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TRANSCRIPT
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Copper, Gold Growth and Discovery in the Americas
Corporate PresentationOctober 2020
World’s Greatest Explorer –Assembled Portfolio, Designed Programs,
Our Discoveries Honor His Legacy
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This presentation does not constitute an offering of securities and the information contained herein is subject to the information contained in the Company's continuous disclosure documents. All amounts expressed inCanadian $ unless otherwise stipulated.
Forward-looking StatementsThis presentation includes certain statements that constitute "forward-looking statements", and "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-lookingstatements"). These statements appear in a number of places in this presentation and include statements regarding our intent, or the beliefs or current expectations of our officers and directors. Such forward-lookingstatements involve known and unknown risks and uncertainties that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievementsexpressed or implied by such forward-looking statements. When used in this presentation words such as "intends", "expects", "will be", "underway", "targeted", "planned", "objective", "expected", "potential","continue", "estimated", "would", "subject to" and similar expressions are intended to identify these forward-looking statements. Although Solaris Resources (the "Company") believes that the expectations reflected insuch forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove tobe correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements,including the risks, uncertainties and other factors identified in the Company's periodic filings with Canadian securities regulators, and assumptions made with regard to the ability to advance exploration efforts atWarintza, Ricardo, La Verde and the other projects; the results of such exploration efforts; and the Company’s ability to advance its projects and achieve its growth objectives.
These forward-looking statements are based largely on current expectations and projections about future events and financial trends affecting the financial condition of our business. These forward-looking statementswere derived using numerous assumptions regarding expected project parameters, results of operations, performance and business prospects and opportunities that could cause actual results to differ materially fromthose in the forward-looking statements. While the company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Forward-looking statements arebased on information available at the time those statements are made and/or management's and/or its qualified persons' good faith belief as of that time with respect to future events, and are subject to informationcurrently available, they may prove to be incorrect. Forward-looking statements are based on information available at the time those statements are made and/or management's and/or its qualified persons' good faithbelief as of that time with respect to future events, and are subject to known and unknown risks and uncertainties outlined in the Company's corporate disclosure and other documents filed on www.sedar.com, thatcould cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Forward-looking statements speak only as of the date those statements are made.Except as required by applicable law, we assume no obligation to update or to publicly announce the results of any change to any forward-looking statement contained herein to reflect actual results, future events ordevelopments, changes in assumptions or changes in other factors affecting the forward- looking statements. If we update any one or more forward-looking statements, no inference should be drawn that we will makeadditional updates with respect to those or other forward-looking statements. You should not place undue importance on forward-looking statements and should not rely upon these statements as of any other date. Allforward-looking statements contained in this presentation are expressly qualified in their entirety by this cautionary statement.
Technical InformationThe technical information contained in this document has been reviewed and approved by Jorge Fierro, M.Sc., DIC, PG, Vice President Exploration of Solaris who is a “Qualified Person” under NI 43-101. All technicalinformation related to Warintza is based on the “Resource Estimate of the Warintza Central Cu-Mo Porphyry Deposit" prepared by Equity Exploration Consultants Inc. with an effective date of December 13, 2019. Alltechnical information related to La Verde is based on the "Technical Report, La Verde Copper Project" prepared by AMC Mining Consultants (Canada) Ltd. with an effective date of June 20, 2018.
Cautionary Note to U.S. Investors Concerning Estimates of Mineral ResourcesThe mineral resource estimates described in this presentation have been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of U.S. securities laws. The terms"mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are defined in NI 43-101 and recognized by Canadian securities laws but are not defined terms under theU.S. Securities and Exchange Commission ("SEC") Guide 7 ("SEC Guide 7") or recognized under U.S. securities laws. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categorieswill ever be upgraded to mineral reserves. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumedthat all or any part of an "inferred mineral resource" will ever by upgraded to a higher category. Under Canadian securities laws, estimates of "inferred mineral resources" may not form the basis of feasibility or pre-feasibility studies. U.S. investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. Accordingly, these mineral resource estimates and relatedinformation may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulationsthereunder, including SEC Guide 7.
Forward-Looking and Cautionary Statements
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Tamarugo
Ricardo
La Verde
Warintza
Peru JVs
Leverage through drilling to multiple-times resource growth and discovery potential
Solaris is responsibly and sustainably advancing a portfolio of copper and gold projects in the Americas:
Focused on Flagship Warintza, Ecuador –High grade open pit resource within 5 km trend of outcropping copper porphyry; untested gold potential
Discovery Potential –Drilling for discoveries at Tamarugo and Ricardo in Chile and Capricho and Paco Orco in Peru
Exploration Programs Designed by David Lowell –Assembled portfolio and designed programs led by his protégé, Jorge Fierro, VP, Exploration
Managed by the Augusta Group –Highly-specialized in exploration and development, unrivaled track record of over $4.5B exits / 10 yrs
Project Portfolio | Multiple-Times Growth and Discovery Potential
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¹Solaris issues 0.25 Solaris common share for each full share of Equinox Gold Corp. upon exercise of Equinox Warrants, and receives 1/10th of the cash proceeds payable to Equinox Gold Corp. when such warrants are exercised. See EQX Financial Statements for full warrant pricing details.²As at June 30, 2020
Equinox Gold29%
Richard Warke 21%
Lundin 6%Mgmt 5%
Beaty 5%Lowell 2%
Spin-Out25%
Other7%
Share Distribution
TSX Venture Exchange SLS
Common Shares Outstanding 88.4M
Stock Options 6.3M
EQX-linked Warrants¹ 4.5M / $26M
Solaris Warrants 34.0M
Restricted Share Units 0.6M
Fully Diluted Shares Outstanding² 133.8M
Cash² $25M
Capital Structure
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Richard Warke, Executive ChairmanArizona Mining, Equinox Gold, Augusta Resource, Ventana Gold
Daniel Earle, President & CEOTD Securities
Linda Chang, CFOArizona Mining, Augusta Resource, Ventana Gold
Purni Parikh, SVP Corporate AffairsArizona Mining, Augusta Resource, Ventana Gold
Federico Velasquez, VP OperationsEquinox Gold, Anglo American, Alta Gas
Jorge Fiero, VP ExplorationEquinox Gold, Lowell Copper, BHP
Jacqueline Wagenaar, VP Investor RelationsGuyana Goldfields
Donald Taylor, DirectorArizona Mining, BHP Minerals, Bear Creek
Greg Smith, DirectorEquinox Gold, Esperanza Resources, Minefinders
Ron Walsh, DirectorWalsh King LLP, Canadian Tax Foundation, Vancouver Stock Exchange
Board & Management
Strategic Partners
Equinox Gold Corp.Equinox Gold is an emerging mid-tier Canadian gold producer, dual-listed in Canada and the US. The company has a reserve base of over 12 Moz, with six mines in production and two more in development, providing an organic growth profile to over 1Moz annual production by 2022.
Ross BeatyRoss Beaty is a serially-successful resource entrepreneur and founder of Pan American Silver ($3.5B), Alterra Power ($1.1B) and Lumina Copper, a company that turned $170M in financing into five separate companies generating $1.4B in shareholder value over 10 years.
Lukas LundinMr. Lundin has led companies to numerous discoveries and major transactions, including Lundin Mining’s $3.3B merger with EuroZinc, the $2.0B sale of Tanganyika Oil, and the $7.1B sale of Red Back Mining.
Richard WarkeRichard Warke has also led multiple successful mining companies, including Ventana Gold (sold for $1.6B); Augusta Resource (sold for $670M); Co-Founded to form Equinox Gold ($4B Market Cap); and Arizona Mining (sold for $2.1B).
Augusta Group Mining sector-focused management group based in Canada and the U.S. with an unrivaled track record of value creation totaling over $4.5B in exit transactions since 2011, and has strategic partnerships with the leading entrepreneurs in the mining sector.
Leadership | Track Record of Success
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El Teniente
Mirador, 2001
Pierina, 1996
Toromocho, 2005
Los Calatos, 1992
Maria Rosa, 1985Leonor, 1989San Cristobal, 1985
Zaldivar, 1981Escondida, 1981
Bajo Alumbrera, 1968
AndinaLos Bronces
Los Pelambres
Radomiro TomicSpence
ChuquicamataCollahuasi
Toquepala
Cerro Verde
Antamina
Warintza, 2000
David Lowell made more discoveries of greater consequence than anyone in history, with over a dozen major discoveries, including the greatest of all time, La Escondida, which produced ~$10B of copper last year.
Assembled our portfolio of assets and designed programs led by his protégé, Jorge Fierro, the Company’s VP, Exploration.
Lowell-Guilbert first defined porphyry deposit model. Its application led to David’s first discoveries (exposed deposits). He evolved his technique for a second wave of discoveries (obscured deposits); His final technique evolved to blind discoveries.
Lowell Discoveries
Major Mines
Obscured Deposits (80-90s)Partly covered by capping, cover,
e.g., La Escondida
Blind Deposits (2000-Future)Completely covered or deep,
e.g., Tamarugo, Ricardo
Exposed Deposits (60-80s)Alteration systems visible from air, e.g., Bajo Alumbrera, San Cristobal
David Lowell | World’s Greatest Explorer (1928-2020)
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Canada-based management group, focused on mining sector
Highly-specialized in exploration and development stage projects
Unrivaled track record of creating value, with over $4.5B in exit transactions
Part of The Augusta Group | Unrivaled Track Record of Value Creation
Sold for $1.6B in 2011 Sold for $667M in 2014 Co-Founded in 2017; $4B Market Cap
Sold for $2.1B in 2018
Past Returns
(12,960% return) (3,300% return) (6,100% return) (1,700% return)
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Part of The Augusta Group | Proven Results
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We focus on limiting our environmental impacts by: • Responsible use of resources• Minimal impact to environment• Reducing waste • Identify, analyze and manage our environmental risks
We act in a socially responsible manner and contribute to the communities in which we operate.• Committed to working transparently with our
employees and other stakeholders to create growth and prosperity
• Established a committee to provide us with feedback on our corporate social responsibility efforts
We act in an ethically responsible manner and uphold our core values using our: • Code of Business Conduct• Active participation in leading management and
disclosure initiatives and industry best practices
Envi
ronm
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Soci
alG
over
nanc
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Responsible Mining | Environmental, Social and Governance
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Responsible Mining | Our Story, Our Model
The Warintza Success StoryWorld class discovery by David Lowell in 2000, sat largely dormant since 2001 due to a breakdown in social acceptance from local communities
Extensive dialogue led to understanding root causes of conflict, resolution of underlying issues mid-2019; instituted an informed, innovative CSR program
Government-Sponsored Prior Consultation process with community stakeholders and signed Impacts & Benefits Agreement in 2020
The Warintza Model
Prior Consultation; formalized relationship based on trust and transparency; full permitting, with no reliance on Administrative Silence
Extensive employment from local and surrounding communities, boosted by skills training and capacity building programs to foster greater inclusion
Educational site visits to projects in Ecuador, Peru and Canada to see industry best practices firsthand and benchmark our practices
Franklin Kuja, Indigenous Leader of the Warints community: "Ecuador is a megadiverse country, and we came to PDAC to show the industry that it is possible to develop mining projects in a responsible and inclusive way and that we are the main guarantee of the Warintza Project moving forward.“
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Warintza Community Population
Community Number
Warints 300
Yawi 200
Total 500
Direct & Indirect Service ProvidersCommunity Number
Warints 25Yawi 5
Macas 35Quito 10Total 75
Direct Community Employment
Community Number
Warints, Yawi 77
Amazonia sector 6
Resto del país 6Total 89
Community involvement at each step, enhanced with capacity-building program
Maximizing community involvement key to strong and resilient alliance
Innovative approach: commitment to transparency, education and inclusion
Government and community understanding of impacts and benefits of project
Responsible Mining | Inclusive Approach
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26,777 hectare property, 40 km north of Mirador Cu-Au mine (US$1.4B / 20 Mtpa),Adjacent to San Carlos & Panantza (1.1 Bt combined)
Excellent infrastructure: highway access with road into site (October), abundant hydroelectric power, fresh water
Minimal drilling on discovery outcrop (2000-2001) within 5 km-long system(6.6 km in 33 holes, less than 200m avg. drilled depth)
In-Pit Inferred Resource: 124 Mt @ 0.70% CuEq¹ (0.56% Cu, 0.03% Mo, 0.1 g/t Au), less than 1 to 1 strip ratio, open laterally in every direction and to depth
Warintza Project | World Class Project, Southeast Ecuador
1. See Resource Estimates and Cautionary Notes2. Constraining optimised pit shell with 3D view of the inferred blocks greater than 0.3% copper (looking southwest). Strip ratio for optimised pits is 0.71:1.
Warintza Wide Open for Growth and Discovery
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Warintza Project | Drilling Extends Warintza Central
Warintza 1st Drill Program Ongoing
40 km drill program underway with two rigs currently andthird arriving imminently
All three holes returned consistent, high grade intervalsstarting from surface
Interpretation: ‘outer halo’ of porphyry system, higher-grade core to be vectored toward with additional drilling
Drill program aims to extend Warintza Central to 1,000mdepth and grow footprint laterally
Additional rigs will test porphyry centres at WarintzaWest, East and South zones
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Warintza Project | Drilling Extends Warintza Central
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Warintza Project| Extensive System of Outcropping Porphyries
• Cu in soils ~1080 ppm • Mo in soils ~69 ppm
• No soil anomaly• 0.3-1.1% Cu in chips
• Cu soils ~625 ppm • Mo soils ~61 ppm
• 81m at 1.1% Cu in channel• Cu soils ~790 ppm• Mo soils ~64 ppm
Open laterally - Mo anomalies define porphyry centres
Cu soils ~683 ppm Mo soils ~62 ppm
Scale Reference: San Carlos-Panantza (1.1 Bt combined)
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Historical placer mining activity on gold shedding off Caya into drainages
Undrilled Gold Potential
Three large-scale, undrilled gold anomalies from surface sampling (Maiki & Caya)
Pitting at Caya has uncovered gold stockwork zone
Warintza Project| Large-Scale, Undrilled Gold Anomalies
1. Corriente Resources - Panantza and San Carlos Copper Project, Preliminary Assessment Report, October 30, 2007
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Upcoming News | News Anticipated in 2020
Drilling results from Warintza Central for rapid resource growth;
discovery potential along 5 km outcropping porphyry trend
Discovery potential at Warintza gold targets
Advancing Tamarugo in Chile toward drilling;
Capricho and Paco Orco in Peru drill-ready next year
Discovery potential from drilling at Ricardo in Chile via
JV Partner, Freeport-McMoRan
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Joint Ventures
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Tamarugo Project| Discovery Potential in Chilean Copper Belt
Solaris can earn up to a 75% interest in Tamarugo for gross expenditures of US$5.5M / 5-yrs from Freeport
5,100 hectare property in a mineralized corridor that hosts numerous porphyry deposits
5 km NE of Copiapo with excellent access to infrastructure including power and nearby water
Same geologic and structural setting as El Salvador and Potrerillos Copper Mines, located ~50 km to the NE:
• El Salvador: 3.8 Bt @ 0.45% Cu
• Potrerillos: 1.0 Bt @ 0.98% Cu
Discovery potential in the same geologic area that hosts Chile’s largest copper porphyry deposits
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Solaris option to earn up to 75%
4,600 hectare property, 60 km SE of Las Bambas, Haquira
Outcropping porphyry exposed >300 m during recent landslip
Samples from this outcrop grade up to 3% Cu
Community consultation ongoing
Capricho and Paco Orco| Discovery Potential via JV in Peru
Capricho
Solaris option to earn up to 75%
4,400 hectares property, northern extension of Southern Peru Copper Belt
Polymetallic CRD gossan outcropping in limestone extending >2 km
Surface samples up to 0.5 % Pb, 0.26% Zn and 58 g/t Ag from leached material
Community consultation ongoing
Paco Orco
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Exposure to US$4.2M of exploration spending over two years as part of US$130M / 5-yr farm-out of 80% to Freeport-McMoRan
16,000 hectares in the most prolific section of the West Fissure fault, which controls Chile’s largest copper deposits
Earlier efforts at drilling stymied by fault, but encountered rock types and alteration similar to those seen at Chuquicamata
Ricardo Project| Discovery Potential via JV in Chile
Discovery potential on the same structure as one of Chile’slargest copper mines, Chuquicamata
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La Verde Project| Leverage via Development-Stage JV in Mexico
1. See Resource Estimates and Cautionary Notes
60% ownership with Teck Resources holding 40%
Positive PEA economics with >US$617M NPV at US$2.70 copper (100% basis)¹
Paved road access to site with water, highway and rail nearby
2012 resource estimate¹:
- M&I: 408M tonnes grading 0.41% Cu containing 3.7Blbs Cu- Inferred: 338M tonnes grading 0.37% Cu containing 2.7Blbs Cu
Development stage project with excellent infrastructure, provides leverage to higher copper prices
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Appendix
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24
Copper Deposit Discovery Rate Remains Dismal
Source: S&P Global Market Intelligence – As of June 1, 2020
0
2
4
6
8
10
12
14
16
18
199
0
199
1
199
2
199
3
199
4
199
5
199
6
199
7
199
8
199
9
200
0
200
1
200
2
200
3
200
4
200
5
200
6
200
7
200
8
200
9
201
0
201
1
201
2
201
3
201
4
201
5
201
6
201
7
201
8
201
9
Num
ber
of D
isco
veri
es
Discovery Year
Only 1 discovery made since 2015
2010: Muji,2011: Cobre Panama, Timok, Cerro Negro, etc. 2012: Copa Sur 2013: Cascabel, Onto, Calingiri, West Musgrave2014: Kamoa-Kakula, La Huifa, Jebel Ohier2015: -2016: Marimaca2017: -2018: -2019: -
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25
Less than 1 Mt Discovered since 2015
¹ S&P Global Market Intelligence forecast of how the total discovered copper will increase in the coming yearsSource: S&P Global Market Intelligence – As of June 1, 2020
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
0
20
40
60
80
100
120
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Copp
er e
xplo
ratio
n bu
dget
(US$
M)
Copp
er in
maj
or d
isco
verie
s (M
t)
Copper in reserves, resources & past production Projected new copper in major discoveries Copper exploraton budgets¹
2010: Muji,2011: Cobre Panama, Timok, Cerro Negro, etc. 2012: Copa Sur 2013: Cascabel, Onto, Calingiri, West Musgrave2014: Kamoa-Kakula, La Huifa, Jebel Ohier2015: -2016: Marimaca2017: -2018: -2019: -
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26
14
16
18
20
22
24
26
0 0 0 0 0 0 0 0 0 0 0 0
Mill
ion
dry
me
tric
ton
ne
s
Available from base case mines
Probable Brownfield Contribution
Minelife Extension Contribution
Mined copper demand
2014
Copper Supply Cliff; Discoveries Needed Today
Source: Wood Mackenzie
Demand
Projected mine production
6.0 Mt of new production capability needed from greenfield projects
=
>100Major New
Mines
Discovery
Definition & Exploration
Feasibility, Permitting, Financing Construction Operation
Pre-Discovery Exploration
2008 2010 2012 2016 2018 2020 2022 2024 2026 2028 2030
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27Source: BHP Climate Change Briefing -Sept 10, 2020 , S&P Market Intelligence
Copper is a Strategic Focus for Majors
Future-Facing Commodities
Copper•
Nickel•
Potash
Robust demand growth from “electrification mega-trend” superimposed on growth from traditional end uses
Supply shortfalls from due to grade decline, resource depletion, increased input costs, water constraints, and scarcity of quality projects
Gaping supply-demand gap cannot be filled with brownfield expansions; 6 Mtpa production required from greenfield projects
‘We need to secure more options in copper… through exploration and early stage entry in early-stage resources in Canada, Mexico and Ecuador’ - BHP Group CEO, Mike Henry
BHP Copper Outlook: Sustained Upside for Prices
‘Copper is our preference. A bit like BHP, we’d love a Tier 1, large-scale and low-cost asset. Ideally, shallow and near the coast, with good infrastructure would be ideal’ - Rio Tinto GM Exploration, Lynn Olssen
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28
Warintza| Among Highest Grade Quartile Among OP Mines
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80
Copp
er R
eser
ves &
Res
ourc
es (M
t)
Grade (%)
Mirador
Cobre Panama
Constancia
Filo del Sol
Zafranal
Santa DomingoMarimaca
¹ All major open pit copper discoveries from 2000 – present with a grade of <1.0% CuSource: S&P Global Market Intelligence – As of June 1, 2020
Warintza 33 holes, 124Mt @ 0.56% Cu
Escondida, (33.9Mt @ 0.46%Cu)
GrowthPotential?
Sentinel
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29
$0
$500
$1,000
$1,500
$2,000
$2,500
Dec-15 Dec-16 Dec-17 Dec-18 Dec-19
Mar
ket C
apita
lizat
ion
(C$M
)
SOLG SLS
October 2020SolGold – Alpala (85%)
C$1.4B Market CapM&I: 2.66 Bt @ 0.53% CuEq; Inf: 0.54 Bt @ 0.31% CuEq³
217 km Drilling
SolGoldCommences
Feasibility Study
SolGoldCompletes PEA
LASSONDE CURVE
October 2020Solaris – Warintza (100%)
C$0.4B Market CapInf: 124 Mt @ 0.70% CuEq¹
7 km Drilling
January 2018SolGold – Alpala (85%)
C$1.2B Market CapMaiden Resource
Ind: 0.43 Bt @ 0.80% CuEqInf: 0.65 Bt @ 0.60% CuEq²
64 km Drilling
Warintza| Rapid Value Creation in Exploration Stage
1. See Resource Estimates and Cautionary Notes2. Technical Report on the Miaden Mineral Resource Estimate For the Alpala Deposit, Ecuador – Dec 18, 20173. Cascabel Property NI 43-101 Technical Report Alpala Mineral Resource - Nov 11, 2019
Definition & Exploration Feasibility & Permitting Financing & Construction
Rapid Value Creation Phase
Yr 1 Yr 2 Yr 3 Yr 5Yr 4
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30
Resource EstimatesWarintza In-pit Mineral Resources Resource Tonnes CuEq
(%)Cu (%)
Copper (M lbs)
Mo (%)
Mo (M lbs)
Au(g/t)
Au(oz)
Inferred 123,760,200 0.70 0.56 1,516 0.03 77.5 0.06 238,600
The Warintza Mineral Resource estimate was reported in the “Resource Estimate Of The Warintza Central Cu-Mo Porphyry Deposit" prepared by Equity Exploration Consultants Ltd. with an effective date of December 13, 2019. The Warintza Central Mineral Resource statement has been prepared by Trevor Rabb, PGeo who is a qualified person as defined by NI 43-101. The resource is reported using a cut-off of 0.2% copper. Solaris defines copper equivalent calculation for reporting purposes only. Copper-equivalence calculated as: CuEq (%) = Cu (%) + 3.33 × Mo (%) + 0.73 × Au (g/t), utilizing metal prices of Cu - US$3.00/lb, Mo - US$10.00/lb and Au - US$1,500/oz. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
The La Verde Mineral Resource estimate was reported in the "Technical Report, La Verde Copper Project, Michoacán State, Mexico" prepared by AMC Mining Consultants (Canada) Ltd. with an effective date of June 20, 2018. The resource is reported using a base-case cut-off grade of 0.2% copper. The cut-off grade of 0.2% copper is based on experience for similar open-pit projects and a mining conceptual study which used a metal price of US$2.50/lb copper and copper metal recovery of 92%. This Resource estimate is not constrained by a pit shell. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
La Verde Mineral Resources Resource Tonnes Cu
(%)Ag
(g/t)Au
(g/t)Copper (M lbs)
Measured 57,527,000 0.45 2.94 0.05 571
Indicated 350,442,000 0.40 2.33 0.03 3,098
Total M&I 407,969,000 0.41 2.42 0.03 3,669
Inferred 337,838,000 0.37 1.94 0.02 2,748
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