Valenciana Mines Complex

Interconnected underground silver-gold complex (VMC) comprising the previously independent Promontorio, Santa Margarita, Rayas, Los Pozos, Cata, Valenciana and Guanajuatito mines situated within and to the north and northeast of the city of Guanajuato, approximately 380 km northwest of Mexico City. Property comprises 19 contiguous mineral concessions totaling 679.76 hectares, held 100% by MMR; subject to a 2% NSR on four sub-concessions held by Compania Minera Blanca Alicia. Mineralization is low-sulphidation epithermal closely associated with the Veta Madre fault system. Acquired from Great Panther in August 2022; recommissioned the 1,200 tpd Cata flotation plant in December 2022. Hydraulic backfill of historic underground voids used for tailings. No mineral reserves have been established. Estimated closure cost USD$9.92M (December 31, 2022).