Terronera

100%-owned silver-gold underground mine and mill project in Jalisco State, Mexico, acquired in 2010. Operated through Terronera Precious Metals S.A. de C.V. Commercial production achieved October 1, 2025 after exceeding 90% of 2,000 tpd nameplate capacity and 90% of design recoveries. Q4 2025 (commercial production through year-end): processed 154,180 t ore; produced 352,002 oz Ag + 8,148 oz Au. October 2023 $120M Debt Facility (amended 2025 to $135M); required 68,000 oz gold hedging + FX hedge. Reserves use AgEq cut-off formula AgEq = Ag + Au×78.9474; cut-off 156-200 g/t AgEq by mining method. Met recovery 84.9% Ag, 79.8% Au at Au $1,500/oz, Ag $19.00/oz. Initial capex $175M; sustaining $108.5M; LOM opex $66.96/t. After-tax NPV5% $174.1M, IRR 21.3%, payback 3.6 yr (2021 study). 2025 drill 44 holes / 7,146 m at $1.7M; Q4 2025 $7.7M for 1.8 km UG ramps/access; 2026 capex plan $56.7M.