Panuco Project
Feasibility Study
On November 12, 2025 the Company announced the Feasibility Study on the Project.
The 2025 Panuco Feasibility Study considers two contiguous underground mines, the Copala Mine and the Napoleon Mine, with on-site treatment of the mined material processed through a 3-stage crushing-grinding circuit, along with a leach and Merrill Crowe circuit to produce silver-gold doré bars. The mines will be contractor-operated, utilizing ramp-access and a combination of long-hole stoping and drift-and-fill mining methods.
The processing throughput capacity of 3,300 tonnes per day for the first 3 years, expanding to 4,000 tonnes per day in year 4, results in an initial mine life of 9.4 years. The Feasibility Study leverages the Panuco district’s existing infrastructure in a well-established mining jurisdiction, including all-weather access roads, high-voltage power, and an abundance of water and skilled labour.
The Feasibility Study is derived using the Company’s updated NI 43-101 Mineral Resource Estimate (dated February 20, 2025). The effective date of the Feasibility Study is November 4th, 2025.