEq. Awaiting EIA permit decision from Semarnat.