Fotovoltaico

METALLURGICAL TEST WORK
ON THE CIENEGUITA PROJECT
CHIHUAHUA, MEXICO
KM5528
November 28, 2019
Work Performed on Behalf of Praxis Mining Consultants
ISO 9001:2015
Certificate No. FS 63170
The results contained in this report relate only to the sample(s) submitted for testing.
ALS Metallurgy accepts no responsibility for the representativeness of the sample(s) submitted.
KM5528
TABLE OF CONTENTS
PAGE NO.
1.0 Introduction.......................................................................................................1
2.0 Characterization of the Samples........................................................................2
2.1 Chemical Content ..............................................................................................2
2.2 Mineralogical Data.............................................................................................4
3.0 Metallurgical Performance .................................................................................6
3.1 Cyanidation Bottle Roll Test Results ..................................................................6
3.2 Rougher Flotation Test Results..........................................................................8
4.0 Conclusions and Recommendations ................................................................10
FIGURES
1 Elemental Deportment.......................................................................................5
2 Cyanidation Leach Flowsheet, Test Conditions and Results ...............................7
3 Bulk Rougher Test Results .................................................................................9
TABLES
1 Head Assay Results – Composites .....................................................................2

2 Mineral Composition .........................................................................................5
APPENDICES
I SAMPLE ORIGIN
II METALLURGICAL TEST DATA
III PARTICLE SIZING DATA
IV SPECIAL DATA
V MINERALOGICAL DATA
KM5528
2.0 Characterization of the Samples
Standard analytical methods were conducted on each sample, and ICP multi-element
analyses were also completed by ALS Geochemistry Vancouver on bulk concentrates to
determine chemical content. Chemical determination results can be located in
Appendix IV – Special Data.
2.1 Chemical Content
Table 1 presents a summary of the chemical content from duplicate head assay results
of each Preconcentrado and Cola Choix sample, and the two feed composites, Comp
Con Valores Pb-Zn and Comp Bajo Pb-Zn. The Preconcentrado samples represent bulk
concentrates similar to Cieneguitas bulk concentrates, whereas Cola Choix samples
represent tailings from the downstream Choix plant which separates a Pb-Zn-Ag
concentrate from the Cieneguitas bulk concentrate.
TABLE 1
SUMMARY OF DUPLICATE HEAD ASSAY RESULTS
Elements for Assay - percent or g/tonne

Sample
Cu Pb Zn Fe S Au Ag
Preconcentrado Con Valores Hd 1 0.31 2.35 4.43 26.5 32.7 5.38 634
Average 0.32 2.34 4.44 26.4 33.0 5.70 637
Cola Choix 11-11-2016 Hd 1 0.06 0.35 0.58 35.5 40.9 2.54 64
Cola Choix 11-11-2016 Hd 2 0.06 0.34 0.57 35.4 40.7 2.85 66
Average 0.06 0.35 0.58 35.5 40.8 2.70 65
Preconcentrado Bajo Hd 1 0.15 0.74 1.38 34.6 42.2 4.58 384
Average 0.16 0.74 1.40 34.7 42.1 4.75 390
Cola Choix 15-12-2017 Campana 109 Hd 1 0.04 0.20 0.43 35.8 42.0 4.11 60
Average 0.04 0.20 0.43 35.7 41.7 4.34 60
Comp Con Valores Pb-Zn Hd 1 0.03 0.28 0.48 3.9 4.99 0.65 58
Average 0.03 0.28 0.48 3.9 5.03 0.65 60
Comp Bajo Pb-Zn Hd 1 0.01 0.06 0.13 3.1 4.06 0.45 28
Comp Bajo Pb-Zn Hd 2 0.02 0.06 0.13 3.3 3.83 0.48 24
Average 0.01 0.06 0.13 3.2 3.95 0.47 26
Note: Au and Ag assays are reported in g/tonne, all other assays are in percent.
Page 2 of 11
KM5528
Copper content ranged from 0.01 to 0.32 percent, and lead content measured
between 0.06 and 2.34 percent with highest levels measured in the Preconcentrado
Con Valores (pre-concentrate with values) bulk concentrate. Iron and sulphur contents
also measured highest for the bulk concentrates, reflecting a pyrite rich concentrate
with economically important levels of gold and silver. Higher lead and zinc grades
were measured for the Comp Con Valores Pb-Zn feed sample compared to the Comp
Bajo Pb-Zn, and gold and silver content was also higher for the Comp Con Valores Pb-
Zn. The highest copper content was measured for the Preconcentrado Con Valores
bulk concentrate at about 0.3 percent; high sodium cyanide consumption might be
expected in a cyanidation leach with this bulk concentrate due to the high zinc
content.
Minor element results from ICP-scans on the four bulk concentrate samples indicated
that mercury levels ranged from about 7 g/tonne for the Preconcentrado con Valores
sample to about 1 g/tonne for the Cola Choix 11-11-2016 sample. Arsenic measured
between 0.3 and 0.6 percent for the bulk concentrates, and antimony measured
highest for the Preconcentrado con Valores feed sample at about 0.1 percent.
Page 3 of 11
KM5528
2.2 Mineralogical Data
A Bulk Mineral Analysis (BMA) using QEMSCAN was completed on each of the 4 bulk
concentrates, as well as the two feed composites. Table 1 displays a summary of
mineral composition, copper and sulphur deportment.
Sphalerite content ranged between 2.2 percent for the Preconcentrado Bajo to 6.5
percent for the Preconcentrado Con Valores bulk concentrates, and galena content
ranged between 0.9 and 2.5 percent respectively. Galena was detected in trace
amounts in the Cola Choix tailings samples, and sphalerite content ranged between
0.6 and 0.9 percent. Pyrite measured as the predominant sulphide mineral in all bulk
concentrates and plant feed samples. The primary non-sulphide minerals measured in
the samples were quartz and micas.
Higher sulphide mineral content was measured for the Comp Con Valores Pb-Zn
composite compared to the Comp Bajo Pb-Zn feed samples. For the Comp Con
Valores composite, galena and sphalerite measured about 0.3 and 0.7 percent,
respectively. The Comp Bajo Pb-Zn composite measured about 0.1 and 0.2 percent as
galena and sphalerite, respectively. The predominant sulphide mineral was pyrite
which measured about 8.0 percent for the Comp Con Valores composite and 6.4
percent for the Comp Bajo Pb-Zn composite.
Page 4 of 11
5
TABLE 2
MINERAL COMPOSITION
Cola Choix
Preconcentrado Cola Choix Comp Bajo Comp Con Valores
Minerals Preconcentrado Bajo 15-12-2017 Campana
Con Valores 11-11-2016 Pb-Zn Pb-Zn
109
Chalcopyrite <0.1 <0.1 <0.1 <0.1 <0.1 <0.1
Bornite 0.0 0.0 0.0 0.0 0.0 0.0
Chalcocite/Covellite 0.0 <0.1 0.0 0.0 0.0 0.0
Tennantite 0.1 0.3 <0.1 <0.1 <0.1 <0.1
Tetrahedrite 0.3 0.5 <0.1 <0.1 <0.1 <0.1
Galena 0.9 2.5 <0.1 <0.1 0.1 0.3
Sphalerite 2.2 6.5 0.6 0.9 0.2 0.7
Pyrite 75.3 58.3 79.2 77.9 6.4 8.0
Iron Oxides 0.2 0.1 0.1 0.1 0.2 <0.1
Quartz 15.1 20.7 11.2 15.9 49.1 48.9
Feldspars 0.7 1.6 1.2 0.7 9.6 9.0
Micas 2.5 6.0 5.0 2.0 27.5 28.1
Kaolinite (clay) <0.1 0.1 <0.1 <0.1 0.5 0.5
Carbonates 1.2 1.4 0.8 0.1 4.2 2.1
Titanium Minerals 0.9 1.1 0.9 1.3 0.8 1.1
Apatite 0.2 0.4 0.3 0.2 0.5 0.6
Others 0.4 0.3 0.6 0.7 0.9 0.6
Total 100 100 100 100 100 100
Notes: 1) Iron Oxides includes Goethite, Hematite and Magnetite.

2) Feldspars includes Plagioclase Feldspar, K-Feldspar, Alkali Feldspar and Feldspar Albite.
3) Others includes Calcium Sulphate, Zircon, Barite, Silver Telluride, Chlorite, Jarosite, Amphibole, and unresolved
mineral species. FIGURE 1
ELEMENTAL DEPORTMENT
Copper Deportment
100
90
Copper Deportment - percent
80
70
60
50
40 Tetrahedrite
30 Tennantite
Chalcocite/Covellite
20 Bornite
Chalcopyrite
10
0
Preconcentrado Preconcentrado Cola Choix Cola Choix Comp Bajo Comp Con Valores
Bajo Con Valores 15-12-2017 Campana 109 11-11-2016 Pb-Zn Pb-Zn
Sulphur Deportment
100
90
Sulphur Deportment - percent
80
70
60
50 Other Sulphur Bearing Minerals
40 Pyrite
Sphalerite
30 Galena
Copper Sulphides
20
10
0
Preconcentrado Preconcentrado Cola Choix Cola Choix Comp Bajo Comp Con Valores
Bajo Con Valores 15-12-2017 Campana 109 11-11-2016 Pb-Zn Pb-Zn
Note: Detailed mineralogical analysis results can be located in Appendix V – Mineralogical Data.
KM5528
3.0 Metallurgical Performance
Metallurgical testing in this program investigated cyanidation leaching through bottle

roll testing on the bulk concentrate samples after a fine regrind less than 10m K80. In
addition, a rougher flotation test to simulate a Flash stage preceding bulk rougher
flotation was completed with the Composite Bajo Pb-Zn and Composite Con Valores
feed samples. The following subsections discuss the results of the testing.
3.1 Cyanidation Bottle Roll Test Results
A summary of the test conditions and results of the cyanidation bottle roll leach tests
with the reground bulk concentrates can be located in Figure 2. Cyanidation bottle
roll tests were completed over 72 hours at pH 11, with a sodium cyanide
concentration of 2,000 ppm and oxygen sparging. One test was completed with each
bulk concentrate; a second test was repeated with the Cola Choix 11-11-2016 bulk
concentrate tailing to assess the effect of 400 g/tonne lead nitrate addition.
Gold extractions ranged from 15 to 62 percent, and silver extractions ranged between
40 to 91 percent. Generally, silver extractions recorded were higher than the gold
extractions with the exception of the Preconcentrado Con Valores bulk concentrate.
Low dissolved oxygen levels were measured in the leach slurry after 6 hours in all
tests, and the bottle was purged oxygen at this time.
The Cola Choix 11-11-2016 bulk concentrate tailing recorded the highest gold and
silver extractions among the bulk concentrates tested. Although addition of lead
nitrate to the leach did not appear to improve overall silver and gold extraction, initial
silver leach kinetics appeared to improve with the lead nitrate. The lead nitrate did
not appear to have an effect on gold leach kinetics.
Sodium cyanide consumption ranged from 5.6 to 8.0 kg/tonne, with highest level of
consumption measured for the Preconcentrado Con Valores bulk concentrate which
measured the highest zinc content. Lime consumption recorded between 3.6 and
11.8 kg/tonne, with highest consumption recorded for the Cola Choix 11-11-2016
bulk concentrate tailing.
Page 6 of 11
7
FIGURE 2
CYANIDATION LEACH FLOWSHEET, TEST CONDITIONS, AND RESULTS
Bottle Roll Cyanidation Leach Flowsheet
Feed
Leach Liquor
6hr
8 to 9µm K80 24hr Tailings
48hr
72hr
Test Conditions
Bottle Roll Conditions

2000 ppm NaCN
pH 11
Oxygen Sparged
Gold and Silver Leach Extractions
Extraction - Percent
Sample
Au Ag
Cola Choix 11-11-2016 61.7 91.3
Cola Choix 11-11-2016* 58.1 90.9
Cola Choix 15-12-2017 Campana 109 15.4 78.5
Preconcentrado Con Valores 56.7 40.3
Preconcentrado Bajo 35.3 59.2
* With lead nitrate addition at 400 g/tonne
Reagent Consumption
Reagent Consumption - kg/tonne

Sample Test
NaCN Lime
Cola Choix 11-11-2016 1 6.9 11.8
Cola Choix 11-11-2016* 5 6.8 11.3
Cola Choix 15-12-2017 Campana 109 2 5.6 5.9
Preconcentrado Con Valores 3 8.0 3.6
Preconcentrado Bajo 4 7.6 4.1
* With lead nitrate addition at 400 g/tonne
Note: Detailed metallurgical test results are located in Appendix II – Metallurgical Data.
KM5528
3.2 Rougher Flotation Test Results
Kinetic rougher flotation tests designed to simulate a Flash flotation stage followed
by a bulk rougher stage were completed on the Comp Bajo Pb-Zn and Comp Con
Valores Pb-Zn feed composites. The objective of the test was to determine whether
there was potential for differential flotation of the lead and zinc from pyrite, and
whether the gold and silver exhibited similar flotation kinetics to the lead and zinc.
The feed to the Flash flotation stage was ground to a nominal 210µm K 80 sizing, and
the Flash stage tails were further ground to a nominal 105µm K 80 primary grind sizing
before advancing to the bulk rougher scavenger stage. Sodium Isopropyl Xanthate
(SIPX) and 3418A collector were utilized in the rougher tests, and MIBC frother was
used to establish a stable froth. The flowsheet, test conditions and test results for
copper. Lead, zinc and silver are provided in Figure 3A. Test results for gold and
silver are appended in Figure 3B.
For the Comp Bajo Pb-Zn feed composite, about 64 percent of the feed lead and 80
percent of the zinc were recovered to the rougher concentrate of the initial two
rougher stages (Flash). Between 84 and 85 percent of the silver and gold were also
recovered to the Flash rougher concentrate, which measured about 208 g/tonne silver
and 3.4 g/tonne gold. Overall, about 68 percent of the feed lead, 93 percent of the
zinc, and 91 percent silver and gold was recovered to a combined Flash rougher and
bulk rougher scavenger concentrate.
Higher recoveries were recorded for the Comp Con Valores Pb-Zn feed composite,
which measured higher feed grades than the Comp Bajo Pb-Zn. About 86 percent of
the feed lead, 92 percent of the zinc, 95 percent of the silver, and 86 percent of the
gold was recovered to the Flash rougher concentrate which graded about 499 g/tonne
silver and 4.4 g/tonne gold. An additional 2 percent of the feed lead, 5 percent of the
zinc, 3 percent of the silver, and 5 percent of the gold was recovered to the bulk
rougher concentrate.
In both tests, high metal recoveries were recorded in the initial two Flash rougher
stages, with high sulphur recoveries recorded as well.
Page 8 of 11
9
FIGURE 3A
BULK ROUGHER TEST RESULTS
Bulk Roughers (Flash) Bulk Rougher Scavengers
Feed Scavenger
Rougher Tails
199-214µm K80 108-116µm K80
Bulk Rougher Concentrates Bulk Scavenger Concentrates
Rougher Conditions
Redox Reagents Added g/tonne

Stage pH
mV Lime 3418A SIPX MIBC
Primary Grind 1 7.4-8.6 -47 to 63 100 - - -
Bulk Rougher 8.2-8.6 -43 to 97 0-75 20 20 44-77
Primary Grind 2 7.6-8.2 -34 to 119 - - - -
Scavenger Rougher 7.6-8.2 -18 to 104 - 20 20 33-110
Note: Redox was measured with a Pt electrode in Ag/AgCl solution and values are unadjusted against SHE.
Copper Recovery Lead Recovery

100 100
90 90
Copper Recovery - Percent
Lead Recovery - Percent
80 80
70 70
60 60
50 50
40 40
30 30
20 20 T-06 Composite Bajo Pb-Zn
T-06 Composite Bajo Pb-Zn T-07 Composite Con Valores
10 T-07 Composite Con Valores 10
0 0
0 5 10 15 20 0 5 10 15 20
Rougher Mass Recovery - Percent Rougher Mass Recovery - Percent
Zinc Recovery Sulphur Recovery
100 100
90 90
Silver Recovery - Percent
80 80
Zinc Recovery - Percent
70 70
60 60
50 50
40 40
30 30
20 T-06 Composite Bajo Pb-Zn
20
10 10
T-07 Composite Con Valores
0 0
0 5 10 15 20 0 5 10 15 20
Note: Full metallurgical test results can be found in Appendix II.

KM5528
4.0 Conclusion and Recommendations
A metallurgical and mineralogical testing program has been completed on four bulk
concentrates and two feed composites on behalf of Praxis Mining Consultants LLC.
Two of the four bulk concentrates were samples of Choix tailings after separation of
the lead-zinc concentrates.
The bulk concentrates samples measured the highest iron and sulphur contents,
characteristic of a high pyrite material. The Preconcentrado Con Valores bulk
concentrate sample measured the highest copper, lead, zinc, gold and silver contents.
Pyrite was the primary sulphide mineral identified in all composites. The non-sulphide
gangue measured primarily as quartz and micas across all samples. Tennantite and
tetrahedrite were identified as the major copper bearing minerals for the
Preconcentrado Bajo and Preconcentrado Con Valores bulk concentrates, and the
Comp Con Valores Pb-Zn feed composite. Chalcopyrite was the predominant copper
bearing mineral in the Cola Choix 15-12-2017 Campana 109 and Comp Bajo Pb-Zn
bulk concentrate tailings. About 44 and 49 percent of cooper was measured in
chalcopyrite and tennantite, respectively in the Cola Choix 11-11-2016 Composite.
At a very fine regrind sizing of about 10µm K 80, recorded gold extractions from the
bulk concentrates in cyanidation leach bottle roll tests ranged from 15 to 62 percent.
Lower gold extractions might be related to refractory or submicroscopic gold
particles. Silver extractions in the cyanidation leach tests ranged between 40 to 91
percent, and were generally higher than the gold extractions with the exception of
the Preconcentrado Con Valores bulk concentrate where gold extraction was about 17
percent higher than silver extraction. Refractory or submicroscopic gold within the
pyrite is suspected, and could be confirmed with a mineralogical assessment such as a
Dynamic Secondary Ion Mass Spectrometry (D-SIMS) analysis. Alternative processing
techniques such as roasting of the bulk concentrate tailings followed by cyanidation
leaching should be explored.
Page 10 of 11
KM5528
Lead nitrate addition at 400 g/tonne improved the silver leach extraction over the
intial 6 hours for the Cola Choix 11-11-2016 bulk concentrate tailing, although no
improvement after 72 hours was recorded compared to the baseline test without lead
nitrate. The use of lead nitrate appeared to have no effect on gold leach kinetics.
A single kinetic rougher test was completed with the Comp Bajo Pb-Zn and Comp Con
Valores Pb-Zn feed composites. The test included a Flash rougher stage at a nominal
210m K80, followed by further regrinding of the Flash rougher tails to 105m K80 and
a bulk rougher scavenger circuit. A single test was completed for each composite;
high bulk rougher recoveries for zinc, sulphur, silver and gold, were recorded in the
Flash rougher stage. High sulphur recoveries indicated high pyrite recoveries and lack
of selectivity under these flotation conditions. Lead rougher recoveries were relatively
high for the higher grade Comp Con Valores Pb-Zn, but lower for the lower grade
Comp Bajo Pb-Zn composite.
The test program was unexpectedly halted at this point, but further testing should be
carried out at some stage to determine whether improved selectivity against pyrite
can be achieved while maintaining high recoveries of lead, zinc, and silver to the bulk
concentrate.
Page 11 of 11
KM5528
ADDITIONAL FIGURES
Figure 3B Bulk Rougher Test Results Continued

FIGURE 3B
BULK ROUGHER TEST RESULTS - continued
Bulk Roughers (Flash) Bulk Rougher Scavengers
Feed Scavenger
Rougher Tails
199-214µm K80 108-116µm K80
Bulk Rougher Concentrates Bulk Scavenger Concentrates
Rougher Conditions
Redox Reagents Added g/tonne

Stage pH
mV Lime 3418A SIPX MIBC
Primary Grind 1 7.4-8.6 -47 to 63 100 - - -
Bulk Rougher 8.2-8.6 -43 to 97 0-75 20 20 44-77
Primary Grind 2 7.6-8.2 -34 to 119 - - - -
Scavenger Rougher 7.6-8.2 -18 to 104 - 20 20 33-110
Note: Redox was measured with a Pt electrode in Ag/AgCl solution and values are unadjusted against SHE.
Gold Recovery Silver Recovery

100 100
90 90
Gold Recovery - Percent
Silver Recovery - Percent
80 80
70 70
60 60
50 50
40 40
30 30
20 20 T-06 Composite Bajo Pb-Zn
10 T-07 Composite Con Valores 10
0 0
0 5 10 15 20 0 5 10 15 20
Note: Full metallurgical test results can be found in Appendix II.

APPENDIX I – KM5528
SAMPLE ORIGIN
1
1.0 Sample Origin
Two shipments of samples were received by ALS Metallurgy Kamloops on March

2, 2018 and April 30, 2018. The first shipment contained 7 bulk concentrate
samples weighing about 26 kilograms in total. The second shipment contained
4 feed samples weighing about 102 kilograms. Details of individual received
samples were present in Tables I-1 and I-2.
TABLE I-1
SAMPLES RECEIVED ON MARCH 2, 2018
Sample ID Weight - Kg Sample Form

Preconcentrado Con Valores 6.7 Wet Concentrate
Preconcentrado Bajo 5.9 Wet Concentrate
Cola Choix 11-11-2016 Composito 1.0 Test
Composito Campana 101 Sobrante 0.8 Test
Cola Choix 15-12-2017 Campana 109 10.3 Test
TABLE I-2
SAMPLES RECEIVED ON APRIL 30, 2018
Sample ID Weight - Kg Sample Form

Comp Con Valores Pb-Zn 25.0 <06 mesh bulk
Comp Con Valores Pb-Zn 25.1 <06 mesh bulk
Comp Bajo Pb-Zn 26.2 <06 mesh bulk
Comp Bajo Pb-Zn 25.7 <06 mesh bulk
The three Cola Choix 11-11-2016 Composito samples were combined into one
composite weighing about 2.7 kilograms. The two Comp Con Valores samples
were combined into one composite, and the two Comp Bajo Pb-Zn samples were
combined as well.
Remaining samples and test products will be disposed, alternative arrangements

can be made upon request.
APPENDIX II – KM5528
METALLURGICAL TEST DATA

INDEX
TEST PAGE
1 Cyanide Leach Test – Cola Choix 11-11-2016 .................................... 1

2 Cyanide Leach Test – Campana 109................................................... 3
3 Cyanide Leach Test – Preconcentrado Con Valores............................. 5
4 Cyanide Leach Test – Preconcentrado Bajo......................................... 7
5 Cyanide Leach Test – Cola Choix 11-11-2016 .................................... 9
6 Rougher Test – Composite Bajo Pb-Zn.............................................. 11
7 Rougher Test – Composite Con Valores ........................................... 13
1
DATE: March 26, 2018
PROJECT NO: KM5528-01
PURPOSE: Preliminary Cyanide Leach Test.
PROCEDURE: Standard bottle roll procedure. Agitate on rolls using cyanide and lime.
2000ppm NaCN, pH11.0, Oxygen Sparged. Slurry purged with oxygen after 6hrs.
SAMPLE: 500g of Cola Choix 11-11-2016 Composite ground to a nominal 8µm K80.
Time Added (g) Residual (g) Consumed (g) Dissolved

Parameter pH
Cum NaCN Lime NaCN NaCN O2 (mg/L)
Natural - - - - - 5.1 0.1
Leach 1 0 2.00 5.90 - - 11.0 0.1

Leach 2 6 1.61 - 0.39 1.61 12.0 0.5
Leach 3 24 1.01 - 0.99 1.01 11.1 5.6
Leach 4 48 0.65 - 1.35 0.65 11.1 5.6
Leach 5 72 - - 1.81 0.19 - -
Total 72 5.27 5.90 1.81 3.46 - -
Mass of Sample 500 NaCN Consumption 6.9 kg/tonne

Volume of Water 1000 Lime Consumption 11.8 kg/tonne
Pulp Density 33
2
KM5528-01 Cola Choix 11-11-2016 Composite

Cumulative Metallurgical Balance
Cumulative Volume or Assay - g/tonne Distribution - percent

Product Units
Time - Hrs Mass Au Ag Au Ag
Cyanide Liquor (6 hr) 6 1000 mL 0.72 23 51.8 55.9

Cyanidation Tails - 503 g 1.06 7.1 38.3 8.7
Calculated Feed 503 g 2.77 81 100.0 100.0
Cyanide Leach Kinetic Curves
100
90
80
70
Extraction (percent)
60
50
40
30
20 Au
10 Ag
0
0 10 20 30 40 50 60 70
Cumulative Time (hours)

3
SAMPLE: 500g of Campana 109 Composite ground to a nominal 9µm K80.

Parameter pH
Natural - - - - - 6.6 0.1
Leach 1 0 2.00 2.13 - - 11.0 0.1

Leach 2 6 0.74 - 1.26 0.74 11.9 0.6
Leach 3 24 0.93 0.27 1.07 0.93 11.0 5.6
Leach 4 48 0.86 0.57 1.14 0.86 11.0 11.5
Leach 5 72 - - 1.74 0.26 - -
Total 72 4.53 2.97 1.74 2.79 - -

Pulp Density 33
4
KM5528-02 Campana 109 Composite


Product Units

Cyanidation Tails - 519 g 4.02 13 84.6 21.5
100
90
80
70
60
50
40 Au
Ag
30
20
10
0
0 10 20 30 40 50 60 70

5
SAMPLE: 500g of Preconcentrado Con Valores Composite ground to a nominal 8µm K80.

Parameter pH
Natural - - - - - 6.5 0.1
Leach 1 0 2.00 1.82 - - 11.0 0.1

Leach 2 6 0.99 - 1.01 0.99 11.9 0.9
Leach 3 24 1.04 - 0.96 1.04 11.6 5.9
Leach 4 48 1.07 - 0.93 1.07 11.4 11.2
Leach 5 72 - - 1.11 0.89 - -
Total 72 5.10 1.82 1.11 3.99 - -

Pulp Density 33
6
KM5528-03 Preconcentrado Con Valores Composite


Product Units

100
90
80
70
60
50
40
30
20 Au
10 Ag
0
0 10 20 30 40 50 60 70

7
SAMPLE: 500g of Preconcentrado Bajo Composite ground to a nominal 9µm K80.

Parameter pH
Natural - - - - - 6.7 0.1
Leach 1 0 2.00 1.60 - - 11.0 0.1

Leach 2 6 1.03 - 0.97 1.03 11.8 1.2
Leach 3 24 0.73 - 1.27 0.73 11.3 4.9
Leach 4 48 1.23 0.44 0.77 1.23 11.0 6.1
Leach 5 72 - - 1.18 0.82 - -
Total 72 4.99 2.04 1.18 3.81 - -

Pulp Density 33
8
KM5528-04 Preconcentrado Bajo Composite


Product Units

100
90
80
70
60
50
40
30
20 Au
10 Ag
0
0 10 20 30 40 50 60 70

9
DATE: April 16, 2018
PURPOSE: Repeat Test 01 With a Pre-Aeration Stage and Lead Nitrate Addition.
2000ppm NaCN, pH11.0, 400g/t PbNO3. 16hr pre-aeration. Slurry purged with oxygen.
SAMPLE: 500g of Cola Choix 11-11-2016 Composite ground to a nominal 8µm K80.
Time Added (g) Residual (g) Consumed (g) Dissolved PbNO3

Parameter pH
Cum NaCN Lime NaCN NaCN O2 (mg/L) (g)
Natural - - - - - 4.4 0.4

Pre-aeration 16 - 2.61 - - 11.0 0.4
Leach 1 0 2.00 1.88 - - 11.0 0.3 0.20
Leach 2 6 1.60 - 0.40 1.60 11.1 4.0
Leach 3 24 1.18 0.64 0.82 1.18 11.0 10.3
Leach 4 48 0.40 0.52 1.60 0.40 11.0 10.2
Leach 5 72 - - 1.76 0.24 - -
Total 72 5.18 5.65 1.76 3.42 - -

Pulp Density 33
10
KM5528-05 Cola Choix 11-11-2016 Composite


Product Units

Cyanidation Tails - 500 g 1.25 6.6 41.9 9.1
100
90
80
70
60
50
40
30
20 Au
10 Ag
0
0 10 20 30 40 50 60 70

11
DATE: May 9, 2018
PURPOSE: Preliminary Rougher Test.
PROCEDURE: Perform a standard two product rougher test.
FEED: 2 kg of Composite Bajo Pb-Zn ore ground to a nominal 199/108mm K80.
Reagents Added g/tonne Time (minutes)

Stage pH Redox
Lime 3418A SIPX MIBC Grind Cond. Float
Primary Grind 1 100 7 8.6 63
BULK CIRCUIT:
Rougher 1 - 10 10 77 1 2 8.6 94
Rougher 2 - 10 10 - 1 5 8.5 97
Primary Grind 2 6 8.2 119
Scavenger Rougher 1 10 10 88 1 2 8.2 104

Scavenger Rougher 2 10 10 22 1 2 8.1 94
Flotation Data Rougher Grinding Data Primary Grind

Flotation Machine: Denver Mill: M4-Mild
Cell Size in liters: 8.0 Charge/Material: 20kg-Mild
Air Aspiration: Air Water: 1500ml
Water Type Fresh
Impeller Speed in rpm: 1100
12
KM5528-06 Composite Bajo Pb-Zn

Overall Metallurgical Balance
Weight Assay - percent or g/tonne Distribution - percent

Product
% grams Cu Pb Zn Fe S Ag Au Cu Pb Zn Fe S Ag Au
Bulk Ro Con 1 3.3 64.7 0.18 0.94 1.19 32.0 36.7 320 4.15 35.0 29.5 32.6 30.4 25.3 38.5 30.3
Bulk Ro Con 2 7.9 153.9 0.11 0.46 0.73 23.4 39.6 161 3.07 48.5 34.4 47.6 52.8 65.0 46.1 53.4
Bulk Scav Ro Con 1 2.2 42.6 0.03 0.12 0.6 6.9 8.79 54 0.98 3.8 2.5 10.5 4.3 4.0 4.3 4.7
Bulk Scav Ro Con 2 1.6 31.7 0.03 0.08 0.17 3.4 3.79 32 0.60 2.7 1.2 2.3 1.6 1.3 1.9 2.1
Bulk Scav Ro Tail 85.1 1666.4 0.00 0.04 0.01 0.5 0.25 3 0.05 10.0 32.4 7.1 11.0 4.4 9.3 9.4
Feed 100 1959 0.02 0.11 0.12 3.5 4.79 27 0.45 100 100 100 100 100 100 100
KM5528-06 Composite Bajo Pb-Zn

Cumulative Cum. Weight Assay - percent or g/tonne Distribution - percent

Product % grams Cu Pb Zn Fe S Ag Au Cu Pb Zn Fe S Ag Au
Product 1 3.3 64.7 0.18 0.94 1.19 32.0 37 320 4.15 35.0 29.5 32.6 30.4 25.3 38.5 30.3
Product 1 to 2 11.2 218.6 0.13 0.60 0.87 25.9 39 208 3.39 83.5 63.9 80.2 83.1 90.3 84.5 83.7
Product 3 2.2 42.6 0.03 0.12 0.6 6.9 8.8 54 0.98 3.8 2.5 10.5 4.3 4.0 4.3 4.7
Product 3 to 4 3.8 74.3 0.03 0.10 0.41 5.4 6.7 45 0.82 6.5 3.7 12.7 5.9 5.3 6.2 6.9
Product 5 85.1 1666.4 0.00 0.04 0.01 0.5 0.3 3.0 0.05 10.0 32.4 7.1 11.0 4.4 9.3 9.4
Feed 100 1959 0.02 0.11 0.12 3.5 4.8 27 0.45 100 100 100 100 100 100 100
13
DATE: May 9, 2018
PURPOSE: Preliminary Rougher Test.
PROCEDURE: Perform a standard two product rougher test.
FEED: 2 kg of Composite Con Valores ore ground to a nominal 214/116mm K80.
Reagents Added g/tonne Time (minutes)

Stage pH Redox
Lime 3418A SIPX MIBC Grind Cond. Float
Primary Grind 1 100 5 7.4 -47
BULK CIRCUIT:
Rougher 1 75 10 10 44 1 2 8.2 -43
Rougher 2 √ 10 10 - 1 5 8.2 72
Primary Grind 2 4 7.6 -34
Scavenger Rougher 1 10 10 33 1 2 7.6 -18

Scavenger Rougher 2 10 10 - 1 2 7.7 68
Flotation Data Rougher Grinding Data Primary Grind

Flotation Machine: Denver Mill: M4-Mild
Cell Size in liters: 8.0 Charge/Material: 20kg-Mild
Air Aspiration: Air Water: 1500ml
Water Type Fresh
Impeller Speed in rpm: 1100
14
KM5528-07 Composite Con Valores

Overall Metallurgical Balance
Weight Assay - percent or g/tonne Distribution - percent

Product
% grams Cu Pb Zn Fe S Ag Au Cu Pb Zn Fe S Ag Au
Bulk Ro Con 1 4.5 85.6 0.68 5.86 8.70 26.8 41.5 1256 8.11 80.6 75.4 76.9 29.1 34.1 82.1 54.8
Bulk Ro Con 2 8.5 163.1 0.06 0.43 0.90 23.5 31.4 102 2.41 12.4 10.5 15.2 48.7 49.1 12.7 31.0
Bulk Scav Ro Con 1 2.4 45.3 0.03 0.23 0.7 8.0 10.10 54 1.04 1.8 1.6 3.4 4.6 4.4 1.9 3.7
Bulk Scav Ro Con 2 2.1 40.9 0.02 0.11 0.30 5.3 5.94 30 0.54 0.8 0.7 1.3 2.8 2.3 0.9 1.7
Bulk Scav Ro Tail 82.5 1579.5 0.00 0.05 0.02 0.7 0.67 2 0.07 4.4 11.9 3.3 14.8 10.1 2.4 8.7
Feed 100 1914 0.04 0.35 0.51 4.1 5.45 68 0.66 100 100 100 100 100 100 100
KM5528-07 Composite Con Valores

Cumulative Cum. Weight Assay - percent or g/tonne Distribution - percent

Product % grams Cu Pb Zn Fe S Ag Au Cu Pb Zn Fe S Ag Au
Product 1 4.5 85.6 0.68 5.86 8.70 26.8 42 1256 8.11 80.6 75.4 76.9 29.1 34.1 82.1 54.8
Product 1 to 2 13.0 248.7 0.27 2.30 3.58 24.6 35 499 4.37 93.0 85.9 92.1 77.8 83.1 94.8 85.8
Product 3 2.4 45.3 0.03 0.23 0.7 8.0 10.1 54 1.04 1.8 1.6 3.4 4.6 4.4 1.9 3.7
Product 3 to 4 4.5 86.2 0.02 0.17 0.53 6.7 8.1 43 0.80 2.6 2.2 4.7 7.4 6.7 2.8 5.5
Product 5 82.5 1579.5 0.00 0.05 0.02 0.7 0.7 2.0 0.07 4.4 11.9 3.3 14.8 10.1 2.4 8.7
Feed 100 1914 0.04 0.35 0.51 4.1 5.4 68 0.66 100 100 100 100 100 100 100
APPENDIX III – KM5528
PARTICLE SIZING DATA

INDEX
TABLE µm K80 PAGE
III-1 KM5528 Cola Choix 11-11-2016........................................... -........... 1

III-2 KM5528 Cola Choix 15-12-2017 Campana 109 ................. 43........... 2
III-3 KM5528 Preconcentrado Bajo .......................................... 160........... 3
III-4 KM5528 Preconcentrado Con Valores .............................. 175........... 4
III-5 KM5528 Comp Bajo Pb-Zn – 5 Minute Grind..................... 271........... 5
III-8 KM5528 Comp Bajo Pb-Zn – 11 Minute Grind................... 129........... 8
III-9 KM5528 Comp Bajo Pb-Zn – 13 Minute Grind................... 108........... 9
III-10 KM5528 Comp Con Valores Pb-Zn – 5 Minute Grind......... 214......... 10
III-11 KM5528 Comp Con Valores Pb-Zn – 9 Minute Grind......... 116......... 11
III-12 KM5528 Campana 109 – 20 Minute Grind............................ 9......... 12
III-13 KM5528 Cola Choix 11-11-2016 – 20 Minute Grind ............. 8......... 13
III-14 KM5528 Preconcentrado Bajo – 20 Minute Grind.................. 9......... 14
III-15 KM5528 Preconcentrado Con Valores – 20 Minute Grind...... 8......... 15
1
TABLE III-1
SCREEN ANALYSIS
KM5528 Cola Choix 11-11-2016
Product Particle Size Weight Cumulative

µm % Retained % Passing
48 Mesh 300 0.00 100.0

65 Mesh 212 0.10 99.9
100 Mesh 150 0.30 99.6
150 Mesh 106 1.40 98.2
200 Mesh 75 2.60 95.6
270 Mesh 53 5.50 90.1
400 Mesh 38 9.70 80.4
TOTAL 100.00 **
Particle Size Distribution Plot

100
90
Cumulative Percent Passing
80
70
60
50
40
30
20
10
0
1 10 100 1000
Particle Size (microns)

2
TABLE III-2
SCREEN ANALYSIS
KM5528 Cola Choix 15-12-2017 Campana 109

65 Mesh 212 0.00 100.0

100 Mesh 150 0.40 99.6
150 Mesh 106 1.90 97.7
200 Mesh 75 3.00 94.7
270 Mesh 53 7.50 87.2
400 Mesh 38 11.50 75.7
TOTAL 100.00 **
K80= 43µm

100
90
80
70
60
50
40
30
20
10
0
1 10 100 1000

3
TABLE III-3
SCREEN ANALYSIS
KM5528 Preconcentrado Bajo

35 Mesh 425 0.00 100.0

48 Mesh 300 1.70 98.3
65 Mesh 212 7.00 91.3
100 Mesh 150 13.60 77.7
150 Mesh 106 18.30 59.4
200 Mesh 75 17.60 41.8
270 Mesh 53 12.50 29.3
400 Mesh 38 10.00 19.3
TOTAL 100.00 **
K80= 160µm

100
90
80
70
60
50
40
30
20
10
0
1 10 100 1000

4
TABLE III-4
SCREEN ANALYSIS
KM5528 Preconcentrado Con Valores

35 Mesh 425 0.00 100.0

48 Mesh 300 2.50 97.5
65 Mesh 212 9.30 88.2
100 Mesh 150 14.40 73.8
150 Mesh 106 16.10 57.7
200 Mesh 75 14.60 43.1
270 Mesh 53 11.50 31.6
400 Mesh 38 8.10 23.5
TOTAL 100.00 **
K80= 175µm

100
90
80
70
60
50
40
30
20
10
0
1 10 100 1000

5
TABLE III-5
SCREEN ANALYSIS
KM5528 Comp Bajo Pb-Zn - 5 Minute Grind Calibration

35 Mesh 425 0.00 100.0

48 Mesh 300 14.40 85.6
65 Mesh 212 17.40 68.2
100 Mesh 150 11.20 57.0
150 Mesh 106 7.60 49.4
200 Mesh 75 6.20 43.2
270 Mesh 53 5.00 38.2
400 Mesh 38 3.90 34.3
TOTAL 100.00 **
K80= 271µm
Note: 5 min. grind calibration using 2 kg. Ore, 1500 ml water and
20 kg. of Mild Steel rods in Mill: M4

100
90
80
70
60
50
40
30
20
10
0
1 10 100 1000

6
TABLE III-6
SCREEN ANALYSIS

35 Mesh 425 0.00 100.0

48 Mesh 300 1.90 98.1
65 Mesh 212 15.20 82.9
100 Mesh 150 15.00 67.9
150 Mesh 106 10.50 57.4
200 Mesh 75 7.80 49.6
270 Mesh 53 6.70 42.9
400 Mesh 38 3.90 39.0
TOTAL 100.00 **
K80= 199µm

100
90
80
70
60
50
40
30
20
10
0
1 10 100 1000

7
TABLE III-7
SCREEN ANALYSIS

35 Mesh 425 0.00 100.0

48 Mesh 300 0.20 99.8
65 Mesh 212 6.70 93.1
100 Mesh 150 15.90 77.2
150 Mesh 106 13.70 63.5
200 Mesh 75 9.30 54.2
270 Mesh 53 6.40 47.8
400 Mesh 38 5.80 42.0
TOTAL 100.00 **
K80= 160µm

100
90
80
70
60
50
40
30
20
10
0
1 10 100 1000

8
TABLE III-8
SCREEN ANALYSIS

48 Mesh 300 0.00 100.0

65 Mesh 212 0.98 99.0
100 Mesh 150 11.60 87.4
150 Mesh 106 15.90 71.5
200 Mesh 75 11.70 59.8
270 Mesh 53 7.60 52.2
400 Mesh 38 6.40 45.8
TOTAL 100.00 **
K80= 129µm

100
90
80
70
60
50
40
30
20
10
0
1 10 100 1000

9
TABLE III-9
SCREEN ANALYSIS

48 Mesh 300 0.00 100.0

65 Mesh 212 0.20 99.8
100 Mesh 150 5.40 94.4
150 Mesh 106 15.00 79.4
200 Mesh 75 14.00 65.4
270 Mesh 53 9.40 56.0
400 Mesh 38 6.40 49.6
TOTAL 100.00 **
K80= 108µm

100
90
80
70
60
50
40
30
20
10
0
1 10 100 1000

10
TABLE III-10
SCREEN ANALYSIS
KM5528 Comp Con Valores Pb-Zn - 5 Minute Grind Calibration

35 Mesh 425 0.00 100.0

48 Mesh 300 4.20 95.8
65 Mesh 212 16.10 79.7
100 Mesh 150 13.20 66.5
150 Mesh 106 9.60 56.9
200 Mesh 75 7.40 49.5
270 Mesh 53 5.90 43.6
400 Mesh 38 4.30 39.3
TOTAL 100.00 **
K80= 214µm

100
90
80
70
60
50
40
30
20
10
0
1 10 100 1000

11
TABLE III-11
SCREEN ANALYSIS
KM5528 Comp Con Valores Pb-Zn - 9 Minute Grind Calibration

48 Mesh 300 0.00 100.0

65 Mesh 212 0.50 99.5
100 Mesh 150 8.40 91.1
150 Mesh 106 14.80 76.3
200 Mesh 75 13.10 63.2
270 Mesh 53 9.90 53.3
400 Mesh 38 6.40 46.9
TOTAL 100.00 **
K80= 116µm

100
90
80
70
60
50
40
30
20
10
0
1 10 100 1000

ISO9001:2008
Certificate No. FS63170
Result Analysis Report

Project and Test number: Measured by: Measured:
KM5528 tristan Tuesday, March 20, 2018 10:47:26 AM
Sample Name: Edited by: Analysed:

Campana 109 20min GC - Average tristan Tuesday, March 20, 2018 10:47:27 AM
Particle Name: Accessory Name: Analysis model: Sensitivity:

Silica 0.1 Hydro 2000MU (A) General purpose Normal
Particle RI: Absorption: Size range: Obscuration:
1.544 0.1 0.100 to 1000.000 um 15.17 %
Dispersant Name: Dispersant RI: Weighted Residual: Result Emulation:
Water 1.330 0.195 % Off
Concentration: Span : Uniformity: Result units:

0.0055 %Vol 2.963 1 Volume
Specific Surface Area: Surface Weighted Mean D[3,2]: Vol. Weighted Mean D[4,3]:
4.61 m²/g 1.302 um 5.765 um
d(0.1): 0.452 um d(0.5): 4.074 um d(0.8): 9.026 um d(0.9): 12.522 um d(0.98): 20.93 um
Particle Size Distribution 110

6 100
90
5 80
70
Volume (%)
4
60
3 50
40
2
30
20
1
10
0 0
0.1 1 10 100 1000
Particle Size (µm)
Size (µm) Volume In % Size (µm) Volume In % Size (µm) Volume In % Size (µm) Volume In % Size (µm) Volume In % Size (µm) Volume In %
0.100 0.479 2.291 10.965 52.481 251.189
0.05 0.93 2.21 2.60 0.09 0.00
0.110 0.525 2.512 12.023 57.544 275.423
0.16 0.95 2.36 2.29 0.10 0.00
0.120 0.575 2.754 13.183 63.096 301.995
0.25 0.97 2.53 1.97 0.09 0.00
0.132 0.631 3.020 14.454 69.183 331.131
0.36 1.00 2.70 1.65 0.08 0.00
0.145 0.692 3.311 15.849 75.858 363.078
0.45 1.04 2.87 1.33 0.07 0.00
0.158 0.759 3.631 17.378 83.176 398.107
0.52 1.08 3.04 1.03 0.04 0.00
0.174 0.832 3.981 19.055 91.201 436.516
0.60 1.13 3.21 0.77 0.01 0.00
0.191 0.912 4.365 20.893 100.000 478.630
0.66 1.19 3.35 0.55 0.00 0.00
0.209 1.000 4.786 22.909 109.648 524.807
0.71 1.26 3.47 0.36 0.00 0.00
0.229 1.096 5.248 25.119 120.226 575.440
0.76 1.34 3.56 0.22 0.00 0.00
0.251 1.202 5.754 27.542 131.826 630.957
0.80 1.42 3.61 0.13 0.00 0.00
0.275 1.318 6.310 30.200 144.544 691.831
0.83 1.51 3.61 0.06 0.00 0.00
0.302 1.445 6.918 33.113 158.489 758.578
0.85 1.60 3.56 0.03 0.00 0.00
0.331 1.585 7.586 36.308 173.780 831.764
0.87 1.71 3.46 0.02 0.00 0.00
0.363 1.738 8.318 39.811 190.546 912.011
0.89 1.81 3.32 0.03 0.00 0.00
0.398 1.905 9.120 43.652 208.930 1000.000
0.90 1.93 3.12 0.06 0.00
0.437 2.089 10.000 47.863 229.087
0.91 2.07 2.87 0.08 0.00
0.479 2.291 10.965 52.481 251.189
Operator notes:
Malvern Instruments Ltd. Mastersizer 2000 E Ver. 5.60 File name: 5528
Malvern, UK Serial Number : MAL1001601 Record Number: 20
Tel := +[44] (0) 1684-892456 Fax +[44] (0) 1684-892789 3/20/2018 10:48:45 AM
ISO9001:2008

KM5528 tristan Tuesday, March 20, 2018 12:19:55 PM

Cola Choix 11-11-2016 20min GC - Average tristan Tuesday, March 20, 2018 12:19:56 PM

1.544 0.1 0.100 to 1000.000 um 23.68 %
Water 1.330 0.252 % Off

0.0084 %Vol 3.097 0.979 Volume
5.52 m²/g 1.087 um 4.716 um

6 100
5.5
90
5
4.5 80
70
Volume (%)
4
3.5 60
3 50
2.5 40
2
30
1.5
1 20
0.5 10
0 0
0.1 1 10 100 1000
Particle Size (µm)
0.100 0.479 2.291 10.965 52.481 251.189
0.08 0.88 2.57 2.07 0.02 0.00
0.110 0.525 2.512 12.023 57.544 275.423
0.25 0.88 2.71 1.78 0.01 0.00
0.120 0.575 2.754 13.183 63.096 301.995
0.39 0.88 2.86 1.49 0.00 0.00
0.132 0.631 3.020 14.454 69.183 331.131
0.56 0.91 3.00 1.21 0.00 0.00
0.145 0.692 3.311 15.849 75.858 363.078
0.68 0.96 3.14 0.96 0.00 0.00
0.158 0.759 3.631 17.378 83.176 398.107
0.78 1.03 3.26 0.73 0.00 0.00
0.174 0.832 3.981 19.055 91.201 436.516
0.87 1.12 3.36 0.53 0.00 0.00
0.191 0.912 4.365 20.893 100.000 478.630
0.94 1.22 3.43 0.37 0.00 0.00
0.209 1.000 4.786 22.909 109.648 524.807
0.98 1.34 3.47 0.24 0.00 0.00
0.229 1.096 5.248 25.119 120.226 575.440
1.01 1.47 3.48 0.12 0.00 0.00
0.251 1.202 5.754 27.542 131.826 630.957
1.03 1.60 3.44 0.06 0.00 0.00
0.275 1.318 6.310 30.200 144.544 691.831
1.02 1.74 3.35 0.04 0.00 0.00
0.302 1.445 6.918 33.113 158.489 758.578
1.01 1.87 3.23 0.02 0.00 0.00
0.331 1.585 7.586 36.308 173.780 831.764
0.98 2.01 3.06 0.01 0.00 0.00
0.363 1.738 8.318 39.811 190.546 912.011
0.95 2.15 2.85 0.01 0.00 0.00
0.398 1.905 9.120 43.652 208.930 1000.000
0.92 2.28 2.62 0.01 0.00
0.437 2.089 10.000 47.863 229.087
0.90 2.43 2.35 0.01 0.00
0.479 2.291 10.965 52.481 251.189
Operator notes:
Tel := +[44] (0) 1684-892456 Fax +[44] (0) 1684-892789 3/20/2018 12:20:59 PM
ISO9001:2008

KM5528 Kent Thursday, March 22, 2018 1:12:56 PM

Preconcentrado Bajo 20min GC - Average Kent Thursday, March 22, 2018 1:12:57 PM

1.544 0.1 0.100 to 1000.000 um 15.52 %
Water 1.330 1.129 % Off

0.0056 %Vol 3.027 0.938 Volume
5.04 m²/g 1.190 um 5.442 um

6 100
5.5
90
5
80
4.5
70
Volume (%)
4
3.5 60
3 50
2.5 40
2
30
1.5
1 20
0.5 10
0 0
0.1 1 10 100 1000
Particle Size (µm)
0.100 0.479 2.291 10.965 52.481 251.189
0.06 0.98 2.14 2.68 0.00 0.00
0.110 0.525 2.512 12.023 57.544 275.423
0.20 0.97 2.30 2.42 0.00 0.00
0.120 0.575 2.754 13.183 63.096 301.995
0.31 0.96 2.47 2.14 0.00 0.00
0.132 0.631 3.020 14.454 69.183 331.131
0.45 0.97 2.64 1.85 0.00 0.00
0.145 0.692 3.311 15.849 75.858 363.078
0.55 0.98 2.82 1.57 0.00 0.00
0.158 0.759 3.631 17.378 83.176 398.107
0.65 1.00 2.99 1.26 0.00 0.00
0.174 0.832 3.981 19.055 91.201 436.516
0.73 1.03 3.14 0.99 0.00 0.00
0.191 0.912 4.365 20.893 100.000 478.630
0.81 1.08 3.28 0.74 0.00 0.00
0.209 1.000 4.786 22.909 109.648 524.807
0.87 1.13 3.39 0.35 0.00 0.00
0.229 1.096 5.248 25.119 120.226 575.440
0.92 1.20 3.47 0.08 0.00 0.00
0.251 1.202 5.754 27.542 131.826 630.957
0.95 1.28 3.52 0.02 0.00 0.00
0.275 1.318 6.310 30.200 144.544 691.831
0.98 1.37 3.53 0.00 0.00 0.00
0.302 1.445 6.918 33.113 158.489 758.578
0.99 1.47 3.49 0.00 0.00 0.00
0.331 1.585 7.586 36.308 173.780 831.764
1.00 1.58 3.41 0.00 0.00 0.00
0.363 1.738 8.318 39.811 190.546 912.011
1.00 1.71 3.29 0.00 0.00 0.00
0.398 1.905 9.120 43.652 208.930 1000.000
0.99 1.84 3.13 0.00 0.00
0.437 2.089 10.000 47.863 229.087
0.98 1.98 2.92 0.00 0.00
0.479 2.291 10.965 52.481 251.189
Operator notes:
Tel := +[44] (0) 1684-892456 Fax +[44] (0) 1684-892789 3/22/2018 1:13:55 PM
ISO9001:2008

KM5528 Kent Thursday, March 22, 2018 12:57:52 PM

Preconcentrado Con Valores 20min GC - Kent Thursday, March 22, 2018 12:57:53 PM
Average
1.544 0.1 0.100 to 1000.000 um 18.09 %
Water 1.330 0.148 % Off

0.0063 %Vol 2.933 0.945 Volume
3.98 m²/g 1.509 um 5.053 um

6 100
90
5 80
70
Volume (%)
4
60
3 50
40
2 30
20
1
10
0 0
0.1 1 10 100 1000
Particle Size (µm)
0.100 0.479 2.291 10.965 52.481 251.189
0.02 1.09 2.62 2.09 0.00 0.00
0.110 0.525 2.512 12.023 57.544 275.423
0.05 1.16 2.80 1.80 0.00 0.00
0.120 0.575 2.754 13.183 63.096 301.995
0.08 1.21 2.98 1.51 0.00 0.00
0.132 0.631 3.020 14.454 69.183 331.131
0.13 1.27 3.15 1.24 0.00 0.00
0.145 0.692 3.311 15.849 75.858 363.078
0.18 1.32 3.30 0.99 0.00 0.00
0.158 0.759 3.631 17.378 83.176 398.107
0.22 1.36 3.44 0.77 0.00 0.00
0.174 0.832 3.981 19.055 91.201 436.516
0.28 1.40 3.55 0.59 0.00 0.00
0.191 0.912 4.365 20.893 100.000 478.630
0.34 1.45 3.62 0.44 0.00 0.00
0.209 1.000 4.786 22.909 109.648 524.807
0.41 1.51 3.66 0.32 0.00 0.00
0.229 1.096 5.248 25.119 120.226 575.440
0.48 1.57 3.65 0.23 0.00 0.00
0.251 1.202 5.754 27.542 131.826 630.957
0.56 1.65 3.59 0.17 0.00 0.00
0.275 1.318 6.310 30.200 144.544 691.831
0.63 1.74 3.49 0.13 0.00 0.00
0.302 1.445 6.918 33.113 158.489 758.578
0.71 1.85 3.34 0.10 0.00 0.00
0.331 1.585 7.586 36.308 173.780 831.764
0.79 1.98 3.14 0.07 0.00 0.00
0.363 1.738 8.318 39.811 190.546 912.011
0.87 2.12 2.92 0.06 0.00 0.00
0.398 1.905 9.120 43.652 208.930 1000.000
0.95 2.28 2.66 0.03 0.00
0.437 2.089 10.000 47.863 229.087
1.03 2.45 2.38 0.01 0.00
0.479 2.291 10.965 52.481 251.189
Operator notes:
Tel := +[44] (0) 1684-892456 Fax +[44] (0) 1684-892789 3/22/2018 12:59:26 PM
APPENDIX IV – KM5528
SPECIAL DATA
1
TABLE IV-1
SUMMARY OF HEAD ASSAY RESULTS

Sample
Cu Pb Zn Fe S Au Ag
Average 0.32 2.34 4.44 26.4 33.0 5.70 637
Cola Choix 11-11-2016 Hd 1 0.06 0.35 0.58 35.5 40.9 2.54 64
Cola Choix 11-11-2016 Hd 2 0.06 0.34 0.57 35.4 40.7 2.85 66
Cola Choix 11-11-2016 Hd 3 - - - - - - 65
Average 0.06 0.35 0.58 35.5 40.8 2.70 65
Average 0.16 0.74 1.40 34.7 42.1 4.75 390
Average 0.04 0.20 0.43 35.7 41.7 4.34 60
Average 0.03 0.28 0.48 3.9 5.0 0.65 60
Comp Bajo Pb-Zn Hd 1 0.01 0.06 0.13 3.1 4.1 0.45 28
Comp Bajo Pb-Zn Hd 2 0.02 0.06 0.13 3.3 3.8 0.48 24
Average 0.01 0.06 0.13 3.2 3.9 0.47 26
2
TABLE IV-2
STATSITICAL ANALYSIS OF HEAD ASSAY RESULTS

Sample Test
Au Ag Cu Pb Zn Fe S
Cola Choix 11-11-2016 1 2.77 81 - - - - -
Measured 2.70 65 - - - - -
Cola Choix 15-12-2017 Campana 109 2 4.75 62 - - - - -
Measured 4.34 60 - - - - -
Preconcentrado Con Valores 3 5.49 671 - - - - -
Measured 5.70 637 - - - - -
Preconcentrado Bajo 4 5.00 397 - - - - -
Measured 4.75 390 - - - - -
Cola Choix 11-11-2016 5 2.99 73 - - - - -
Measured 2.70 65 - - - - -
Comp Bajo Pb-Zn 6 0.45 27 0.02 0.11 0.12 3.48 4.79
Measured 0.47 26 0.01 0.06 0.13 3.19 3.95
Comp Con Valores Pb-Zn 7 0.66 68 0.04 0.35 0.51 4.11 5.45
Measured 0.65 60 0.03 0.28 0.48 3.85 5.03
Note: Au and Ag assays are reported in g/tonne, all other assays are in percent.
APPENDIX V – KM5528
MINERALOGICAL DATA
1
TABLE 1A
MINERAL COMPOSITION OF CIENEGUITA SAMPLES
KM5528
Cola Choix Comp Con

Preconcentrado Preconcentrado Cola Choix Comp Bajo
Minerals 15-12-2017 Valores
Bajo Con Valores 11-11-2016 Pb-Zn
Campana 109 Pb-Zn
Chalcopyrite <0.1 <0.1 <0.1 <0.1 <0.1 <0.1

Bornite 0.0 0.0 0.0 0.0 0.0 0.0
Chalcocite/Covellite 0.0 <0.1 0.0 0.0 0.0 0.0
Tennantite 0.1 0.3 <0.1 <0.1 <0.1 <0.1
Tetrahedrite 0.3 0.5 <0.1 <0.1 <0.1 <0.1
Galena 0.9 2.5 <0.1 <0.1 0.1 0.3
Sphalerite 2.2 6.5 0.6 0.9 0.2 0.7
Pyrite 75.3 58.3 79.2 77.9 6.4 8.0
Iron Oxides 0.2 0.1 0.1 0.1 0.2 <0.1
Quartz 15.1 20.7 11.2 15.9 49.1 48.9
Feldspars 0.7 1.6 1.2 0.7 9.6 9.0
Micas 2.5 6.0 5.0 2.0 27.5 28.1
Kaolinite (clay) <0.1 0.1 <0.1 <0.1 0.5 0.5
Carbonates 1.2 1.4 0.8 0.1 4.2 2.1
Titanium Minerals 0.9 1.1 0.9 1.3 0.8 1.1
Apatite 0.2 0.4 0.3 0.2 0.5 0.6
Others 0.4 0.3 0.6 0.7 0.9 0.6
Total 100 100 100 100 100 100
Notes: 1) Iron Oxides includes Goethite, Hematite and Magnetite.
2) Feldspars includes Plagioclase Feldspar, K-Feldspar, Alkali Feldspar and Feldspar Albite.
3) Micas includes Muscovite and trace amounts of Biotite/Phlogopite.
4) Carbonates includes Calcite, Ankerite, Dolomite and Manganese Oxide/Carbonate.
5) Titanium Minerals includes Rutile/Anatase, Ilmenite and Sphene (Titanite).
6) Others includes Calcium Sulphate, Zircon, Barite, Silver Telluride, Chlorite, Jarosite, Amphibole
and unresolved mineral species.
7) A Particle Mineral Analysis was used for the data.
2
TABLE 1B
% COPPER BEARING MINERAL OF TOTAL COPPER
KM5528
Cola Choix Comp Con

Mineral 15-12-2017 Valores
Campana 109 Pb-Zn
Chalcopyrite 6.9 2.8 73.4 43.9 55.2 11.8

Bornite 0.0 0.0 0.0 0.0 0.0 0.0
Chalcocite/Covellite 0.0 0.1 0.0 0.0 0.0 0.0
Tennantite 21.9 37.4 12.8 48.8 8.3 49.8
Tetrahedrite 71.3 59.7 13.8 7.3 36.5 38.4
Total 100 100 100 100 100 100
TABLE 1C
% SULPHUR BEARING MINERAL OF TOTAL SULPHUR
KM5528
Cola Choix Comp Con

Mineral 15-12-2017 Valores
Campana 109 Pb-Zn
Copper Sulphides 0.3 0.7 <0.1 <0.1 0.3 0.4

Galena 0.3 1.0 <0.1 <0.1 0.3 1.0
Sphalerite 1.8 6.3 0.5 0.7 1.5 5.2
Pyrite 97.6 92.0 99.4 99.1 97.5 92.7
Other Sulphur Bearing Minerals 0.1 0.1 0.1 0.1 0.4 0.7
Total 100 100 100 100 100 100
Note: 1) Copper Sulphides includes Chalcopyrite, Chalcocite/Covellite, Tennantite and Tetrahedrite.
2) Other Sulphur Bearing Minerals includes Barite, Calcium Sulphate and Jarosite.
3
TABLE 1D
CHEMICAL COMPOSITION OF CIENEGUITA SAMPLES
KM5528
Cola Choix Comp Con

Element Assay Methods 15-12-2017 Valores
Campana 109 Pb-Zn
QEMSCAN 0.17 0.37 <0.1 0.01 0.01 0.03
Cu
Chemical 0.16 0.32 0.05 0.06 0.02 0.03
QEMSCAN 35.4 27.5 37.1 36.7 3.43 4.05
Fe
Chemical 34.7 26.4 35.7 35.5 3.19 3.85
QEMSCAN 0.80 2.16 0.02 0.03 0.07 0.29
Pb
Chemical 0.74 2.34 0.20 0.35 0.04 0.28
QEMSCAN 41.2 33.9 42.5 42.0 3.52 4.63
S
Chemical 42.1 33.0 41.7 40.8 3.95 5.03
QEMSCAN 1.47 4.31 0.40 0.61 0.11 0.48
Zn
Chemical 1.40 4.44 0.43 0.58 0.13 0.48
4
TABLE 2
QEMSCAN X-RAY ANALYSIS ON SPHALERITE PARTICLES
KM5528
Weight Normal Weight Normal Atomic Error in

Particle Element Series
Percent Percent Percent Percent
Sulfur K-series 18.8 30.1 46.7 2.1
Manganese K-series 0.3 0.4 0.4 0.1
1
Iron K-series 1.1 1.7 1.5 0.2
Zinc K-series 42.2 67.7 51.4 3.3
Sum: 62.3 100 100
Sulfur K-series 19.1 30.3 47.0 2.2
2 Iron K-series 0.8 1.2 1.1 0.1
Zinc K-series 43.0 68.4 51.9 3.3
Sum: 62.9 100 100
Sulfur K-series 19.1 30.1 46.7 2.2
3 Iron K-series 1.2 2.0 1.7 0.2
Zinc K-series 43.1 67.9 51.6 3.3
Sum: 63.4 100 100
Sulfur K-series 18.5 30.3 46.9 2.1
4 Iron K-series 1.1 1.9 1.7 0.2
Zinc K-series 41.3 67.8 51.4 3.2
Sum: 61.0 100 100
Sulfur K-series 18.4 30.5 47.1 2.1
5 Iron K-series 0.7 1.2 1.1 0.1
Zinc K-series 41.3 68.4 51.8 3.2
Sum: 60.4 100 100
Sulfur K-series 19.3 30.2 46.8 2.2
6 Iron K-series 0.7 1.2 1.0 0.1
Zinc K-series 44.0 68.7 52.2 3.4
Sum: 64.1 100 100
Sulfur K-series 18.7 30.4 47.0 2.1
7 Iron K-series 0.8 1.2 1.1 0.1
Zinc K-series 42.2 68.4 51.9 3.3
Sum: 61.7 100 100
Sulfur K-series 19.0 29.8 46.4 2.1
8 Iron K-series 0.9 1.4 1.2 0.1
Zinc K-series 43.7 68.8 52.4 3.4
Sum: 63.5 100 100
5
TABLE 2 CONTINUED

Sulfur K-series 19.0 30.5 47.0 2.2
9
Iron K-series 0.7 1.1 1.0 0.1
Zinc K-series 41.4 66.4 50.2 3.2
Sum: 62.3 100 100
Sulfur K-series 19.2 29.9 46.5 2.2
10 Iron K-series 0.7 1.1 1.0 0.1
Zinc K-series 44.3 69.0 52.5 3.4
Sum: 64.2 100 100

Sulfur K-series 19.0 30.1 46.7 2.2
11
Iron K-series 1.0 1.6 1.5 0.2
Zinc K-series 42.7 67.7 51.4 3.3
Sum: 63.1 100 100
Sulfur K-series 19.1 30.1 46.6 2.2
12
Iron K-series 0.5 0.8 0.7 0.1
Zinc K-series 43.2 67.9 51.6 3.3
Sum: 63.6 100 100
Sulfur K-series 19.7 29.6 46.1 2.2
13 Iron K-series 0.3 0.4 0.4 0.1
Zinc K-series 46.7 70.1 53.6 3.6
Sum: 66.6 100 100
Sulfur K-series 19.0 29.9 46.5 2.2
14 Iron K-series 0.4 0.7 0.6 0.1
Zinc K-series 44.2 69.4 52.9 3.4
Sum: 63.6 100 100
Note: Particles 1-4 was based on Cola Choix 15-12-2017 Campana 109, particles 5-8 was based on Cola Choix 11-11-2016,
particles 9-11 was based on Preconcentrado Baja, particles 12-14 was based on Preconcentrado Con Valores
6
FIGURE 1
KM5528
PARTICLE 1
PARTICLE 3
7
TABLE 3
QEMSCAN X-RAY ANALYSIS ON TETRAHEDRITE PARTICLES
KM5528

Sulfur K-series 12.1 23.9 42.6 1.4
Copper K-series 20.0 39.4 35.5 1.6
Zinc K-series 3.6 7.1 6.2 0.4
1
Arsenic K-series 2.7 5.2 4.0 0.3
Silver L-series 1.8 3.6 1.9 0.3
Antimony L-series 10.6 20.8 9.8 1.0
Sum: 50.8 100 100
Sulfur K-series 13.6 24.9 42.0 1.6
Iron K-series 0.5 0.8 0.8 0.1
Copper K-series 23.4 42.7 36.4 1.8
2
Zinc K-series 4.4 8.1 6.7 0.4
Sum: 54.7 100 100
Sulfur K-series 11.4 24.3 43.0 1.3
Iron K-series 0.2 0.5 0.5 0.1
Copper K-series 19.7 42.1 37.6 1.6
3
Zinc K-series 3.2 6.7 5.9 0.3
Sum: 46.8 100 100
Sulfur K-series 12.2 24.0 41.7 1.4
Copper K-series 22.0 43.2 37.8 1.7
4 Zinc K-series 4.2 8.2 7.0 0.4
Sum: 51.0 100 100
Sulfur K-series 12.3 25.2 43.1 1.4
Iron K-series 0.3 0.7 0.7 0.1
Copper K-series 20.3 41.7 36.0 1.6
5
Zinc K-series 3.6 7.3 6.2 0.4
Sum: 48.8 100 100
8
TABLE 3 CONTINUED

Sulfur K-series 12.1 24.5 42.6 1.4
Iron K-series 0.5 1.0 1.0 0.1
Copper K-series 20.0 40.5 35.5 1.6
6 Zinc K-series 3.5 7.2 6.1 0.4
Sum: 49.4 100 100
Sulfur K-series 11.0 23.7 43.3 1.3
Iron K-series 1.0 2.2 2.3 0.2
Copper K-series 14.9 32.2 29.7 1.2
7 Zinc K-series 2.4 5.3 4.7 0.3
Sum: 46.3 100 100
Note: Particles 1-7 was based on Preconcentrado Con Valores.
9
FIGURE 2
KM5528
PARTICLE 1
PARTICLE 2
10
TABLE 4
QEMSCAN X-RAY ANALYSIS ON TENNANTITE/ENARGITE PARTICLES
KM5528

Sulfur K-series 13.5 26.3 42.9 1.5
Iron K-series 0.4 0.8 0.8 0.1
Copper K-series 22.2 43.4 35.7 1.8
1
Zinc K-series 4.1 8.0 6.4 0.4
Sum: 51.2 100 100
Sulfur K-series 13.8 28.6 45.5 1.6
Iron K-series 0.5 1.0 0.9 0.1
Copper K-series 20.6 42.8 34.3 1.6
2
Zinc K-series 3.5 7.3 5.7 0.3
Sum: 48.1 100 100
Sulfur K-series 13.5 26.3 42.7 1.5
Iron K-series 0.3 0.6 0.6 0.1
Copper K-series 22.3 43.5 35.7 1.8
3
Zinc K-series 4.4 8.6 6.8 0.4
Sum: 51.4 100 100
Sulfur K-series 14.5 25.5 41.8 1.7
Iron K-series 0.6 1.0 1.0 0.1
Copper K-series 24.6 43.4 35.9 1.9
4
Zinc K-series 4.8 8.5 6.8 0.4
Sum: 56.8 100 100
Sulfur K-series 15.8 24.3 40.0 1.8
Iron K-series 1.1 1.7 1.6 0.2
5 Copper K-series 28.7 44.1 36.6 2.2
Zinc K-series 5.0 7.8 6.3 0.5
Sum: 65.0 100 100
11
TABLE 4 CONTINUED
QEMSCAN X-RAY ANALYSIS ON TENNANTITE/ENARGITE PARTICLES

Sulfur K-series 14.5 26.6 43.2 1.7
Iron K-series 0.8 1.6 1.5 0.1
Copper K-series 22.8 41.8 34.3 1.8
6 Zinc K-series 4.5 8.2 6.5 0.4
Sum: 54.4 100 100
Note: Particles 1-6 was based on Preconcentrado Con Valores.
12
FIGURE 3
QEMSCAN X-RAY ANALYSIS ON TENNANTITE PARTICLES
KM5528
PARTICLE 1

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METALLURGICAL TEST WORK

ON THE CIENEGUITA PROJECT

November 28, 2019

Work Performed on Behalf of Praxis Mining Consultants

1 Head Assay Results – Composites .....................................................................2

2.0 Characterization of the Samples

2.1 Chemical Content

Elements for Assay - percent or g/tonne

2.2 Mineralogical Data

Notes: 1) Iron Oxides includes Goethite, Hematite and Magnetite.

3.0 Metallurgical Performance

Metallurgical testing in this program investigated cyanidation leaching through bottle

3.1 Cyanidation Bottle Roll Test Results

Bottle Roll Cyanidation Leach Flowsheet

Bottle Roll Conditions

Gold and Silver Leach Extractions

Reagent Consumption - kg/tonne

3.2 Rougher Flotation Test Results

Bulk Roughers (Flash) Bulk Rougher Scavengers

Bulk Rougher Concentrates Bulk Scavenger Concentrates

Redox Reagents Added g/tonne

Copper Recovery Lead Recovery

Lead Recovery - Percent

Zinc Recovery Sulphur Recovery

Note: Full metallurgical test results can be found in Appendix II.

4.0 Conclusion and Recommendations

Figure 3B Bulk Rougher Test Results Continued

Bulk Roughers (Flash) Bulk Rougher Scavengers

Bulk Rougher Concentrates Bulk Scavenger Concentrates

Redox Reagents Added g/tonne

Gold Recovery Silver Recovery

Silver Recovery - Percent

Note: Full metallurgical test results can be found in Appendix II.

1.0 Sample Origin

Two shipments of samples were received by ALS Metallurgy Kamloops on March

Sample ID Weight - Kg Sample Form

Sample ID Weight - Kg Sample Form

Remaining samples and test products will be disposed, alternative arrangements

METALLURGICAL TEST DATA

1 Cyanide Leach Test – Cola Choix 11-11-2016 .................................... 1

DATE: March 26, 2018

PROJECT NO: KM5528-01

PURPOSE: Preliminary Cyanide Leach Test.

Time Added (g) Residual (g) Consumed (g) Dissolved

Natural - - - - - 5.1 0.1

Leach 1 0 2.00 5.90 - - 11.0 0.1

Total 72 5.27 5.90 1.81 3.46 - -

Mass of Sample 500 NaCN Consumption 6.9 kg/tonne

KM5528-01 Cola Choix 11-11-2016 Composite

Cumulative Volume or Assay - g/tonne Distribution - percent

Cyanide Liquor (6 hr) 6 1000 mL 0.72 23 51.8 55.9

Cyanidation Tails - 503 g 1.06 7.1 38.3 8.7

Calculated Feed 503 g 2.77 81 100.0 100.0

Cyanide Leach Kinetic Curves

Cumulative Time (hours)

DATE: March 26, 2018

PROJECT NO: KM5528-02

PURPOSE: Preliminary Cyanide Leach Test.

SAMPLE: 500g of Campana 109 Composite ground to a nominal 9µm K80.

Time Added (g) Residual (g) Consumed (g) Dissolved

Natural - - - - - 6.6 0.1

Leach 1 0 2.00 2.13 - - 11.0 0.1

Total 72 4.53 2.97 1.74 2.79 - -

Mass of Sample 500 NaCN Consumption 5.6 kg/tonne