Royal Mines of Zacualpan

Flagship silver-gold-lead district held by IMPACT Silver, located southwest of Mexico City; one of the oldest mining districts in the Americas with almost 500 years of mining history. Land package covers over 200 sq km with thousands of historic workings and over 5,000 catalogued old mine sites and 42 historical mills. Production since 2006 has totaled almost 14.0 Moz of silver from classic epithermal silver-gold (zinc-lead) veins. Four underground mines (Guadalupe, San Ramon, Cuchara, Noche Buena-Carlos Pacheco) and one open-pit mine (Veta Negra) feed the central 500 tpd Guadalupe processing plant. Recent high-grade Kena Vein South discovery in the Guadalupe Mine commenced development and initial mining in 2025; intersections include 534.8 g/t Ag over 8.5 m and 2,320 g/t Ag over 1.07 m. Work on third tailings dam adds nine years of planned capacity. Includes the Capire-Mamatla mineral district 16 km to the southwest (on care & maintenance; evaluating restart).