Table 1. Mineral Reserve Statement – Nussir Deposit
Effective Date: 24th April, 2026
| Category | Tonnes (Diluted, Recovered) Mt | Cu Grade % | Cu Metal Content kt | Au Grade g/t | Au Metal Content koz | Ag Grade g/t | Ag Metal Content koz |
| Proven | 2.64 | 0.80 | 21.2 | 0.13 | 11 | 10.15 | 861 |
| Probable | 22.34 | 0.81 | 180.9 | 0.09 | 64 | 10.36 | 7,440 |
| Proven + Probable | 24.98 | 0.81 | 202.1 | 0.09 | 75 | 10.34 | 8,301 |
Notes
- The Nussir Mineral Reserve estimate follows the CIM (2019) Mineral Resource and Mineral Reserve (MRMR) Best Practice Guidelines.
- The Mineral Reserves include stopes and ore development.
- The Mineral Reserve stopes were diluted based on geotechnical recommendations and have had a mining loss applied.
- A minimum stope mining width of 3.0 m is used with varying overbreak/dilution applied by geological zone.
- Stopes were generated at a cut-off-value of US$35.43/t Net Smelter Return (NSR).
- The price assumptions are as follows:
- US$9,034/t Cu
- US$2,487/oz Au
- US$26.58/oz Ag
Table 2. Nussir Resource Estimation Summary
Effective Date: 20th January, 2025
| Category | Tonnes Mt | Cu % | Ag g/t | Au g/t | Cu Eq % | Cu Metal Kt | Ag Metal Koz | Au Metal Koz |
|---|---|---|---|---|---|---|---|---|
| Measured | 2.69 | 1.08 | 12.8 | 0.18 | 1.31 | 29 | 1,103 | 16 |
| Indicated | 26.03 | 1.01 | 12.3 | 0.11 | 1.19 | 263 | 10,288 | 92 |
| Meas+Ind | 28.72 | 1.02 | 12.3 | 0.12 | 1.20 | 292 | 11.391 | 108 |
| Inferred | 31.99 | 1.01 | 14.6 | 0.14 | 1.23 | 324 | 14,972 | 143 |
Notes
- CIM definitions were followed for MRE.
- A minimum mining width of 2.0 m was applied in making the MRE constraint wireframes. These wireframes were generated using a preliminary MSO.
- Density values for Nussir were estimated from density sample values or assigned default average values where insufficient samples occur nearby.
- MRE constraint wireframes were generated for a cut-off grade of 0.30% Cu, related to potential underground mining.
- Metal prices assumed for this MRE were US$4.20/lb Cu, US$27.00/Oz Ag and US$2,200/oz Au, which represent reasonable long-term consensus metal pricing.
- Metallurgy recovery assumptions were 98% Cu, 80% Ag and 93% Au, which stem from SOS metallurgical testwork completed in 2022.
- CuEq = Cu_Grade + (Ag_Coeff*Ag_Grade) + (Au_Coeff*Au_Grade)
- The cut-off grade of 0.30% Cu was derived from the price and recovery values above, as well as a smelter payability of 37.3% and an assumed total operating cost of $26.20/tonne of ore.
- Rounding may result in apparent summation differences between tonnes, grades and metal content; not considered material.
- Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.