Cosalá Operations

Multi-deposit underground complex comprising the San Rafael silver-zinc-lead mine, the EC120 silver-copper project, and the past-producing Nuestra Señora mine. Located approximately 12 km north-northeast of Cosalá in east-central Sinaloa, accessed via paved and dirt roads. Property consists of 68 mining concessions covering 20,089 hectares along the western edge of the Sierra Madre Occidental. Mineralization is related to granodioritic intrusions of the Sinaloa Batholith forming skarn and replacement deposits. San Rafael achieved commercial production in December 2017, while the EC120 project declared commercial production in January 2026. The 1,350 tpd Los Braceros processing plant produces silver-bearing zinc, lead, and copper concentrates. Mining utilizes post-pillar and overhand cut-and-fill methods.