Caracol

(1) Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves in the future. There has been insufficient exploration to define the Indicated Mineral Resources and Inferred Mineral Resources tabulated above as Measured Mineral Resources. The Mineral Resource estimates contained in this prospectus may be materially affected by changes to the geological, geotechnical and geometallurgical models, infill drilling to convert material to a higher classification, drilling to test for extensions to known Mineral Resources, collection of additional bulk density data and significant changes to commodity prices, and by environmental permitting, legal, title, taxation, socio-political, marketing or other relevant issues.

(2) The definitions for Mineral Resources in S-K 1300, which are consistent with the classification scheme under the Committee for Reserves International Reporting Standards, were followed for the classification of Mineral Resources.

(3) Mineral Resources with reasonable prospects for economic extraction stated as contained within estimation domains above a cut-off grade of 150 silver-equivalent grams per tonne. The estimation domain wireframes targeted 2-meter minimum thickness during modeling, which considers likely mining dilution. The summarized tonnage and grades are in situ and not reported, nor diluted, within any mineable stope optimization volumes.

(4) Cut-off grade calculations considered a mining cost of $75.00 per tonne, a processing and tailings cost of $20.00 per tonne, general and administrative expenses of $10.00 per tonne, treatment and refining charges of $1.00 per ounce, freight and marketing costs of $1.00 per ounce, a silver price of $32.00 per ounce and a gold price of $2,750.00 per ounce, variable metallurgical recoveries based on available data (silver recovery of 94% from an overall average of testwork to November 24, 2025) and silver payability of 97.5%.

(5) All quantities are rounded to the appropriate number of significant figures; consequently, totals and sums presented in this prospectus may not add up due to rounding.

(6) Silver-equivalent calculations assumed a silver price of $32.00 per ounce and gold price of $2,750.00 per ounce, independent of potentially variable metallurgical recovery by metal, as recovery is assumed to be equal for both silver and gold for purposes of calculating silver-equivalent values.

(7) Inferred Mineral Resources are considered geologically speculative and are based on limited geological evidence and sampling. High geological uncertainty prevents the application of technical and economic factors to evaluate economic viability.