Cerro Las Minitas

Silver-lead-zinc CRD/skarn complex comprising seven deposits including Blind, El Sol, Las Victorias, Skarn Front, South Skarn, and Bocona. Located ~70 km northeast of Durango, accessed via federal highways with grid power ~7 km away. Property comprises 25 concessions totaling ~27,451 hectares, unburdened by royalties. Acquired 100% control in 2020 after purchasing Electrum's 60% interest. 2024 PEA outlines a 5,300 tpd underground mine over a 17-year LOM producing 11.4 Moz AgEq/yr at AISC of US$13.23/oz AgEq, with initial capex of US$388M and after-tax NPV5 of US$501M / IRR 21.2% at US$23/oz Ag. Flagship Mexican silver asset.