Update for the week of September 12, 2022

Whilst rain remained challenging, we did not suffer any stoppages owing to road wash-ins or direct impacts on our project facilities. That said, the Mexican power utility, the CFE, had numerous power outages in and around Choix, so we’ve been reliant on our gensets at the Buena Vista camp and the Ranchito core processing and storage facility, and we were not able to support all of our core sawing stations at Ranchito.

However, we were able to drill a shave over 1,250m during the week, where drilling continued on N029 through N31 and N033 (N032 site is prepared but awaiting delivery of drill parts for the rig located there).

At South Zone, S001 is now complete, and S002 was collared using the newly delivered sixth rig.

As we plan for maximizing production at North and South Zones in the post-monsoon fall period, we are hoping for confirmation of predicted respite from severe tropical storm conditions in the weeks ahead: in the interim the team forges ahead with repairing and shoring up our site access facilities, and providing power off mobile gensets where needed for essential services.

The expansion in number of drills has necessitated the deployment of more ‘swimming pools’ for drilling water deployment.  

Some 566 samples (including duplicates and standards) were shipped from Ranchito to the assay lab during the week: these samples included material from holes N029, N030 and S001. However, we will need to ‘catch up’ some on core sawing in the weeks ahead.

As a result of the rains we are now able to rely more on boat access to the project for our personnel.

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These historical resource estimate models are based upon historical resource estimates prepared by John Thornton in 2011. While, in the opinion of Dane A. Bridge, author of the revised NI 43-101 standard technical report, Geology, Mineralization and Exploration of the Santo Tomas Cu-(Mo-Au-Ag) Porphyry Deposit, Sinaloa, Mexico dated April 21, 2020 (the “Report”), reliable estimation practices were used, in order to upgrade or verify the historical estimations, resampling and assay of historical drill samples, twinning of historical drill holes, and a new program of regularly spaced drilling is required. No qualified person has undertaken sufficient work to classify the current mineral resources or mineral reserves upon which these models are based and the Company is not treating the estimates as current estimates of the mineral resources. The Company gives no assurance that either these models or the historical resource estimates upon which they are based are accurate, and does not undertake any obligation to update the models or to release publicly any update or revisions of the resource estimates except as required by applicable securities law. The reader is cautioned not to rely upon these models or the historical resource estimates upon which they are based.

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