Mineral Resource and Reserve Estimates

The Mineral Resource Estimates were prepared by Yungang Wu, P. Geo., and Eugene Puritch, P.Eng., from P&E Mining Consultants Inc. (“P&E”) and are provided in Table 3.  Estimates were completed for potential underground mining of in-situ vein deposits at the Las Chispas and Babicanora Areas and for surface extraction of stockpiles from historical and current operations. All drilling, surveying and assay databases were provided by SilverCrest including data up to the cut-off date of October 16, 2020.  Full details for the Mineral Resource Estimate can be found in the Technical Report.

Table 3: Mineral Resource Estimate

Classification  Tonnes  Grade Contained Metal
(k)  Au (gpt) Ag
(gpt)
AgEq
(gpt)
Au
(koz)
Ag
(koz)
AgEq
(koz)
Babicanora Area M+I 2,214.5 7.35 681 1,319 523.2 48,471 93,939
Las Chispas Area Indicated 445.1 4.20 548 913 60.1 7,845 13,065
Total Undiluted Veins M+I 2,659.6 6.82 659 1,251 583.3 56,316 107,004
Historic Stockpiles Indicated 164.2 1.23 108 215 6.5 572 1,135
Total Veins +
Stockpiles
M+I 2,823.8 6.50 627 1,191 589.8 56,888 108,139
Babicanora Area Inferred 861.6 5.47 409 884 151.6 11,325 24,496
Las Chispas Area Inferred 378.4 1.80 272 428 21.9 3,308 5,209
Total Undiluted Veins Inferred 1,240.0 4.35 367 745 173.4 14,634 29,705

Notes:

The initial Mineral Reserve estimate was prepared by Carl Michaud, P.Eng., Underground Mining Engineer of G Mining Services Inc. (“GMS”), dated of January 4, 2021.

Table 4: Mineral Reserve Estimate

Classification  Tonnes  Grade Contained Metal
(k) Au
(gpt)
Ag
(gpt)
AgEq
(gpt)
Au
(koz)
Ag
(Moz)
AgEq
(Moz)
Total  Proven  336.5  6.21 552  1,091 67.1 6.0 11.8
Probable  3,014.7  4.65  451  855  451.0 43.7 82.9
Proven + Probable  3,351.2  4.81  461  879  518.1 49.7 94.7

Notes:

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