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Reserves & Resources

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Mineral Resources

The Mineral Resource estimate for Cobre Panama, inclusive of the Mineral Reserve inventory, is set out in the following table and reflects the March 2019 NI 43-101 Technical Report estimates, depleted to December 31, 2020.

Mineral Resource - as at December 31, 2020, and reported using a 0.15% Cu cut-off grade

Deposit Category Tonnes (Mt) TCu (%) Mo (%) Au (g/t) Ag (g/t)
Botija Measured 234.8 0.51 0.008 0.12 1.50
Botija Indicated 616.1 0.36 0.007 0.07 1.13
Colina Indicated 1,031.6 0.39 0.007 0.06 1.58
Medio Indicated 63.0 0.28 0.004 0.03 0.96
Valle Grande Indicated 602.1 0.36 0.006 0.04 1.37
Balboa Indicated 647.3 0.35 0.002 0.08 1.37
Botija Abajo Indicated 114.0 0.31 0.004 0.06 0.93
Brazo Indicated 228.3 0.36 0.004 0.05 0.81
Total Measured and Indicated 3,537.3 0.37 0.006 0.07 1.34
Botija Inferred 194.5 0.23 0.004 0.05 0.87
Colina Inferred 125.1 0.26 0.006 0.05 1.20
Medio Inferred 189.4 0.25 0.005 0.03 1.25
Valle Grande Inferred 362.9 0.29 0.005 0.03 1.14
Balboa Inferred 78.8 0.23 0.003 0.04 0.96
Botija Abajo Inferred 66.7 0.27 0.005 0.06 1.25
Brazo Inferred 76.4 0.21 0.003 0.01 0.73
Total Inferred 1,093.8 0.26 0.005 0.04 1.08

The current Mineral Resource for Cobre Panama was estimated and verified by David Gray of the Company who is a qualified person and holds the following valid qualifications: BSc Hons(Geo), MAusIMM, FAIG,(#7323)

Mineral Resource Statement for Cobre Panama Stockpiles - as at December 31, 2020

Deposit Category Tonnes (Mt) TCu (%) Mo (%) Au (g/t) Ag (g/t)
Botija Stockpile 16.3 0.22 37.56 0.05 0.87

The current stockpile Mineral Resource inventory for Cobre Panama was verified by David Gray of the Company who is a qualified person and holds the following valid qualifications: BSc Hons(Geo), MAusIMM, FAIG,(#7323)

Mineral Reserves

The Mineral Reserve estimate for Cobre Panama is entirely within the Measured and Indicated Mineral Resource estimate in the table above. It is consistent with the Mineral Reserve estimate methodology reported in the Cobre Panama Technical Report. The actual cut-off grade for the estimate varies due to variable processing recovery, but otherwise reflects a longer-term consensus copper price of $3.00/lb, a molybdenum price of $13.50/lb, a gold price of $1,200/oz and a silver price of $16.00/oz.

As at the end of December 2020, the mine life is 34 years.

Mineral Reserve - as at December 31, 2020 and reported based on a $3.00/lb Cu price

Classification/Pit Saprock Ore Primary Sulphide Ore Total Ore
Tonnes (Mt) TCu (%) Mo (ppm) Au (ppm) Ag (ppm) Tonnes (Mt) TCu (%) Mo (ppm) Au (ppm) Ag (ppm) Tonnes (Mt) TCu (%) Mo (ppm) Au (ppm) Ag (ppm)
Botija
Total Proven 0.2 0.23 44.36 0.06 0.56 235.9 0.48 78.77 0.11 1.44 236.0 0.48 78.75 0.11 1.44
Total Probable 0.0 0.24 91.90 0.07 0.69 595.0 0.34 67.11 0.07 1.09 595.1 0.34 67.13 0.07 1.09
Total Mineral Reserve 0.2 0.23 53.38 0.06 0.59 830.9 0.38 70.42 0.08 1.19 831.1 0.38 70.43 0.08 1.19
Colina and Medio
Total Proven - - - - - - - - - - - - - - -
Total Probable 28.9 0.34 52.58 0.10 1.45 952.4 0.40 67.41 0.06 1.61 981.3 0.39 66.98 0.06 1.61
Total Mineral Reserve 28.9 0.39 66.27 0.06 1.45 952.4 0.40 67.41 0.06 1.61 981.3 0.39 66.98 0.06 1.61
Valle Grande
Total Proven - - - - - - - - - - - - - - -
Total Probable 14.1 0.32 76.24 0.05 1.47 527.0 0.37 67.20 0.05 1.41 541.1 0.37 67.43 0.05 1.42
Total Mineral Reserve 14.1 0.36 67.02 0.05 1.47 527.0 0.37 67.20 0.05 1.41 541.1 0.37 67.43 0.05 1.42
Balboa
Total Proven - - - - - - - - - - - - - - -
Total Probable - - - - - 437.1 0.35 16.10 0.08 1.36 437.1 0.35 16.10 0.08 1.36
Total Mineral Reserve - - - - - 437.1 0.35 16.10 0.08 1.36 437.1 0.35 16.10 0.08 1.36
BABR
Total Proven - - - - - - - - - - - - - - -
Total Probable 1.2 0.27 40.38 0.07 0.86 218.6 0.40 41.32 0.07 0.87 219.7 0.40 41.31 0.07 0.87
Total Mineral Reserve 1.2 0.40 41.25 0.07 0.86 218.6 0.40 41.32 0.07 0.87 219.7 0.40 41.31 0.07 0.87
Combined Pits
Total Proven 0.2 0.23 44.36 0.06 0.56 235.9 0.48 78.77 0.11 1.44 236.0 0.48 78.75 0.11 1.44
Total Probable 44.2 0.33 59.82 0.09 1.44 2,730.0 0.37 57.00 0.06 1.36 2,774.2 0.37 57.05 0.07 1.36
Total Mineral Reserve 44.4 0.33 59.77 0.09 1.44 2,965.9 0.38 58.73 0.07 1.37 3,010.3 0.38 58.75 0.07 1.37

The current in-pit Mineral Reserve for Cobre Panama has been estimated and verified by the Company personnel under the supervision of, and verified by, Michael Lawlor of the Company, who is a qualified person and holds the following valid qualifications: BEng (Mining)(Hons), MEngSc, FAusIMM

Mineral Reserve Statement for Cobre Panama Stockpiles - as at December 31, 2020

Classification/Pit Saprock Ore Primary Sulphide Ore Total Ore
Tonnes (Mt) TCu (%) Mo (ppm) Au (ppm) Ag (ppm) Tonnes (Mt) TCu (%) Mo (ppm) Au (ppm) Ag (ppm) Tonnes (Mt) TCu (%) Mo (ppm) Au (ppm) Ag (ppm)
Total Proven - - - - - - - - - - - - - - -
Total Probable - - - - - 16.3 0.22 37.56 0.05 0.87 16.3 0.22 37.56 0.05 0.87
Total Mineral Reserve - - - - - 16.3 0.22 37.56 0.05 0.87 16.3 0.22 37.56 0.05 0.87

The current stockpile Mineral Reserve inventory for Cobre Panama has been verified by the Company personnel under the supervision of, and verified by, Michael Lawlor of the Company, who is a qualified person and holds the following valid qualifications: BEng (Mining)(Hons), MEngSc, FAusIMM