Morelos Complex

Combined open-pit and underground gold-copper-silver complex comprising the ELG open pits, ELG underground, and Media Luna underground mine. Located 180 km southwest of Mexico City in Guerrero State, accessed via paved highway from Iguala and a dedicated East Service Road; power supplied by a 115 kV transmission line with a planned 230 kV upgrade, and water sourced from the Atzcala well field. Property covers 29,000 ha of mineral concessions in the Guerrero Gold Belt. Commercial production at Media Luna declared May 1, 2025. Skarn-hosted gold-copper-silver mineralization developed along the contacts of the El Limón granodiorite stock. The 10,600 tpd processing facility includes a copper flotation circuit and iron sulphide recovery, producing doré and copper concentrate. Media Luna North underground development is advancing toward first production by late 2026. Flagship Mexican asset.