Panuco

High-grade epithermal silver-gold complex comprising the Copala, Tajitos, and Napoleon underground deposits. Located in the Panuco mining district of southern Sinaloa, approximately 56 km northeast of Mazatlán International Airport, with access via Highway 40 and federal 230 kV power lines crossing the property. Property covers 7,610 hectares of consolidated concessions along the western margin of the Sierra Madre Occidental. Test mining and bulk sampling program underway with a 10,000-tonne sample planned to optimize metallurgical recoveries. Nov-2025 Feasibility Study outlines a 3,300 tpd underground mine expanding to 4,000 tpd in year 4, over a 9.4-year LOM producing ~17.4 Moz AgEq/yr at AISC of US$10.61/oz AgEq, with initial capex of US$239M and after-tax NPV5 of US$1,802M at US$3,100/oz Au and US$35.50/oz Ag. Flagship Mexican silver-gold development asset.