Pan American Silver Corp 6-K, filed Mar 25, 2024

Pan American Silver Corp (PAAS)

6-K 2024-03-25 For: 2023-12-18

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Pan American Silver Corp filed this 6-K on March 25, 2024.

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Exhibit						Description
99.1						Cover Letter to NI 43-101 Technical Report for the La Colorada Mine, Zacatecas, Mexico dated effective December 18, 2023
99.2						Amended NI 43-101 Technical Report for the La Colorada Mine, Zacatecas, Mexico dated effective December 18, 2023
99.3						Consent of Martin Wafforn, P.Eng.
99.4						Consent of Christopher Emerson, FAusIMM
99.5						Consent of Peter Mollison, P.Eng.
99.6						Consent of Americo Delgado, P.Eng.
99.7						Consent of Matthew Andrews, FAusIMM


	Pan American Silver Corp.
	(Registrant)

Date: March 22, 2024	By:	/s/ "Delaney Fisher"
		Delaney Fisher
		SVP Associate General Counsel & Corporate Secretary


Effective Date:			December 18, 2023
Signature Date:			March 22, 2024


Authors:	[Signed]	[Signed]
	Martin Wafforn, P.Eng. Senior Vice President, Technical Services and Process Optimization Pan American Silver Corp.	Christopher Emerson, FAusIMM Vice President, Exploration and Geology Pan American Silver Corp.

	[Signed]	[Signed]
	Peter Mollison, P.Eng. Senior Director, Mine Engineering Pan American Silver Corp.	Americo Delgado, P.Eng. Vice President, Mineral Processing, Tailings, and Dams Pan American Silver Corp.

	[Signed]
	Matthew Andrews, FAusIMM Vice President, Environment Pan American Silver Corp.


TABLE OF CONTENTS
List of Abbreviations			14
1 Summary			15
1.1 Property Description and Ownership			15
1.2 Geology and Mineralization			16
1.3 Exploration Status			17
1.4 Mineral Resource and Mineral Reserve Estimates			17
1.5 Mining and Processing Methods			19
1.6 Environmental Studies, Permitting, and Social or Community Impact			20
1.7 Skarn Project Preliminary Economic Assessment			20
1.8 Conclusions and Recommendations			21
2 Introduction			26
2.1 Sources of Information			27
3 Reliance on Other Experts			29
4 Property Description and Location			30
4.1 Location			30
4.2 Issuer’s Interest, Mineral Tenure, and Surface Rights			31
4.3 Royalties, Back-In Rights, Payments, Agreements, and Encumbrances			33
4.4 Environmental Liabilities			33
4.5 Permits			33
4.6 Significant Factors and Risks			34
5 Accessibility, Climate, Local Resources, Infrastructure, and Physiography			36
5.1 Physiography, Vegetation, and Climate			36
5.2 Accessibility, Local Resources, Population Centres, and Transport			36
5.3 Surface Rights			36
5.4 Power and Water			36
5.5 Infrastructure			37
6 History			38
6.1 Historical Mineral Resource and Mineral Reserve Estimates			38
6.2 Past Production			39
7 Geological Setting and Mineralization			40
7.1 Regional Geology and Geological History			40
7.2 Regional Structural Geology			42
7.3 Regional Mineralization			44
7.4 Property Geology			46
7.5 Local Structure			49
7.6 Local Mineralization			50
7.6.1 Epithermal Vein Mineralization			50
7.6.2 Polymetallic Skarn and CRD Mineralization			50
7.6.2.1 Mineral and Metal Zonation			51
7.6.2.2 Skarn Morphology			51
8 Deposit Types			53
9 Exploration			55
9.1 Sampling			55
9.2 Geophysics			55
10 Drilling			56
10.1 Drilling Procedures			58


Pan American Silver Corp. 2100 – 733 Seymour Street Vancouver, B.C. Canada V6B 056			Amended NI 43-101 Technical Report for the La Colorada Property, Zacatecas, Mexico


10.2 Underground Channel Sampling Procedures			58
10.3 Material Impact on the Accuracy and Reliability of Drilling Results			59
11 Sample Preparation, Analyzes, and Security			60
11.1 Sample Preparation and Security			60
11.2 Analytical Procedures			61
11.3 Quality Assurance and Quality Control			62
11.4 Bulk Density			68
11.5 Material Impact on the Accuracy and Reliability of Sample Data			68
12 Data Verification			69
12.1 Mine Engineering Data Verification			69
12.2 Geology Data Verification			69
12.3 Mine Engineering of the Skarn Project PEA Data Verification			69
12.4 Metallurgy Data Verification			69
12.5 Environment, Social, and Permitting Data Verification			70
13 Mineral Processing and Metallurgical Testing			71
13.1 Introduction and Previous Work			71
13.2 Metallurgical Recovery			71
13.3 Material Issues and Deleterious Elements			72
14 Mineral Resource Estimates			73
14.1 Mineral Resource Estimate of the La Colorada Vein Mine			75
14.1.1 Introduction			76
14.1.2 Database			76
14.1.3 Geological Modelling and Domains			76
14.1.4 Compositing and Capping			79
14.1.5 Density			81
14.1.6 Variogram Analysis and Modelling			82
14.1.7 Block Model			84
14.1.8 Grade Estimation			84
14.1.8.1 Main veins (Recompensa, NC2, HW, Veta 3, and Amolillo)			84
14.1.8.2 Secondary Veins and Breccias			85
14.1.9 Model Validation			85
14.1.9.1 Visual Comparison			85
14.1.9.2 Comparative Statistics			86
14.1.9.3 Swath Plots			87
14.1.10 Classification Criteria			87
14.1.11 Mineral Resource Statement			88
14.2 Mineral Resource Estimate for the Skarn Project			89
14.2.1 Introduction			89
14.2.2 The Skarn Project Database			89
14.2.3 Geological Modelling and Domaining			91
14.2.3.1 Modelling Challenges			93
14.2.4 Compositing and Boundary Analysis			94
14.2.5 Outlier Definition and Management			94
14.2.5.1 Geological Outliers			94
14.2.5.2 Statistical Outliers			95
14.2.5.3 Outlier Management			96
14.2.6 Variography			97
14.2.7 Search Parameters			98


14.2.8 Grade Estimation			98
14.2.9 Density			98
14.2.10 Model Validation			100
14.2.10.1 Visual Comparisons			101
14.2.10.2 Global Mean Comparisons			102
14.2.10.3 Swath Plots			103
14.2.11 Classification Criteria			104
14.2.12 Mineral Resource Statement			105
15 Mineral Reserve Estimates			108
15.1 Mineral Reserve Summary			108
15.2 Conversion Methodology			108
15.3 Cut-Off Value			110
15.4 Mining Width and Dilution			112
15.5 Reconciliation			112
16 Mining Methods			113
16.1 Mining Methods and Mine Design			113
16.1.1 Cut-and-Fill			113
16.1.2 Sublevel Long-Hole Stoping			114
16.2 Geomechanics			116
16.3 Life of Mine Plan			117
16.4 Mine Equipment			118
16.5 Ventilation			119
16.6 Dewatering			121
17 Recovery Methods			122
17.1 Sulphide Processing Plant			122
17.2 Oxide Processing Plant			123
17.3 Power, Water, and Reagent Requirements			123
18 Project Infrastructure			124
18.1 Transportation and Logistics			125
18.2 Mine, Processing and Tailings Facilities			125
18.3 Power and Water			125
19 Market Studies and Contracts			126
19.1 Contracts and Marketing			126
19.2 Review by the Qualified Person			126
20 Environmental Studies, Permitting, and Social or Community Impact			127
20.1 Environmental Studies, Issues, and Permits			127
20.2 Mine Waste Disposal and Water Management			127
20.3 Social and Community Factors			128
20.3.1 General Context			128
20.3.2 PS1: Socio-Environmental Assessment and Management Systems			128
20.3.3 PS2: Work and Working Conditions			129
20.3.4 PS4: Community Health and Safety			129
20.3.5 PS5: Land Acquisition and Involuntary Resettlement			130
20.4 Project Reclamation and Closure			131
21 Capital and Operating Costs			132
21.1 Capital Costs			132
21.2 Operating Costs			132
22 Economic Analysis			134


23 Adjacent Properties			135
24 Other Relevant Data and Information			136
24.1 Skarn Project Preliminary Economic Assessment (PEA)			136
24.1.1 Project Description and Proposed Mining Method			136
24.1.1.1 Mining of the La Colorada Vein Mine Deposit			137
24.1.1.2 The Skarn Project Zones			137
24.1.1.3 Mineral Resource Modelling			138
24.1.1.4 Development and Construction			138
24.1.1.5 Surface Facilities			140
24.1.1.6 Scheduling			141
24.1.1.7 Deposit Description			142
24.1.2 Mining			143
24.1.2.1 Mining Method - Sublevel Caving			143
24.1.2.2 Assessment of Long-Hole Mining Method			146
24.1.2.3 Cave Draw Control Strategy			147
24.1.2.4 Caving Flow Modelling			149
24.1.2.5 Mine Development - Pre-Production			150
24.1.2.6 Drill & Blast			151
24.1.2.7 Underground Access and Egress			152
24.1.2.8 Groundwater and Dewatering			153
24.1.2.9 Ventilation			155
24.1.2.10 Ventilation (Surface Facilities)			157
24.1.2.11 Production Schedule			158
24.1.2.12 Mining Inventory			162
24.1.2.13 Mucking, Hauling and Material Handling			162
24.1.2.14 Mining Equipment			163
24.1.2.15 Automation and Digitalization			164
24.1.2.16 Geotechnical Considerations			165
24.1.2.17 Cavability			166
24.1.2.18 Future Options for Mining Methods			166
24.1.3 Project Surface Infrastructure			167
24.1.3.1 Site Access			167
24.1.3.2 On-Site Access Roads			167
24.1.3.3 Electrical Power Line and Substation			168
24.1.3.4 IT and Site Communications			168
24.1.3.5 Main Office and Surface Buildings			168
24.1.3.6 Warehouse and Maintenance Shop			168
24.1.3.7 Camp and Other Facilities			169
24.1.3.8 Run of Mine (ROM) Coarse Feed Stockpile			169
24.1.3.9 Compressed Air			169
24.1.3.10 Hoist Buildings			169
24.1.3.11 Hydrocarbon Storage			169
24.1.3.12 Tailings Management			169
24.1.4 Recovery Method			172
24.1.4.1 Metallurgical Processing and Metallurgical Testing			172
24.1.4.2 Recovery Method - General Description			180
24.1.5 Environmental Studies, Permitting, and Social or Community Impact			182
24.1.5.1 Environmental Liabilities			182


24.1.5.2 Environmental and Land Use Permits			182
24.1.5.3 Environmental Management Systems			182
24.1.5.4 Sustainability Management Systems			182
24.1.5.5 Water Management			183
24.1.5.6 Mine Closure			183
24.1.6 Capital and Operating Costs			183
24.1.6.1 Capital Expenditures			183
24.1.6.2 Operating Costs			185
24.1.6.3 Mining Cost			185
24.1.6.4 Processing Cost			185
24.1.6.5 General and Administration Costs (G&A)			185
24.1.7 Economic Analysis			185
24.1.7.1 Metal Price and Exchange Rate			185
24.1.7.2 Taxation and Royalties			186
24.1.7.3 Financial Results			186
24.1.7.4 Sensitivity Analysis			188
24.1.8 Skarn Project Enhancement Opportunities			189
24.1.8.1 Geological Model and Mineral Resource Estimation			189
24.1.8.2 Delineation Drilling and Delineation of Low-Grade Zone			189
24.1.8.3 Block Caving			189
25 Interpretation and Conclusions			190
26 Recommendations			193
27 References			195
28 Certificates of Qualified Persons			197


LIST OF FIGURES
Figure 4-1: The La Colorada Property location			30
Figure 4-2: Mining concessions			31
Figure 5-1: Typical landscape and infrastructure			37
Figure 7-1: Regional geological setting			40
Figure 7-2: Regional geology of western Zacatecas with major deposits and interpreted major basement fault zones			43
Figure 7-3: Plan of regional mineralization relative to the SMO volcanic belt and Trans-Mexican Volcanic Belt			45
Figure 7-4: Local stratigraphy of La Colorada Property, Zacatecas, Mexico			46
Figure 7-5: Plan showing surface geology, local structure, primary epithermal vein locations (at the 500-Level), skarn footprint and zones of economic skarn mineralization			49
Figure 7-6: Typical cross section of the Skarn Project (looking NW) showing epithermal veins (red), faults (blue lines), porphyry intrusions (pink), skarn lithologies (greens and browns) and mineralized zones (purple outlines).			52
Figure 8-1: Sketch summarizing main characteristics of Mexican skarn and CRD deposits			54
Figure 10-1: Location of drilling and underground channels. TOP: Plan view; BOTTOM: Longitudinal view looking north			57
Figure 11-1: Silver assays for blank samples from the La Colorada Vein Mine (various laboratories, 2008–2023)			63
Figure 11-2: Silver and gold Z-score of CRMs from the La Colorada Vein Mine (2008–2023)			64
Figure 11-3: Silver grades in duplicate pairs from the La Colorada Vein Mine (La Colorada Laboratory, 2009–2023)			65
Figure 11-4: Blank sample results analysed from the Skarn Project (various laboratories, 2019–2023)			66
Figure 11-5: Lead and zinc Z-score of CRMs from the Skarn Project (2018–2023)			67
Figure 11-6: Lead grades in duplicate pairs from the Skarn Project (various laboratories, 2019–2023)			68
Figure 14-1: La Colorada Vein Mine modelled principal vein structures (red), secondary structures (yellow) and breccias (orange)			77
Figure 14-2: Visual Comparison of block estimates against input data for Amolillo Vein 401			86
Figure 14-3: Swath plots for Amolillo Vein 401			87
Figure 14-4: Classification applied to the Veta 3 mineralized zone			88
Figure 14-5: W-E section (looking north) at 5400N +- 100m showing modelled geology relative to drill holes			93
Figure 14-6: Average grade relative to proportion of logged vein within composites in low-grade domains			95
Figure 14-7: Experimental and modelled variograms for domain 7102 (greenish garnet skarn)			97
Figure 14-8: W-E cross sections (looking north) at 5400N showing modelled domains (left) and estimated density (right)			100
Figure 14-9: W-E section (looking north, 5500N (+- 20 m)) comparing the input composites to the model estimates for zinc			101
Figure 14-10: Example of swath plots comparing declustered composite zinc grade to final model estimates in domain 7102			103
Figure 14-11: Final mineral resource classification for the Skarn Project			105
Figure 14-12: 3D view looking south showing resource SLC shapes and associated development			106
Figure 16-1: Plan view of the Candelaria, Estrella, and Recompensa underground mines			115
Figure 16-2: Longitudinal section – Mineral reserves – Candelaria			115
Figure 16-3: Longitudinal section – Mineral reserves – Estrella			116
Figure 16-4: Longitudinal section – Mining sequence – Candelaria			117
Figure 16-5: Longitudinal section – Mining sequence – Estrella			118
Figure 16-6: Schematic view of ventilation circuit – Candelaria mine			120
Figure 18-1: Site layout of mine infrastructure			124
Figure 24-1: Longitudinal section of Skarn Project zones looking north			137
Figure 24-2: Longitudinal section (looking north) of LOM development by stage			139
Figure 24-3: Plan view of Skarn Project LOM development			142
Figure 24-4: Schematic representation of typical sublevel caving layout			144
Figure 24-5: Schematic cross-section through a typical sublevel caving mine			145


Figure 24-6: Draw control strategy and ring mining recovery			148
Figure 24-7: Cave recovery and dilution benchmarks			149
Figure 24-8: Skarn Project – locations of portals and shafts and surface infrastructure			153
Figure 24-9: Dewatering rate estimate			154
Figure 24-10: Skarn Project LOM lateral mine development profile			158
Figure 24-11: Skarn Project 50,000 tpd per day production schedule			159
Figure 24-12: Mill feed head grades of Skarn Project LOM			160
Figure 24-13: Payable and produced metal for Skarn Project LOM			161
Figure 24-14: Skarn Project FTSF layout and cross section			171
Figure 24-15: Comparison between Pb and Zn grades for KM6151 and KM6826 and average mineral resource grade			174
Figure 24-16: Comparison between Pb and Ag grades for KM6151 and KM6826 and average resource grade			174
Figure 24-17: Photomicrograph of key sulphides in the Skarn Project			175
Figure 24-18: Zinc content of final lead concentrate versus regrind size, Tests KM6151 - 64 to 77			176
Figure 24-19: Lead recovery versus lead feed grades			177
Figure 24-20: Zinc recovery versus lead-to-zinc ratio in process feed			178
Figure 24-21: Silver recovery versus silver feed grades			179
Figure 24-22: Simplified mineral processing flowsheet for the Skarn Project			181


LIST OF TABLES
Table 1-1: Mineral resource statement for the combined La Colorada Vein Mine and Skarn Project			17
Table 1-2: Mineral reserve statement for the La Colorada Vein Mine as at June 30, 2023			18
Table 2-1: Qualified persons and personal inspections			27
Table 4-1: Mining concessions			32
Table 6-1: Production history from 2001 to 2023			39
Table 10-1: Distribution of drilling by zone as of June 30, 2023			56
Table 13-1: Production at La Colorada mineral processing plant from 2017 to 2023			71
Table 14-1: Mineral resource statement for the combined La Colorada Vein Mine and Skarn Project			74
Table 14-2: Modelled mineralized structures, associated domain codes and proportion of total			77
Table 14-3: Length-weighted basic statistics for the main five veins			79
Table 14-4: Basic statistics of composites for the best informed minor veins			80
Table 14-5: Impact of local capping on the mean and CV for the five major veins			81
Table 14-6: Density values assigned to the five main vein domains			81
Table 14-7: Standardized variogram parameters for the five major veins modelled in 2023			83
Table 14-8: Global mean comparisons for the five main veins			86
Table 14-9: La Colorada Vein Mine mineral resource statement as at June 30, 2023			89
Table 14-10: Values assigned to below detection limit and unsampled intervals			90
Table 14-11: Simplified geological modelling codes			91
Table 14-12: Modelled geological units and respective domain codes and wireframe names			92
Table 14-13: Effect of local capping on composite zinc grade for composites not flagged as geological outliers			96
Table 14-14: Summary of density measurements assigned to unestimated blocks			99
Table 14-15: Search strategy used for density estimation			99
Table 14-16: Global mean comparisons per domain and search pass for zinc			102
Table 14-17: Skarn Project mineral resource statement as at December 18, 2023			106
Table 15-1: Mineral reserve statement for the La Colorada Vein Mine as at June 30, 2023			108
Table 15-2: Cut-off value cost parameters - Oxides			110
Table 15-3: Cut-off value cost parameters - Sulphides			110
Table 15-4: Parameters for calculation of value per tonne			111
Table 15-5: Reconciliation results – July 2022 to June 2023			112
Table 16-1: La Colorada Vein Mine ground support standards			116
Table 16-2: List of current mobile mining equipment			118
Table 16-3: List of main ventilation fans			119
Table 16-4: Intakes and exhausts – Candelaria mine			120
Table 16-5: Intakes and exhausts – Estrella mine			121
Table 17-1: Estimated reagent requirements per tonne of ore			123
Table 20-1: Social risk management			128
Table 21-1: LOM Average Yearly Sustaining Capital Expenditures			132
Table 21-2: LOM Average unitary operating costs			133
Table 24-1: Ventilation plan summary			156
Table 24-2: Mining inventory by Skarn Project zones			160
Table 24-3: Skarn Project LOM mill feed schedule			161
Table 24-4: Modifying factors for the Skarn Project PEA inventory			162
Table 24-5: Initial mobile mining equipment at full production			164
Table 24-6: Summary of overall metal recovery of the Skarn Project			172
Table 24-7: Summary of metallurgical tests			173
Table 24-8: Metallurgical results for blended La Colorada Vein Mine (18%) and Skarn Project materials (82%)			180


Table 24-9: Initial capital expenditures for the Skarn Project			184
Table 24-10: Initial capital expenditures schedule for the Skarn Project			184
Table 24-11: Sustaining capital LOM for the Skarn Project			184
Table 24-12: Skarn Project LOM operating costs			185
Table 24-13: Skarn Project LOM Taxes and Royalties			186
Table 24-14: Skarn Project Financial Results			186
Table 24-15: Skarn Project LOM cash flow			187
Table 24-16: NPV sensitivity of Skarn Project at 8% discount rate			188
Table 24-17: NPV sensitivity of Skarn Project at 6.5% discount rate			188
Table 24-18: Production Metrics and Financial Analysis based on 30,000 tpd production rate			188


°			degrees
>			greater than
<			less than
%			percent
3D			three-dimensional
Ag			silver
Au			gold
AAS			atomic absorption spectrometry
BC			block caving
BEV			battery electric vehicle
CAF			cut and fill
CFE			Comisión Federal de Electricidad, the national power utility
CFM			cubic foot per minute
cm			centimetre
cm3			cubic centimetre
CRD			carbon replacement deposits
CRM			certified reference materials
CV			coefficient of variation
d			day
dmt			dry metric tonne
E			east
EIS			environmental impact statement (“EIS”)
ELOS			estimated equivalent linear overbreak slough
FS			feasiblity study
FTSF			filtered tailings storage facility
g			gram
g/t			gram per tonne
GCT			Guerrero Composite Terrane
GPM			gallon per minute
GW			Gigawatt (1,000,000,000 (One Billion) Watts)
h			hour
ha			hectare
hp			horsepower
ICP			inductively coupled plasma


PAN AMERICAN SILVER CORP.


PAN AMERICAN SILVER CORP.


PAN AMERICAN SILVER CORP.


PAN AMERICAN SILVER CORP.


ID2			inverse distance squared or to the power of two
IFC			International Finance Corporation
IS			intermediate sulphidation
k			kilo (thousand)
km			kilometre
koz			kilo-ounce
ktpd			kilo-tonne per day
kV			kilovolt
kg			kilogram
LCT			locked cycle test
LHD			load-haul-dump
LHOS			long-hole stoping
LOM			life of mine
LS			low sulphidation
LVC			Lower Volcanic Complex
LWID			length-weighted inverse distance
m			metre
m3			cubic metre
M			mega, million
Ma			mega annum, millions of years ago
MAC			Mining Association of Canada
masl			metres above sea level
mm			millimetre
Moz			million ounces
MRMR			mining rock mass rating
MSB			Mexican Silver Belt
MSO			mineable shape optimizer
MT			magnetotelluric
N			north
NN			nearest-neighbour
NPV			net present value
NSR			net smelter return
OEM			original equipment manufacturer
OK			ordinary kriging
oz			Troy ounce (31.1035 g)
Pb			lead


PEA			preliminary economic assessment
PF			powder factor
PFS			pre-feasibility study
PGCA			Power Geotechnical Cellular Automata, a Deswik software)
ppm			parts per million
PRC			Production Rate Curves
PS			Performance Standards
QAQC			quality assurance and quality control
QC			quality control
QP			qualified person
RMR			rock mass rating
ROCASIMP			La Colorada simplified logging code
ROM			run of mine
RPD			relative percent difference
RPEE			reasonable prospect of eventual economic extraction
s			second
S			south
SAG			semi-autogenous grinding
SEDATU			Mexico’s Federal Secretariat of Agrarian, Territorial, and Urban Development
SLC			sublevel caving
SLS			sublevel long-hole stoping
SMO			Sierra Madre Occidental
SRCE			standard reclamation cost estimator
SSR			single-shot slot raising
t			metric tonne
tpd			tonnes per calendar day
TSF			tailings storage facility
TSM			Towards Sustainable Mining
US$			United States dollar
UVS			Upper Volcanic Supergroup
VOD			ventilation-on-demand
W			west
wmt			wet metric tonne
Zn			zinc


Classification	Tonnes (Mt)	Ag Grade (g/t)	Ag Metal (Moz)	Au Grade (g/t)	Au Metal (Moz)	Pb Grade (%)	Pb Metal (Mt)	Zn Grade (%)	Zn Metal (Mt)
La Colorada Vein Mine
Measured	0.7	153	3.58	0.13	0.00	0.64	0.00	1.18	0.01
Indicated	2.5	182	14.62	0.19	0.02	0.87	0.02	1.41	0.04
M+I	3.2	175	18.19	0.18	0.02	0.82	0.03	1.36	0.04
Inferred	14.7	174	82.23	0.20	0.09	0.94	0.14	1.67	0.25
Skarn Project
Indicated	173.6	33	183.18	-	-	1.32	2.29	2.79	4.84
Inferred	103.6	35	116.18	-	-	1.03	1.07	2.47	2.56
Total
Measured	0.7	153	3.58	0.13	0.00	0.64	0.00	1.18	0.01
Indicated	176.1	35	197.80	0.00	0.02	1.31	2.31	2.77	4.88
M+I	176.8	35	201.38	0.00	0.02	1.31	2.31	2.76	4.89
Inferred	118.3	52	198.41	0.02	0.09	1.02	1.21	2.37	2.80


Category	Tonnes (Mt)	Silver Grade (g/t Ag)	Gold Grade (g/t Au)	Lead Grade (% Pb)	Zinc Grade (% Zn)	Contained Silver (Moz)	Contained Gold (koz)	Contained Lead (kt)	Contained Zinc (kt)
Proven	5.0	296	0.21	1.25	2.15	47.2	33.8	61.9	106.6
Probable	4.2	292	0.19	1.26	2.22	39.1	25.3	52.5	92.7
Total	9.2	294	0.20	1.25	2.18	86.3	59.2	114.5	199.3


Qualified Persons
Martin Wafforn, P.Eng., Senior Vice President, Technical Services and Process Optimization
Responsible for Sections: 4: Property Description and Location; 5: Accessibility, Climate, Local Resources, Infrastructure and Physiography; 15: Mineral Reserve Estimates; 16: Mining Methods; 18: Project Infrastructure (excluding 18.2); 19: Market Studies and Contracts; 21: Capital and Operating Costs; 22: Economic Analysis
Personal Inspection: Visited the La Colorada Property on numerous occasions including most recently between September 11 and 12, 2023.
Christopher Emerson, FAusIMM, Vice President, Exploration and Geology
Responsible for Sections: 6: History; 7: Geological Setting and Mineralization; 8: Deposit Types, 9: Exploration; 10: Drilling; 11: Sample Preparation, Analyzes and Security; 14: Mineral Resource Estimates; 23: Adjacent Properties.
Personal Inspection: Visited the La Colorada Property on numerous occasions including most recently between February 8 and 11, 2023.
Peter Mollison, P.Eng., Senior Director, Mine Engineering
Responsible for Sections: 24: Other relevant data and information (Skarn Project PEA excluding 24.1.1.5, 24.1.3, 24.1.4, and 24.1.5).
Personal Inspection: Visited the La Colorada Property on multiple occasions since 2017, and most recently between February 7 and 10, 2023
Americo Delgado, P.Eng., Vice President, Mineral Processing, Tailings, and Dams
Responsible for Sections: 13: Mineral Processing and Metallurgical Testing; 17: Recovery Methods; 18.2: Mine, Processing and Tailings Facilities; 24.1.1.5 Skarn Project PEA Surface Facilities; 24.1.3 Skarn Project PEA Project Surface Infrastructure; 24.1.4 Skarn Project PEA Recovery Method.
Personal Inspection: Visited the La Colorada Property on multiple occasions since 2012 and most recently between March 11 and 13, 2020.
Matthew Andrews, FAusIMM, Vice President, Environment
Responsible for Sections: 20: Environmental Studies, Permitting and Social or Community Impact; 24.1.5 Skarn Project PEA Environmental Studies, Permitting and Social or Community Impact
Personal Inspection: Visited the La Colorada Property on multiple occasions since 2011 and most recently between September 23 and 24, 2022.
Shared Responsibility by all Qualified Persons for Related Disclosure in Sections: 1: Summary; 2: Introduction; 3: Reliance on Other Experts; 12: Data Verification; 25: Interpretation and Conclusions; 26: Recommendations; 27: References.


Year	Processed Tonnes	Ag Feed Grade (g/t)	Ag Recovery (%)	Ag Production (oz)	Au Production (oz)	Zn Production (t)	Pb Production (t)
2001	47,317	598	86.10	782,853	—	311	384
2002	50,662	442	87.00	626,035	—	333	316
2003	99,115	427	86.66	767,661	—	433	383
2004	171,155	449	86.29	2,036,075	2,428	122	136
2005	211,854	530	83.95	3,081,213	3,191	—	—
2006	233,743	462	87.32	3,493,995	3,501	—	153
2007	331,067	452	90.84	3,964,074	3,877	943	686
2008	377,844	397	92.20	3,910,830	3,773	1,835	1,012
2009	324,916	414	91.16	3,467,856	6,554	2,311	1,205
2010	345,697	378	87.99	3,701,568	4,312	2,940	1,366
2011	404,533	369	89.51	4,295,783	4,104	4,466	2,388
2012	419,591	374	89.62	4,431,111	3,578	5,599	2,766
2013	448,659	352	89.88	4,566,377	2,579	6,759	3,324
2014	471,347	366	89.82	4,979,290	2,569	7,700	3,740
2015	485,426	379	90.06	5,326,772	2,626	8,912	4,259
2016	528,817	377	90.35	5,795,038	2,933	11,400	5,997
2017	655,326	368	91.07	7,056,109	4,288	15,440	8,796
2018	725,967	358	91.16	7,617,256	4,398	17,785	8,845
2019	768,744	361	91.85	8,205,805	4,613	20,974	11,149
2020	559,144	308	90.84	5,024,807	3,474	13,582	6,631
2021	572,464	312	90.07	5,171,394	2,714	9,984	5,190
2022	641,054	316	91.00	5,927,183	3,327	10,017	5,647
2023	537,086	277	91.97	4,391,993	2,261	7,373	4,220
Total	9,411,527	367	90.26	98,621,079	71,100	149,218	78,594


Zones	Number of Drill Holes	Length (m)	Number of Samples
Recompensa	192	32,673	5,986
Estrella	610	153,503	18,869
Candelaria - Oxides	413	69,725	11,021
Candelaria - Sulphides	609	130,022	29,457
Brechas	77	9,900	3,964
Veta 3	277	78,985	14,510
Skarn Project	342	282,555	173,888
Total	2,520	757,363	257,695


Domain	Vein	Year Updated	Average Ag Grade (g/t)	% Total Resource Ag (oz)
202	NC2	2023	227	12.2%
401	AMOLILLO	2023	230	7.7%
309	VETA 3	2023	390	7.0%
302	HW	2023	238	5.6%
110	RECOMPENSA	2023	201	4.6%


Vein	Domain	Element	Sample Count	Minimum	Maximum	Mean Grade	Standard Deviation	CV
Recompensa	110	Ag g/t	1,998	0.5	15,007	995	1,588	1.6
		Au g/t	1,998	0.01	81	1.2	4.5	3.8
		Pb %	1,998	0.005	72	3.8	6.7	1.8
		Zn %	1,998	0.005	59	3.5	4	1.2
NC2	202	Ag g/t	15,791	0.5	42,508	1,099	1,424	1.3
		Au g/t	15,791	0.003	139	0.7	2.1	3
		Pb %	15,791	0.001	63	4.8	5.1	1.1
		Zn %	15,791	0.005	63	9.2	7.6	0.8
HW	302	Ag g/t	13,794	0.5	42,669	806	1,289	1.6
		Au g/t	13,794	0.01	80	0.3	1.7	5.1
		Pb %	13,794	0.005	58	2.1	3.5	1.7
		Zn %	13,794	0.005	45	3.4	5.4	1.6
Veta 3	309	Ag g/t	1,152	2.5	24,895	1,844	2,366	1.3
		Au g/t	1,152	0.015	189	2.7	10.9	4.1
		Pb %	1,152	0.005	39	5.1	4.8	0.9
		Zn %	1,152	0.005	41	8	6.7	0.8
Amolillo	401	Ag g/t	26,096	0.5	33,766	705	1,024	1.5
		Au g/t	26,096	0.01	55	0.8	1.8	2.3
		Pb %	26,096	0.005	55	2	3.9	2
		Zn %	26,096	0.005	58	3.2	5.5	1.7


Domain	Structure	Oxidation	Density (g/cm3)
			Vein	Hanging Wall	Footwall
110	Recompensa	Oxide	2.65	2.69	2.66
110	Recompensa	Sulphide	3.19	2.7	2.81
202	NC2	Sulphide	3.42	2.68	2.74
302	HW	Oxide	2.65	2.69	2.66
302	HW	Sulphide	3	2.73	2.65
309	Veta 3	Sulphide	3.42	2.68	2.74
401	Amolillo	Oxide	2.8	2.67	2.67
401	Amolillo	Sulphide	3.02	2.7	2.71


Vein	Domain	Assay	Vario Angle			Vario Axis			Nugget	Structure 1					Structure 2					Structure 3
			1	2	3	1	2	3		Type	Range1	Range2	Range3	Sill	Type	Range1	Range2	Range3	Sill	Type	Range1	Range2	Range3	Sill
Recompensa	110	Ag	5	75	0	3	1	3	0.15	1	7	7	1	0.66	1	24	25	3	0.19	-	-	-	-	-
		Au							0.20	1	8	6	1	0.65	1	28	12	3	0.15	-	-	-	-	-
		Pb							0.15	1	7	10	1	0.58	1	80	50	3	0.27	-	-	-	-	-
		Zn							0.12	1	8	12	1	0.59	1	110	55	3	0.29	-	-	-	-	-
NC2	202	Ag	135	75	90	3	1	3	0.72	1	5	6	2	0.20	1	30	47	4	0.08	-	-	-	-	-
		Au							0.86	1	2	5	2	0.11	1	24	26	4	0.03	-	-	-	-	-
		Pb							0.61	1	4	60	2	0.28	1	78	161	4	0.11	-	-	-	-	-
		Zn							0.57	1	4	7	2	0.29	1	78	287	4	0.14	-	-	-	-	-
HW	302	Ag	170	55	180	3	1	3	0.54	1	9	8	5	0.23	1	97	107	6	0.23	-	-	-	-	-
		Au							0.29	1	176	56	5	0.54	1	565	72	6	0.17	-	-	-	-	-
		Pb							0.43	1	22	9	5	0.38	1	116	115	6	0.19	-	-	-	-	-
		Zn							0.33	1	28	7	5	0.42	1	170	226	6	0.26	-	-	-	-	-
Veta 3	309	Ag	150	110	180	3	1	3	0.50	1	5	21	3	0.12	1	128	69	5	0.38	-	-	-	-	-
		Au							0.37	1	7	3	3	0.11	1	124	67	5	0.51	-	-	-	-	-
		Pb							0.48	1	5	8	3	0.17	1	149	84	5	0.36	-	-	-	-	-
		Zn							0.35	1	11	5	3	0.20	1	203	61	5	0.44	-	-	-	-	-
Amolillo	401	Ag	55	-60	0	3	2	1	0.54	1	6	5	7	0.18	1	109	86	20	0.21	1	220	250	35	0.07
		Au							0.43	1	4	10	6	0.21	1	25	71	18	0.19	1	104	800	21	0.17
		Pb							0.19	1	8	5	15	0.28	1	94	75	17	0.29	1	126	800	39	0.25
		Zn							0.15	1	4	6	14	0.21	1	123	78	16	0.28	1	180	5,000	38	0.36


Vein	Domain	Declustered Length-Weighted Capped Input Data				Model Estimates (Estimation passes 1-3 only)				% Difference
		Ag (g/t)	Au (g/t)	Pb (%)	Zn (%)	Ag (g/t)	Au (g/t)	Pb (%)	Zn (%)	Ag		Au		Pb		Zn
Recompensa	110	377	0.41	2.23	2.74	423	0.49	2.26	2.64	12	%	20	%	1	%	-4	%
NC2	202	703	0.40	3.96	7.83	718	0.41	3.94	7.77	2	%	2	%	-1	%	-1	%
HW	302	465	0.18	1.35	2.18	501	0.19	1.46	2.39	8	%	4	%	8	%	10	%
Veta 3	309	1116	0.82	3.14	4.92	1098	0.79	3.22	4.98	-2	%	-3	%	3	%	1	%
Amolillo	401	549	0.48	1.56	2.51	553	0.48	1.56	2.53	1	%	—	%	—	%	1	%


Classification	Tonnes (Mt)	Ag Grade (g/t)	Contained Ag (Moz)	Au Grade (g/t)	Pb Grade (%)	Zn Grade (%)
Measured	0.73	153	3.58	0.13	0.64	1.18
Indicated	2.50	182	14.62	0.19	0.87	1.41
Measured + Indicated	3.23	175	18.19	0.18	0.82	1.36
Inferred	14.68	174	82.23	0.20	0.94	1.67


Element			Value Assigned for Below Detection Limit and Unsampled Intervals
Au (g/t)			0.005
Ag (g/t)			2
Fe (%)			0.01
Mo (ppm)			1
Cu (%)			0.01
Pb (%)			0.01
Zn (%)			0.01
Mg (%)			0.01


Simplified Logging Code (ROCASIMP)			Explanation
690			Upper Volcanic Supergroup (UVS) rhyolite
750			Lower Volcanic Complex (LVC) dacite
680			Indidura Fm
700			Cretaceous sedimentary rocks
730			Marble
720			Pyroxenite skarn
710			Garnet skarn
760			Skarn-related breccia
770			Porphyry intrusion
780			Epithermal vein and mantos
740			CRD
790			Late-stage andesite dyke
517			Fault zone
505			Breccia
507			Voids or workings
508			Soil
8501			Hydrothermal breccia
8503			Contact breccia
526			Skarn


Description	ROCASIMP Code	Assigned Domain Code	Wireframe Name
Limestone	680, 700	700	700
Pyroxene Skarn	720	720	720
Marble	730	730	730
Volcanic Rocks	690, 750	750	750
Porphyry Intrusion	770	770	770
		7701	770_A
		7702	770_B
Andesite Dyke	790	790	790
Almandine Garnet Skarn	710	7101	710_Brownish
Andradite Garnet Skarn		7102	710_Greenish
Breccia with Skarn	760	8505	8505
Brecciated Sediments		8509	8509
Breccia without Skarn		8513	8513
Mantos and CRD	740 and ROCA code 543 (in ROCASIMP 780)	9543	9543


Domain	No. Samples	Uncapped Zn (%)			Capped Zn (%)			Percent Change
		Maximum	Mean	CV	Maximum	Mean	CV	Mean	CV
700	27,081	18.07	0.07	4.91	4.41	0.05	2.88	-23%	-41%
720	8,109	31.06	2.78	1.35	31.06	2.73	1.32	-2%	-2%
730	9,548	11.78	0.16	2.98	5.46	0.14	2.22	-14%	-26%
750	11,675	9.78	0.03	6.59	1.8	0.02	3.5	-24%	-47%
770	4,948	17.12	0.27	3.17	9.31	0.23	2.88	-16%	-9%
790	1,793	5.29	0.04	6.72	1.24	0.02	3.85	-47%	-43%
7101	7,906	36.34	1.37	2.15	32.68	1.28	2.1	-7%	-2%
7102	13,383	36.04	2.17	1.65	36.04	2.11	1.63	-3%	-1%
7701	466	10.33	0.42	2.45	10.15	0.39	2.33	-6%	-5%
7702	45	0.61	0.12	1.3	0.61	0.12	1.3	0%	0%
8505	12,214	27.83	1.04	1.71	26.54	1.01	1.62	-4%	-5%
8509	528	7.82	0.36	1.77	3.33	0.34	1.45	-7%	-18%
8531	1,186	9.35	0.32	1.97	5.05	0.3	1.58	-8%	-20%
9543	263	27	6.86	0.95	27	6.86	0.95	0%	0%


Domain	Number of Density Measurements	Average Density (g/cm3)
700	2,702	2.761
7101	468	2.988
7102	970	3.150
720	633	3.055
730	736	2.783
750	783	2.552
770	316	2.637
7701	40	2.988
7702	4	2.598
790	145	2.744
8505	759	2.898
8509	45	2.807
8513	88	2.759
9543	27	3.462


Search Pass	Distance (m)			Number of Data
	N135E	N45E	Vertical	Minimum	Maximum
1	200	100	100	3	10
2	400	200	200	3	8
3	600	300	300	2	6
4	800	400	400	2	6
5	1,200	600	600	2	6


Estimation Domain	Search Pass	Metric Tonnes (×1,000,000)	Model Estimates (% Zn)	Nearest Neighbour Composite Grade (% Zn)	Difference (% Zn)	Relative Percent Difference
700	1	436	0.10	0.11	0.01	-10%
700	2	691	0.08	0.08	—	-3%
720	1	95	2.62	2.54	-0.08	3%
720	2	50	1.85	1.96	0.11	-6%
730	1	98	0.15	0.16	0.01	-6%
730	2	135	0.14	0.14	—	-3%
750	1	197	0.02	0.03	—	-5%
750	2	401	0.02	0.02	—	-5%
770	1	49	0.24	0.27	0.03	-11%
770	2	85	0.19	0.22	0.04	-19%
790	1	4.4	0.04	0.06	0.02	-68%
790	2	7.5	0.04	0.06	0.01	-35%
7101	1	120	1.18	1.15	-0.03	3%
7101	2	206	0.73	0.75	0.01	-2%
7102	1	201	2.16	2.16	—	0%
7102	2	252	1.22	1.13	-0.09	7%
8505	1	125	1.00	0.98	-0.02	1%
8505	2	73	0.85	0.86	0.01	-1%
8509	1	3.3	0.38	0.39	0.01	-3%
8509	2	0.5	0.44	0.38	-0.06	14%
8513	1	5.5	0.32	0.29	-0.03	9%
8513	2	8.2	0.08	0.08	—	-6%
9543	1	0.5	8.15	7.97	-0.18	2%
9543	2	0.3	7.59	9.10	1.51	-20%