Assets

Notes to accompany the mineral reserve table:

1. Mineral reserves were developed in accordance with CIM (2019) guidelines.
2. Mineral reserves are founded on Measured and Indicated Resources, with an effective date of December 31, 2025, unless otherwise noted.
3. Mineral reserves are considered appropriate for metal prices of $1,650/oz gold (“Au”), $21/oz silver (“Ag”), and $3.85/lb copper (“Cu”), unless otherwise noted.
4. Rounding may result in apparent summation differences between tonnes, grade, and contained metal content. Stockpile mineral reserves are estimated using production and survey data and apply the gold equivalent (“AuEq”) formula for the intended processing method.
5. AuEq on a total basis is established from combined contributions of the various deposits. AuEq estimates account for metal prices and metallurgical recoveries.
6. The qualified person for the mineral reserve estimate is Johannes (Gertjan) Bekkers, P. Eng., an independent contractor and former VP of Mines Technical Services for Torex Gold.
7. The qualified person is not aware of mining, metallurgical, infrastructure, permitting, or other factors that materially affect the mineral reserve estimates.
8. Morelos – Media Luna Underground:
   a) Mineral reserves are reported above an in-situ ore cut-off grade of 2.4 gpt AuEq and an in-situ incremental cut-off grade of 2.0 gpt AuEq. Cut-off grades and mining shapes assume metallurgical recoveries of 90% Au, 86% Ag, and 93% Cu.
   b) Mineral reserves within designed mine shapes assume long-hole open stoping, supplemented with mechanized cut-and-fill mining and include estimates for dilution and mining losses.
   c) AuEq = Au (gpt) + (Ag (gpt) * 0.0122) + (Cu (%) * 1.6533).
9. Morelos – Media Luna North Underground:
   a) Mineral reserves are reported above an in-situ ore cut-off grade of 2.5 gpt AuEq and an in-situ incremental cut-off grade of 2.0 gpt AuEq. Cut-off grades and mining shapes assume metallurgical recoveries of 89% Au, 88% Ag, and 92% Cu.
   b) Mineral reserves within designed mine shapes assume long-hole open stoping, supplemented with mechanized cut-and-fill mining and include estimates for dilution and mining losses.
   c) AuEq = Au (gpt) + (Ag (gpt) * 0.0126) + (Cu (%) * 1.6539).
10. Morelos – ELG Underground:
    a) Mineral reserves are reported above an in-situ ore cut-off grade of 2.8 gpt AuEq and an in-situ incremental cut-off grade of 1.6 gpt AuEq. Cut-off grades and mining shapes assume metallurgical recoveries of 90% Au, 86% Ag, and 93% Cu.
    b) Mineral reserves within designed mine shapes assume mechanized cut and fill supplemented with long hole mining method and include estimates for dilution and mining losses.
    c) AuEq = Au (gpt) + (Ag (gpt) * 0.0122) + (Cu (%) * 1.6533).
11. Morelos – ELG Open Pit:
    a) ELG Open Pit mineral reserves are reported above an in-situ cut-off grade of 1.2 gpt Au and including low grade mineral reserves are reported above an in-situ cut-off grade of 0.88 gpt Au.
    b) Assumes average metallurgical recoveries of 89% Au, 30% Ag, and 15% Cu.
    c) Mineral reserves within the designed pit include assumed estimates for dilution and ore losses.
    d) AuEq = Au (gpt) + (Ag (gpt) * 0.0043) + (Cu (%) * 0.2697).
12. Morelos – Stockpiles:
    a) Stockpiles include open pit and underground material previously mined.
    b) Open pit stockpiles assumed metallurgical recoveries of 89% Au, 30% Ag, and 15% Cu and underground stockpiles assume 90% Au, 86% Ag, and 93% Cu.
    c) AuEq (blended) = Au (gpt) + (Ag (gpt) * 0.0056) + (Cu (%) * 0.5948) based on AuEq (open pit) = Au (gpt) + (Ag (gpt) * 0.0043) + (Cu (%) * 0.2697) and AuEq (underground) = Au (gpt) + (Ag (gpt) * 0.0122) + (Cu (%) * 1.6533).

Notes to accompany the mineral resource table:

1. Mineral resources were prepared in accordance with the CIM Definition Standards (2014) and Estimation of Mineral Resource and Mineral Reserve Best Practice guidelines (2019).
2. Gold equivalent (“AuEq”) of total mineral resources is established from combined contributions of the various deposits. AuEq estimates account for metal prices and metallurgical recoveries.
3. Mineral resources are inclusive of mineral reserves (excluding stockpiles). Mineral resources that are not mineral reserves do not have demonstrated economic viability.
4. Numbers may not add due to rounding.
5. Mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.

Notes to accompany Morelos mineral resources:

1. The effective date of the estimates is December 31, 2025. 
2. Mineral resources are depleted above a mining surface or to the as-mined solids as of December 31, 2025.
3. Mineral resources for Morelos are based on underlying metal prices of $1,800/oz gold (“Au”), $24/oz silver (“Ag”), $4.10/lb copper (“Cu”), unless otherwise noted.
4. The preparation of the estimates was prepared by Rochelle Collins, P. Geo. (Ontario), Principal, Mineral Resources for Torex Gold.
5. Morelos – Media Luna Underground:
   a) Mineral resources are reported above a 2.0 gpt AuEq cut-off grade. The assumed underground mining methods are a combination of long-hole open stoping and mechanized cut-and-fill.
   b) Mineral resources were estimated using ID3 method applied to 1.5 m capped downhole assay composites within lithology domains and internal grade domains. Block model block size is 5 m x 5 m x 5 m with 2.5 m x 2.5 m x 2.5 m sub-blocks.
   c) Assumes metallurgical recoveries of 90% Au, 86% Ag, and 93% Cu.
   d) The dataset allowed the bulk density to be directly estimated into the domains with an average bulk density of 3.2 g/cm³.
   e) AuEq = Au (gpt) + (Ag (gpt) * 0.0127) + (Cu (%) * 1.6104).
6. Morelos – Media Luna North Underground:
   a) Mineral resources are reported above a 2.0 gpt AuEq cut-off grade. The assumed underground mining method is long-hole open stoping.
   b) Mineral resources were estimated using ID3 method applied to 1.0 m capped downhole assay composites within lithology domains and internal grade domains. Block model block size is 5 m x 5 m x 5 m with 2.5 m x 2.5 m x 2.5 m sub-blocks.
   c) Assumes metallurgical recoveries of 89% Au, 88% Ag, and 92% Cu.
   d) The dataset allowed the bulk density to be directly estimated into the domains with an average bulk density of 3.5 g/cm³.
   e) AuEq = Au (gpt) + (Ag (gpt) * 0.0132) + (Cu (%) * 1.6145).
7. Morelos – Media Luna West Underground:
   a) Mineral resources are reported above a 2.1 gpt AuEq cut-off grade. The assumed mining method is from underground methods, using long-hole open stoping.
   b) Mineral resources were estimated using ID3 method applied to 3.0 m capped downhole assay composites within lithology domains and internal grade domains. Block model block size is 5 m x 5 m x 5 m.
   c) Assumes metallurgical recoveries of 88% Au, 75% Ag, and 85% Cu.
   d) The dataset allowed the bulk density to be directly estimated into the domains with an average bulk density of 3.2 g/cm³.
   e) AuEq = Au (gpt) + (Ag (gpt) * 0.0114) + (Cu (%) * 1.5086).
8. Morelos – ELG Underground:
   a) Mineral resources are reported above a 2.2 gpt AuEq cut-off grade. The assumed underground mining method is mechanized cut-and-fill.
   b) Mineral resources were estimated using ordinary kriging method applied to 1.5 m capped downhole assay composites within lithology domains and internal grade domains. Block model block size is 5 m x 5 m x 5 m with 2.5 m x 2.5 m x 2.5 m sub-blocks.
   c) Assumes metallurgical recoveries of 90% Au, 86% Ag, and 93% Cu.
   d) The dataset allowed the bulk density to be directly estimated into the domains with an average bulk density of 3.4 g/cm³.
   e) AuEq = Au (gpt) + (Ag (gpt) * 0.0127) + (Cu (%) * 1.6104).
9. Morelos – ELG Open Pit:
   a) Mineral resources for ELG Open Pit are reported above an in-situ cut-off grade of 0.78 gpt Au.
   b) Mineral resources were estimated using ordinary kriging method applied to 1.5 m capped downhole assay composites within lithology domains and internal grade domains. Block model size is 5 m x 5 m x 5 m with 2.5 m x 2.5 m x 2.5 m sub-blocks. Mineral resources are reported inside an optimized pit shell, underground mineral reserves at ELD within the El Limón pit shell have been excluded from the open pit mineral resources.
   c) Average metallurgical recoveries are 89% Au, 30% Ag, and 15% Cu.
   d) The dataset allowed the bulk density to be directly estimated into the domains with an average bulk density of 3.4 g/cm³.
   e) AuEq = Au (gpt) + (Ag (gpt) * 0.0045) + (Cu (%) * 0.2627).

Notes to accompany Los Reyes mineral resources:

1. The effective date of the estimates is October 15, 2024. 
2. Mineral resources for Los Reyes are based on underlying metal prices of $1,950/oz Au and $25.24/oz Ag, unless otherwise noted.
3. The estimate was prepared by John Sims, President of Sims Resources LLC, an independent contractor and QP as a CPG member with AIPG.
4. Los Reyes – Open Pit (Mill and Heap Leach):
   a) Open Pit Resource estimates are based on economically constrained open pits generated using the Hochbaum Pseudoflow algorithm in Datamine’s Studio NPVS and the following optimization parameters:
   b) Assumes mill recoveries of 95.6% for Au and 81% for Ag and heap leach recoveries of 73% Au and 25% Ag.
   c) Pit slopes by area ranging from 42-47 degrees overall slope angle.
   d) 5% ore loss and 5% dilution factor applied to the 5 m x 5 m x 5 m open pit resource block models.
   e) Mining costs of $2.00 per tonne of waste mined and $2.50 per tonne of ore mined. Milling costs of $16.81 per tonne processed. Heap leach costs of $5.53 per tonne processed. G&A cost of $2.00 per tonne of material processed. Royalty of 3% and selling cost of 1% were also applied.
   f) A 0.17 gpt gold only cutoff was applied to ex-pit processed material (which is above the heap-leaching NSR cutoff).
   g) AuEq (Open Pit Mill) = Au (gpt) + (Ag (gpt) * 0.0110) and AuEq (Open Pit Heap Leach) = Au (gpt) + (Ag (gpt) * 0.0046).
5. Los Reyes – Underground (Mill):
   a) Underground Resource estimates are based on economically constrained stopes generated using Datamine’s Mineable Shape Optimizer (MSO) algorithm and the following optimization parameters:
   b) Diluted to a minimum 4 m stope width with a 98% mining recovery.
   c) Assumes mill recoveries of 95.6% for Au and 81% for Ag.
   d) Mechanized cut-and-fill mining with a $60.00 per tonne cost. Milling costs of $16.81 per tonne processed. G&A cost of $4.00 per tonne of material processed. Royalty of 3% and selling cost of 1% were also applied.
   e) AuEq (Underground Mill) = Au (gpt) + (Ag (gpt) * 0.0110).