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Mineral Reserves - Proven and Probable Contained Metal
Property Classification Tonnes (000) Ag
(g/t)
Au
(g/t)
Pb
(%)
Zn
(%)
Ag
(Moz)
Au
(koz)
Caylloma Mine,
Peru
               
   Silver Veins Proven 3 874 0.23 0.43 0.72 0.1 0.0
  Probable 106 635 0.97 0.20 0.32 2.2 3.3
  Proven + Probable 109 642 0.95 0.20 0.33 2.2 3.3
   Polymetallic Veins Proven 251 129 0.47 2.07 2.36 1.0 3.8
  Probable 1,619 85 0.23 3.13 3.96 4.4 12.1
  Proven + Probable 1,870 91 0.27 2.98 3.74 5.5 15.9
   Combined-All Veins Proven 254 138 0.47 2.05 2.34 1.1 3.8
  Probable 1,724 119 0.28 2.95 3.73 6.6 15.4
  Proven + Probable 1,979 121 0.30 2.83 3.55 7.7 19.3
San Jose Mine,
Mexico
Proven 282 237 1.84 N/A N/A 2.1 16.7
  Probable 3,498 232 1.72 N/A N/A 26.0 193.3
  Proven + Probable 3,780 232 1.73 N/A N/A 28.2 209.9
Lindero Project,
Argentina
Proven 26,349 N/A 0.78 N/A N/A 0 661
  Probable 56,184 N/A 0.57 N/A N/A 0 1,022
  Proven + Probable 82,533 N/A 0.63 N/A N/A 0 1,684
Total Proven + Probable 35.9 1,913.2

Mineral Resources - Measured and Indicated Contained Metal
Property Classification Tonnes (000) Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (Moz) Au (koz)
Caylloma Mine,
Peru
Measured 582 82 0.36 1.11 2.16 1.5 6.7
  Indicated 1,269 84 0.31 1.14 2.10 3.4 12.7
  Measured + Indicated 1,851 84 0.32 1.13 2.12 5.0 19.3
San Jose Mine,
Mexico
Measured 64 89 0.71 N/A N/A 0.2 1.5
  Indicated 780 84 0.72 N/A N/A 2.1 18.1
  Measured + Indicated 844 84 0.72 N/A N/A 2.3 19.6
Lindero Project,
Argentina
Measured 2,051 N/A 0.59 N/A N/A 0 39
  Indicated 32,716 N/A 0.40 N/A N/A 0 418
  Measured + Indicated 34,767 N/A 0.41 N/A N/A 0 456
Total  Measured + Indicated 7.3 494.9

Mineral Resources - Inferred Contained Metal
Property Classification Tonnes (000) Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (Moz) Au (koz)
Caylloma Mine,
Peru
Inferred 3,392 132 0.59 2.20 3.30 14.3 64.7
San Jose Mine,
Mexico
Inferred 6,561 261 1.61 N/A N/A 55.0 339.9
Lindero Project,
Argentina
Inferred 46,500 N/A 0.41 N/A N/A 0 610
Total Inferred 69.3 1,014.6

  1. Mineral Reserves and Mineral Resources are as defined by CIM Definition Standards on Mineral Resources and Mineral Reserves
  2. Mineral Resources are exclusive of Mineral Reserves
  3. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
  4. There are no known legal, political, environmental, or other risks that could materially affect the potential development of the Mineral Resources or Mineral Reserves at Caylloma or San Jose
  5. Mineral Resources and Mineral Reserves for Caylloma and San Jose estimated as of June 30, 2015 and reported as of December 31, 2015 taking into account production-related depletion for the period through December 31, 2015. Mineral Resources and Mineral Reserves for Lindero are reported as of October 23, 2015
  6. Mineral Reserves for San Jose are estimated using break-even cut-off grade of 137 Ag Eq g/t and it is based on assumed metal prices of US$19/oz Ag and US$1,140/oz Au; estimated metallurgical recovery rates of 89% for Ag and 89% for Au and actual operating costs incurred in period June 2014 to May 2015. Mineral Resources are estimated at a Ag Eq cut-off grade of 100 g/t, with Ag Eq in g/t = Ag (g/t) + Au (g/t) * ((US$1,140/US$19) * (89/89))
  7. Mineral Reserves for Caylloma are estimated using break-even cut-off grades based on estimated NSR values using assumed metal prices of US$19/oz Ag, US$1,140/oz Au, US$2,150/t Pb and US$2,300/t Zn; metallurgical recovery rates of 84.5% for Ag, 39.5% for Au, 92.6% for Pb and 89.9% for Zn; and actaul operating costs incurred in period July 2014 to June 2015. Caylloma Mineral Resources are reported based on estimated NSR values using the same metal prices and metallurgical recovery rates as detailed for Mineral Reserves; and an NSR cut-off grade of US$50/t for veins classified as wide (Animas, Animas NE, Nancy, San Cristobal) and US$100/t for veins classified as narrow (all other veins)
  8. Mineral Reserves for Lindero are reported based on open pit mining within designed pit shells based on variable gold cut-off grades and gold recoveries by metallurgical type. Met type 1 cut-off 0.25 g/t Au, recovery 67.9%; Met type 2 cut-off 0.23 g/t Au, recovery 73.6%; Met type 3 cut-off 0.24 g/t Au, recovery 69.3%; and Met type 4 cut-off 0.27 g/t Au, recovery 61.7%. The cut-off grades and pit designs are considered appropriate for long term gold prices of US$1,200/oz. Lindero Mineral Resources are reported within a conceptual pit shell above a 0.2 g/t Au cut-off grade with internal dilution appropriate for a 10 x 10 x 8 m selective mining unit and no external dilution. Mineral Resources are reported using a long-term gold price of US$1,350/oz, mining costs at US$1.80 per tonne of material, with total processing and process G&A costs of US$5.72 per tonne of ore and an average process recovery of 70%. The refinery costs net of pay factor were estimated to be US$10.21 per ounce gold
  9. Totals may not add due to rounding procedures
  10. N/A = Not Applicable