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Reserves & Resources

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Mineral Resources

The December 31, 2021 Mineral Resource is a depletion of the December 31, 2021 Mineral Resource estimate, as a result of mining and processing carried out in 2021. The Mineral Resources estimate, inclusive of the Mineral Reserves inventory, is shown in the following table.

Mineral Resource - as at December 31, 2021 and reported using a $55 NSR value cut-off

Classification Tonnes (Mt) Cu (%) Zn (%) Au (g/t) Ag (g/t)
Total Measured 8.9 2.27 1.07 0.34 9.16
Total Indicated 3.5 1.92 1.14 0.58 9.62
Total Meas. plus Ind. 12.4 2.17 1.09 0.41 9.29
Total Inferred 0.9 2.29 5.76 - -

This estimate has been produced by the CBI site geological team under the supervision of, and verified by, Joseph Boaro of the Company. Joseph Boaro is a qualified person, a member of the Professional Engineers Ontario, and holds the following valid qualifications: P.Eng.

Mineral Reserves

The mineral reserve estimate for Çayeli is presented below and reflects the position as at December 31, 2021. The mineral reserve estimate used an economic net smelter return (NSR) cut-off based on a copper price of $3.75/lb, $1.10/lb for Zinc, $1,300/oz for gold, and $16/oz for silver. There is no stockpiled Mineral Reserve inventory. The estimate is derived from conventional underground mine design and life of mine production scheduling.

At currently projected processing throughput rates, the remaining life of mine is expected to be four years from December 31, 2021. The remaining Mineral Resources, exclusive of Mineral Reserves, other than perhaps 5% of the total, are not currently upgradeable to a Mineral Reserve due to their discontinuous distribution throughout the orebody.

Mineral Reserve - as at December 31, 2021 and reported using a $65 NSR value cut-off

Classification Primary Sulphide Ore
Ore (Mt) Cu (%) Zn (%) Au (g/t) Ag (g/t)
Total Proven 1.4 2.74 1.72 0.34 15.86
Total Probable 0.6 2.39 1.65 0.42 14.02
Total Mineral Reserves 2.1 2.63 1.70 0.36 15.29

This Mineral Reserve estimate as at December 31, 2021 has been produced by the Çayeli site mining team under the supervision of, and verified by, Joseph Boaro of the Company. Joseph Boaro is a qualified person, a member of the Professional Engineers Ontario, and holds the following valid qualifications: P.Eng