El Cubo-Villalpando Mine Complex

Combined underground silver-gold complex comprising the El Cubo mine (including Villalpando and Santa Cecilia veins) and the adjacent El Pinguico project (surface and underground stockpiles plus underground workings). Located approximately 8 km east of the city of Guanajuato. El Cubo property covers 49 mining concessions totaling 6,994 hectares; El Pinguico adds two concessions for 71.7 hectares. Low-sulphidation epithermal silver-gold mineralization hosted in northwest-trending vein structures within the Guanajuato Mining District. Acquired from Endeavour Silver in April 2021 for $7.5M cash, 21.3M common shares and a $2.5M promissory note plus contingent payments. Commercial production resumed in October 2021. Mineralized material processed at the company-owned El Cubo flotation mill. No mineral reserves have been defined; production decisions were made without a feasibility study on reserves.