Technical Report Tepic Property Nayarit, México: Submitted To

Technical Report
Tepic Property
Nayarit, México
Submitted to:
Sierra Madre Gold and Silver Ltd.
Report Date: December 31, 2020

Effective Date: October 21, 2020
Stantec Consulting International LLC.

200, 325 – 25 Street SE
Calgary, Alberta T2P 7H8
Tel: (403) 716-8000
Author(s):
William A. Turner, P. Geol.
Derek Loveday, P. Geo.
Project No. 1668788993

TECHNICAL REPORT – Tepic Property, Nayarit, México
Important Notice
This notice is an integral component of the Tepic Property Technical Report (Technical Report or Report)
and should be read in its entirety and must accompany every copy made of the Technical Report. The
Technical Report has been prepared in accordance with the requirements of National Instrument 43-101
Standards of Disclosure for Mineral Projects.
The Technical Report has been prepared for Sierra Madre Gold and Silver Ltd. by Stantec Consulting
International LLC. (Stantec). The quality of information, conclusions, and estimates contained herein are
consistent with the level of effort involved in the services of Stantec, based on: i) information available at
the time of preparation of the Report, and ii) the assumptions, conditions, and qualifications set forth in
this Report.
Each portion of the Technical Report is intended for use by Sierra Madre Gold and Silver Ltd. and subject
to the terms and conditions of its contract with Stantec that was signed on June 26, 2020. Except for the
purposes legislated under Canadian provincial and territorial securities law, any other uses of the
Technical Report, by any third party, is at that party’s sole risk.
The results of the Technical Report represent forward-looking information. The forward-looking
information may include pricing assumptions, sales forecasts, projected capital and operating costs, mine
life and production rates, and other assumptions. Readers are cautioned that actual results may vary from
those presented. The factors and assumptions used to develop the forward-looking information, and the
risks that could cause the actual results to differ materially are presented in the body of this Report.
Stantec has used their experience and industry expertise to produce the estimates in the Technical Report.
Where Stantec has made these estimates, they are subject to qualifications and assumptions, and it
should also be noted that all estimates contained in the Technical Report may be prone to fluctuations
with time and changing industry circumstances.
CERTIFICATE OF QUALIFICATIONS
I, William A. Turner, P. Geol., do hereby certify that:

1. I am currently employed as Manager, Geology by Stantec Consulting International LLC., 200-325 25
Street S.E., Calgary, Alberta, Canada T2A 7H8.
2. I graduated with a Bachelor of Science degree from the University of Alberta in 1995, and a Master of
Science degree from the University of Alberta in 2000.
3. I am a member in-good-standing of the Association of Professional Engineers, Geologists and
Geophysicists of Alberta (Member 58136) and a member in-good-standing of the Association of
Professional Engineers, Geologists and Geophysicists of Saskatchewan (Member 15364), and a
member in-good-standing of the Northwest Territories and Nunavut Association of Professional
Engineers and Geoscientists (Member L3656).
4. I have 25 years as a Geologist since graduating from my undergraduate degree in Geology. My thesis-
based MSc degree, which spanned over three years, was titled “Geology and Geochemistry of the
Mallery Lake Precious Metal-Bearing Epithermal System, Nunavut, Canada”. Papers that were based
on this study were published in the journals titled Mineralium Deposita and the Canadian Journal of
Earth Sciences. My experience includes exploration and scientific assessment of base and precious
metal-bearing properties, hosted as vein and disseminated deposits in volcanic, carbonate, and
siliciclastic environments in México, Portugal, Turkey, Canada and the United States.
5. I have read the definition of “qualified person” set out in National Instrument 43-101 (NI 43-101) and
certify that by reason of my education, affiliation with a professional association (as defined in NI 43-
101), and past relevant work experience, I meet the requirements to be a “Qualified Person” for the
purposes of NI 43-101.
6. I am responsible for the preparation of all sections with exclusions of portions of Section 1, 6, 25, 26,
and 27 of the report titled “Technical Report Tepic Property, Nayarit, México” dated December 31,
2020, Effective Date October 21, 2020.
7. I have read NI 43-101 and Form 43-101F1, and the Technical Report has been prepared in compliance
with that instrument and form.
8. I personally inspected the Property and collected samples between July 21 and July 23, 2020.
9. At the effective date of the Technical Report, to the best of my knowledge, information, and belief,
the Technical Report contains all scientific and technical information that is required to be disclosed
to make the Technical Report not misleading.
10. I am not aware of any material fact or material change with respect to the subject matter of the
Technical Report that is not reflected in the Report, the omission to disclose which makes the Report
misleading.
11. I am independent of the issuer applying all of the tests in Section 1.5 of NI 43-101.
Dated December 31, 2020
“Original Signed and Sealed by Author”

__________________________________
William A. Turner, P.Geol.
Manager, Geology
Cert 1
CERTIFICATE OF QUALIFICATIONS
I, Derek J. Loveday, P.Geo., hereby certify that:
1. I am currently employed as a Project Manager by Stantec Services Inc., 2890 East Cottonwood
Parkway Suite 300, Salt Lake City UT 84121-7283.
2. I graduated with a Bachelor of Science Honours Degree in Geology from Rhodes University,
Grahamstown, South Africa in 1992.
3. I am a licensed Professional Geoscientist in the Province of Alberta, Canada, #159394. I am
registered with the South African Council for Natural Scientific Professions (SACNASP) as a
Geological Scientist #400022/03.
4. I have worked as a geologist for 25 years since my graduation from university, both for mining and
exploration companies and as a consultant specializing in resource evaluation for precious metals
and industrial minerals. I have many years’ experience in the gold mining and exploration industry
from mine site grade control and structural mapping for modelling and evaluation. I have previously
been involved in resource estimation project for epithermal deposits in the USA and México.
5. I have read the definition of “qualified person” set out in National Instrument 43-101 (“NI 43-101”)
and certify that by reason of my education, affiliation with a professional association (as defined in
NI 43-101) and past relevant work experience, I fulfill the requirements to be a “qualified person”
for the purposes of NI 43-101.
6. I am responsible for the preparation of portions of Sections 1, 6, 25, 26, and 27 of the report titled
Technical Report Tepic Property, Nayarit, México” dated December 31, 2020, Effective Date October
21, 2020.
7. I have read NI 43-101 and Form 43-101F1, and the Technical Report has been prepared in
compliance with that instrument and form.
8. I have had no prior involvement with the Property that is subject to this Report and have not
complete a Property inspection.
9. At the effective date of the Technical Report, to the best of my knowledge, information, and belief,
the Technical Report contains all scientific and technical information that is required to be disclosed
to make the Technical Report not misleading.
10. I am not aware of any material fact or material change with respect to the subject matter of the
Technical Report that is not reflected in the Report, the omission to disclose which makes the Report
misleading.
11. I am independent of the issuer applying all of the tests in Section 1.5 of NI 43-101.
Dated December 31, 2020
“Original Signed and Sealed by Author”

__________________________________
Derek J. Loveday, P.Geo
Project Manager
Cert 2
Table of Contents
1 SUMMARY ...............................................................................................................................1-1
2 INTRODUCTION .......................................................................................................................2-1
3 RELIANCE ON OTHER EXPERTS ..................................................................................................3-1
4 PROPERTY DESCRIPTION AND LOCATION ..................................................................................4-1
4.1 Location and Concession Description ..................................................................................... 4-1
4.2 Option Agreements, Royalties and Encumbrances ................................................................. 4-6
4.3 Surface Use and Disturbance Agreement ............................................................................... 4-9
4.4 Environmental Liabilities ......................................................................................................... 4-9
4.5 Other Significant Factors and Risks ....................................................................................... 4-10
5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY .............5-1
5.1 Accessibility ............................................................................................................................. 5-1
5.2 Climate .................................................................................................................................... 5-1
5.3 Local Resources and infrastructure ......................................................................................... 5-1
5.4 Physiography ........................................................................................................................... 5-2
6 HISTORY ..................................................................................................................................6-1
6.1 Prior Ownership and Ownership changes on the Property .................................................... 6-1
6.2 Exploration Type, Amount, Quantity and Results ................................................................... 6-1
6.3 Historical Resource Estimates ................................................................................................. 6-7
6.4 Historical Production on the Property .................................................................................. 6-16
7 GEOLOGIC SETTING AND MINERALIZATION ..............................................................................7-1
7.1 Regional Geology..................................................................................................................... 7-1
7.2 Local Geology .......................................................................................................................... 7-1
7.3 Mineralization ......................................................................................................................... 7-6
8 DEPOSIT TYPES ........................................................................................................................8-1
9 EXPLORATION ..........................................................................................................................9-1
10 DRILLING ............................................................................................................................... 10-1
11 SAMPLE PREPARATION, ANALYSES AND SECURITY .................................................................. 11-1
12 DATA VERIFICATION............................................................................................................... 12-1
12.1 Property Investigation, Material Sampling, and Validation............................................... 12-1
12.2 Limitation to Data Validation by Qualified Person ............................................................ 12-4
12.3 Opinion of the Independent Qualified Person .................................................................. 12-4
13 MINERAL PROCESSING AND METALLURGICAL TESTING ........................................................... 13-1
14 MINERAL RESOURCE ESTIMATES ............................................................................................ 14-1
15 MINERAL RESERVE ESTIMATES ............................................................................................... 15-1
16 MINING METHODS ................................................................................................................. 16-1
17 RECOVERY METHODS ............................................................................................................. 17-1
18 PROJECT INFRASTRUCTURE .................................................................................................... 18-1
19 MARKETS AND CONTRACTS .................................................................................................... 19-1
20 ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT .................... 20-1
TOC 1
21 CAPITAL AND OPERATING COSTS............................................................................................ 21-1

22 ECONOMIC ANALYSIS ............................................................................................................. 22-1
23 ADJACENT PROPERTIES .......................................................................................................... 23-1
24 OTHER RELEVANT DATA AND INFORMATION .......................................................................... 24-1
25 INTERPRETATION AND CONCLUSIONS .................................................................................... 25-1
26 RECOMMENDATIONS ............................................................................................................. 26-1
27 REFERENCES .......................................................................................................................... 27-3
List of Tables
Table 1.1 Summary of Tepic Property Concessions .................................................................................. 1-2
Table 1.2 Summary of Historic Drilling by Area ....................................................................................... 1-11
Table 1.3 Tepic Project Expenditures ...................................................................................................... 1-14
Table 1.4 Summary of Metallurgical Test Sample Information ............................................................... 1-17
Table 1.5 Summary of Metallurgical Test Results ................................................................................... 1-18
Table 1.6 Phase 1 Recommendations ..................................................................................................... 1-20
Table 1.7 Phase 2 Recommendations ..................................................................................................... 1-21
Table 6.1 Summary of Historic Drilling by Area ......................................................................................... 6-2
Table 6.2 Case 1 Holcapek (2008) Inferred Historical Resources .............................................................. 6-7
Table 6.3 Case 2 Holcapek (2008) Inferred Historical Resources .............................................................. 6-7
Table 6.4 2012 McBride Dos Hornos - Veta Tomas Estimates - 50g/t Ag equivalent cutoff grade......... 6-10
Table 6.5 2012 McBride Dos Hornos - Veta Tomas Estimates - 160g/t Ag equivalent cutoff grade....... 6-11
Table 6.6 2012 McBride Once Bocas South Estimates - 50g/t Ag equivalent cutoff grade .................... 6-12
Table 6.7 2012 McBride Once Bocas North Estimates - 20g/t Ag equivalent cutoff grade .................... 6-12
Table 6.8 2013 WGM Estimates - cut-off equivalent to US $75/tonne Ag-Au value .............................. 6-14
Table 7.1 Dos Hornos 1 & 1N Drill Hole Attributes ................................................................................... 7-8
Table 7.2 Summary of Select Dos Hornos 1 & 1N Drill Hole Intersections.............................................. 7-15
Table 7.3 Dos Hornos 2 & Transition Drill Hole Attributes ...................................................................... 7-16
Table 7.4 Summary of Select Dos Hornos 2 & Transition Drill Hole Intersections .................................. 7-20
Table 7.5 Veta Tomas Drill Hole Attributes ............................................................................................. 7-21
Table 7.6 Summary of Select Veta Tomas Drill Hole Intersections ......................................................... 7-22
Table 7.7 Dos Pinos Drill Hole Attributes ................................................................................................ 7-22
Table 7.8 Once Bocas North Drill Hole Attributes ................................................................................... 7-26
Table 7.9 Summary of Select Once Bocas North Drill Hole Intersections ............................................... 7-30
Table 7.10 Once Bocas South Drill Hole Attributes ................................................................................. 7-30
Table 7.11 Summary of Select Once Bocas South Drill Hole Intersections ............................................. 7-31
Table 7.12 Chacuaco Drill Hole Attributes............................................................................................... 7-35
Table 7.13 Summary of Select Chacuaco Drill Hole Intersections ........................................................... 7-35
Table 7.14 Cafetal Drill Hole Locations .................................................................................................... 7-39
Table 7.15 Summary of Select Cafetal Drill Hole Intersections ............................................................... 7-39
Table 8.1 Characteristics of the Low Sulphidation Epithermal Deposit Type ........................................... 8-2
TOC 2
Table 9.1 Tepic Property Expenditures ..................................................................................................... 9-1

Table 12.1 Sample Locations and Grades ................................................................................................ 12-3
Table 12.2 Property Investigation Hole Locations................................................................................... 12-4
Table 13.1 Summary of Metallurgical Test Sample Information ............................................................. 13-1
Table 13.2 Summary of Metallurgical Test Results ................................................................................. 13-1
Table 26.1 Phase 1 Recommendations ................................................................................................... 26-1
Table 26.2 Phase 2 Recommendations ................................................................................................... 26-2
List of Figures
Figure 1-1 Tepic Property Location Map ................................................................................................... 1-3
Figure 1-2 Tepic Property Concession Map ............................................................................................... 1-4
Figure 1-3 Map of Drill Hole Locations by Area ....................................................................................... 1-12
Figure 4-1 General Location Map .............................................................................................................. 4-3
Figure 4-2 Tepic Property Location Map ................................................................................................... 4-4
Figure 4-3 Tepic Property Concession Map ............................................................................................... 4-5
Figure 5-1 Infrastructure Map ................................................................................................................... 5-3
Figure 6-1 Topography Elevation & Historical Workings Map .................................................................. 6-3
Figure 6-2 Surface Sample & Drill Hole Location Map .............................................................................. 6-4
Figure 6-3 Map of Drill Holes by Area ....................................................................................................... 6-5
Figure 6-4 Map of Drill Hole Location by Year ........................................................................................... 6-6
Figure 7-1 Regional Faults and Post 7 Ma Volcanism Western TMVB ...................................................... 7-2
Figure 7-2 Regional Geology Map ............................................................................................................. 7-3
Figure 7-3 Property Geology Map ............................................................................................................. 7-4
Figure 7-4 Schematic Geological Cross Section ......................................................................................... 7-5
Figure 7-5 Dos Hornos 1 Drill Holes Plan View Map.................................................................................. 7-9
Figure 7-6 Dos Hornos 1 Gold (g/t) Intercept Map by Drill Hole ............................................................. 7-10
Figure 7-7 Dos Hornos 1 Silver (g/t) Intercept Map by Drill Hole............................................................ 7-11
Figure 7-8 Dos Hornos 1 North Drill Hole Plan View Map ....................................................................... 7-12
Figure 7-9 Dos Hornos 1 North Gold (g/t) Intercept Map by Drill Hole .................................................. 7-13
Figure 7-10 Dos Hornos 1 North Silver (g/t) Intercept Map by Drill Hole ............................................... 7-14
Figure 7-11 Dos Hornos 2 Drill Holes Plan View Map.............................................................................. 7-17
Figure 7-12 Dos Hornos 2 Gold (g/t) Intercept Map by Drill Hole ........................................................... 7-18
Figure 7-13 Dos Hornos 2 Silver (g/t) Intercept Map by Drill Hole.......................................................... 7-19
Figure 7-14 Veta Tomas Drill Holes Plan View Map ................................................................................ 7-23
Figure 7-15 Veta Tomas Gold (g/t) Intercept Map by Drill Hole ............................................................. 7-24
Figure 7-16 Veta Tomas Silver (g/t) Intercept Map by Drill Hole ............................................................ 7-25
Figure 7-17 Once Bocas North Drill Holes Plan View Map ...................................................................... 7-27
Figure 7-18 Once Bocas North Gold (g/t) Intercept Map by Drill Hole ................................................... 7-28
Figure 7-19 Once Bocas North Silver (g/t) Intercept Map by Drill Hole .................................................. 7-29
Figure 7-20 Once Bocas South Drill Holes Plan View Map ...................................................................... 7-32
TOC 3
Figure 7-21 Once Bocas South Gold (g/t) Intercept Map by Drill Hole ................................................... 7-33
Figure 7-22 Once Bocas South Silver (g/t) Intercept Map by Drill Hole .................................................. 7-34
Figure 7-23 Chacuaco Drill Holes Plan View Map.................................................................................... 7-36
Figure 7-24 Chacuaco Gold (g/t) Intercept Map by Drill Hole ................................................................. 7-37
Figure 7-25 Chacuaco Silver (g/t) Intercept Map by Drill Hole................................................................ 7-38
Figure 7-26 Cafetal Drill Holes Plan View Map ........................................................................................ 7-40
Figure 7-27 Cafetal Gold (g/t) Intercept Map by Drill Hole ..................................................................... 7-41
Figure 7-28 Cafetal Silver (g/t) Intercept Map by Drill Hole .................................................................... 7-42
Figure 8-1 Schematic Low Sulphidation Epithermal Deposit Section ....................................................... 8-3
TOC 4
1 SUMMARY
Introduction
On June 26, 2020, Sierra Madre Gold and Silver Ltd. (Sierra Madre) contracted Stantec Consulting
International LLC. (Stantec) to prepare a Technical Report in accordance with the requirements of
National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101). The purpose
of this study is to complete a Technical Report on the Tepic Property (Property), previously named
the Nuevo Milenio Property, which includes the Dos Hornos 1, 1N, and 2, Veta Tomas, Once Bocas
North and South, Chacuaco, and Cafital areas.
An independent Stantec Qualified Person inspected the Property and completed sampling
between July 21, 2020 and July 23, 2020. During this property inspection, the Qualified Person
collected 15 outcrop and core samples from the Property. The samples were transported by the
Qualified Person to Bureau Veritas Mineral Laboratories (Bureau Veritas) in Reno, Nevada, on July
25, 2020.
Reliance on other Experts

On August 1, 2020, the Author was provided with the option agreement between Cream Minerals
de México S.A. de C.V. and Pita Exploration S.de R.L. de C.V. on December 11, 2017. The Author
also received from Sierra Madre receipts from Banco Regional S.A. that showed tax payments
were made from July to December 2020 for the Property’s five concessions.
On September 23, 2020, the Author was provided with copies of the concession title documents
that were issued from the Secretaria de Economia, Coordinacion General de Mineria, Direcciaon
General de Minas.
On September 25, 2020, the Author received a document with letterhead from the Central
Securities Register, which showed 100% ownership of Pita Exploration Limited by Sierra Madre
Gold & Silver Ltd.
On September 25, 2020, the Author also received a document with letterhead from the Central
Securities Register, which showed that the shareholder ownership of Pita Exploration Limited.
This document was provided to the Author by Sierra Madre, who in turn received this document
from DuMoulin Black LLP.
On September 25, 2020, the Author was provided with a Certificate of Acknowledgement of
Receipt from the Secretaría de Economia, Subsecretaria de Minería, which was signed by the
Depute Director of the Public Mining Registry, that showed the share ownership of Pita
Exploration S. de R.L. de C.V. from Alejandro Caraveo Vallina ($49,500 pesos) and Miguel Angel
Elias Rodriguez Gutierrez ($500 pesos) was completely transferred to Pita Exploration Ltd.
($49,500 pesos) and Alejandro Caraveo Vallina ($500 pesos).
1-1
On September 30, 2020, the Author received a letter written by Engineer Refugio Bonilla
Melendez (Reg 622-5) who validated the locations and expiry dates of the five mining concessions:
Nuevo Milenio Fracciόn I (225967); Nuevo Milenio Fracciόn II (212959); Pancho Fracciόn I
(234832); Pancho Fracciόn II (234833); and Pancho Fracciόn III (234834).
On September 30, 2020, the Author received registration information cards with the letter head
Secretaría de Economia, Direcciόn General de Minas that lists for each concession the name,
number, type, registration date, expiry date, size in hectares, and concession owner.
On October 2, 2020, the Author received a document from Consultoria Legal Profesional, S.C.,
dated October 1, 2020, that provided an independent opinion regarding the standing of the
option agreement between Pita Exploration S. de R.L. de C.V. and Cream Minerals de Mexico, S.A.
de C.V, and validity of the mining claim status.
On October 29, 2020, Sierra Madre provided to the Author a table of expenditures for activities
completed on the Tepic Property in 2017, 2018, 2019, and for the first 9 months of 2020.
Property Description and Concessions

The Property is located approximately 27 km south-southeast of the city of Tepic in the
Municipality of Xalisco, Nayarit, México (Figure 1-1). The Property is composed of five mining
concessions Nuevo Milenio Fracciόn I (225967), Nuevo Milenio Fracciόn II (212959), Pancho
Fracciόn I (234832), Pancho Fracciόn II (234833), and Pancho Fracciόn III (234834). Table 1.1
shows a summary of the Property mining concessions and Figure 1-2 shows the location of the
Property mining concessions.
Table 1.1
Summary of Tepic Property Concessions
Tax Payment
Tax
Concession Title Area Request Expiry Payment Mexican
Type Payment
Name Number Hectares Date * Date Reference Pesos
Period
No. ($)
Nuevo Milenio June 30, February ** 10101386 July to
225967 2,560.063 Mining 423,250
Fracciόn I 2005 19, 2051 225967 Dec., 2020
Nuevo Milenio March February 10101386 July to
212959 4.1459 Mining 690
Fracciόn II 22, 2000 19, 2051 212959 Dec., 2020
Pancho June 11, August 27, 10101386 July to
234832 23.6754 Mining 3,950
Fracciόn I 2007 2059 234832 Dec., 2020
234833 23.4476 Mining 3,890
Fracciόn. II 2007 2059 234833 Dec., 2020
234834 1.2160 Mining Dec., 2020 220
Fracciόn III 2007 2059 234 834
Note* Request Date taken from Engineer Refugio Bonilla Meléndez (Reg 622-5) letter; ** Expiry Date for Nuevo Milenio
Fracciόn I is taken from letter provided by Engineer Refugio Bonilla Meléndez (Reg 622-5).
1-2
105°20'W 105°10'W 105°W 104°50'W 104°40'W 104°30'W 104°20'W
21°30'N
21°30'N
21°20'N
21°20'N
21°10'N
21°10'N
¯
(
$ $
21°N
0 5 10
21°N
Kilometers
Service Layer Credits: Content may not reflect National Geographic's current map policy. Scale 1:500,000
(At original document size of 8.5x11)
105°20'W 105°10'W 105°W 104°50'W 104°40'W 104°30'W 104°20'W
Legend
MEXICO Sierra Madre Gold and Silver Ltd.
Tepic Property
State Border TECHNICAL REPORT TEPIC PROPERTY
Tepic Property Location Map

Nayarit State of Nayarit, Mexico
Figure 1-1
Notes DRAWN BY: M.B.
Scale FILE: Fig_4_2_Project_Location_Map
1. Data Source: National Geographic, ESRI - ArcGIS Online basemap. CHK'D BY: A.T.
1:50,000,000 Date: 20 07 24 V:\1295\active\129500334\Reports\Draft\Figures\GIS\MXD
Disclaimer: This document has been prepared based on information provided by others as cited in the Notes section. Stantec has not verified the accuracy and/or completeness of this information and shall not be responsible for any errors or omissions which may be incorporated herein as a result. Stantec assumes no
responsibility for data supplied in electronic format, and the recipient accepts full responsibility for verifying the accuracy and completeness of the data.
2,363,500 517,000 517,500 518,000 518,500 519,000 519,500 520,000 520,500 521,000 521,500 522,000 522,500 523,000 523,500 524,000 524,500 525,000
2,363,500
2,363,000
2,363,000
2,362,500
2,362,500
2,362,000
2,362,000
La Curva
Xalisco Pancho
Fracc. I
Santa Maria
2,361,500
2,361,500
Del Oro
#
Nuevo Milenio
Fracc. II
Nuevo Milenio Pancho Fracc. III
#
2,361,000
2,361,000
Fracc. I
Fracc. II
Pancho
2,360,500
2,360,500
Document Path: C:\Data\Mexico\SierraMadre_993\ArcGIS\MXD\Figures_Report\Fig_4_3_Mineral_Claims_Map.mxd
2,360,000
2,360,000
¯
(
$ $
2,359,500
2,359,500
Compostela 0 350 700
Meters
Scale 1:35,000
2,359,000
2,359,000
Service Layer Credits: Sources: Esri, HERE, Garmin, Intermap, increment P Corp., GEBCO,
517,000 517,500 518,000 518,500 519,000 519,500 520,000 520,500 521,000 521,500 522,000 522,500 523,000 523,500 524,000 524,500 525,000
Legend Mineral Claims Tepic

Tepic
Municipality Boundary Nuevo Milenio
Xalisco
Pancho Fraction TECHNICAL REPORT TEPIC PROPERTY
Xalisco
Santa Maria
Del Oro
Tepic Property
Concession Map
Compostela
San Pedro Figure 1-2
Notes Compostela DRAWN BY: M.B.
1. Coordinate System: NAD 1927 UTM Zone 13N Lagunillas CHK'D BY: A.T.
FILE: Fig_4_3_Mineral_Claims_Map
2. Data Source: Sierra Madre Gold and Silver Ltd. 1:1,000,000 Jala V:\1295\active\1668788993\Discipline\Geology\Geospatial\MXD
Date: 20 10 02
Option Agreements, Royalties and Encumbrances

An exploration agreement with option to purchase mining rights (Agreement) was entered into
between Cream Minerals de México S.A. de C.V. (Owner) and Pita Exploration S. de R.L. de C.V.
(Company) on December 11, 2017.
The Owner stated that:
The mining concessions (Concessions) subject to this Agreement were granted by the Ministry of
Economy, General Coordination of Mining, Directorate-General of Mines of the United Mexican
States, registered in the Public Registry in favor of the Owner; and that the Concessions do not
have any impediments, are free of encumbrance, and have no prior commitments nor any
commitment as of December 11, 2017.
These Concessions are free of lawsuits, claims or limitations of ownership of any nature or
agreements entered into previously, except for the debt corresponding to the payment of the
right of superficies plus related charges for the first semester of 2017 (January to June, 2017) and
a second semester of 2017 (July to December, 2017) regarding the mining concession “Nuevo
Milenio Fraccion I” Title 225967 in accordance with articles 262 and 263 of the Federal Law and
Article 27 section II of the Mining Law.
Select clauses agreed to between the owner and the Company in the Agreement are listed below:
FIRST -Exploration Rights The Owner grants the Company the exclusive right to explore the
Concessions as of the date of the Agreement, in accordance with the terms and conditions of
this Agreement and for a term of forty-eight (48) months in order to assess the economic
potential of the Concessions and to quantify mineral reserves. The exploration work including,
but not limited to, geological and geophysical surveys, drilling, perforation, tunnels, use of
explosive, pits, mineral sampling for laboratory analysis, samples for metallurgical tests or
other supplementary works that are required and according to the following scheme.
During the forty-eight (48) months, the Owner agrees to not to make any offer or execute any
agreement with Option to Purchase. Also, the Owner agrees not to make any offer or execute
any agreement or perform any other action that could compromise the rights derived from
the Concessions and in exchange the Company agrees to pay each and every one of the taxes
and/or mineral concessions for the year 2017.
SECOND -Option to Purchase and Consideration The Owner by this Agreement grants to the
Company the exclusive right to choose to purchase the ownership and rights related to the
Concessions, at any time, under the terms and conditions established in this Agreement. As
consideration for the granting of this Agreement and the Option to purchase the Concessions,
The Company will pay the Owner the following amounts in United States dollars, or the
1-5
equivalent in Mexican national currency, at the sale price so that the Owner can maintain the
Option for the assignment of 100% of the share of the Concessions as detailed below:
a. At the execution hereof, the amounts derived from the payment of taxes and/or fees plus
related charges of the mining concessions that are the subject matter of this agreement
for the year 2017, in accordance with articles 262 and 263 of the Federal Rights Law and
Article 27 Section II of the Mining Law;
b. If after ninety (90) business days requested from the Owner by the Company, the latter
decides to continue maintaining the offer, it agrees to make the payments according to
the following schedule:
i. 90 business days after the execution of this agreement, the amount of USD
$50,000 (Fifty Thousand US Dollars).
ii. Six months after the execution of this agreement, the amount of USD $50,000
(Fifty Thousand US Dollars).
iii. Twelve months after the execution of this agreement, the amount of USD
iv. Eighteen months after the execution of this agreement, the amount of USD
v. Twenty-four months after the execution of this agreement, the amount of USD
vi. Thirty months after the execution of this agreement, the amount of USD $50,000
vii. Thirty-six months after the execution of this agreement, the amount of USD
viii. Forty-two months after the execution of this agreement, the amount of USD
ix. Forty-eight months after the execution of this agreement, the amount of USD
The Value Added Tax (VAT) will be added to each payment in the corresponding amount
according to the legal provisions applicable at the time of making each payment, which
will be paid to the Owner in exchange of an invoice issued by it to the Company in
accordance with applicable tax laws.
1-6
At the time that the Company has paid the total amount of US$450,000 (Four Hundred
Fifty Thousand US Dollars), plus the corresponding VAT, it will be understood that the
Company has exercised its option to acquire the Concessions.
THIRD - Exercise of the Option Once the Company has made the payments expressed in the
aforementioned second clause and after it has notified the Owner within thirty business days
of its intention to exercise the option to purchase the Concessions; then the Owner will
appear before a Notary Public in order to execute the assignment agreement (Assignment
Agreement) regarding the 100% interest in the mining Concessions free of any encumbrance
or lien, and the Company shall be obliged to pay to the Owner as part of that same act and
on that same date, the amount of USD $1,500,000 (One Million Five Hundred Thousand US
Dollars), or it will have the option to pay to the Owner a royalty of 3% (three percent) of the
net amount of the first-hand sales invoices paid to the Company for the sale of the minerals
obtained and sold from the mining lots covered by the Concessions for as long as the Company
is producing minerals (Net Smelter Royalty) until reaching an amount of US $4,000,000 (Four
Million US Dollars).
FOURTH - Net Smelter Royalty In the event that the Company exercises the option to pay the
Net Smelter Royalty instead of the amount of USD $1,500,000 (One Million Five Hundred
Thousand US Dollars) established in third clause above, the Company will pay to the Owner
said Net Smelter Royalty of 3% (three percent) of the net amount of the first-hand sales
invoices paid to the Company for the sale of the minerals obtained and sold from the mining
lots covered by the Concessions for as long as the Company is producing mineral from the
mining lots covered by the Concessions until reaching the amount of USD $4,000,000 (Four
Million US Dollars). The Company will make the payments of the Net Smelter Royalty within
thirty (30) business days after receiving each settlement sheet from each of the buyers of the
mineral products sold by the Company. The Company may acquire, at any time, part or all of
the Net Smelter Royalty from the Owner at a rate of USD $1,000,000 (One Million US Dollars)
plus VAT for each 1 % of said royalty. In other words, to acquire the entire Net Foundry Royalty
the Company would have to pay USD $3,000,000 (Three Million US Dollars) plus VAT.
In the event that the Owner decides in the future to sell its right of the net 3% (net three
percent) of the Net Smelter Royalty that is mentioned in the final part of the first paragraph
of the aforementioned third clause, each net percentage point (each net one percent) may
be purchased from the Owner at a price of USD $1,000,000 (One Million US Dollars). If the
Company does not acquire the Net Smelter Royalty pursuant to the preceding paragraph and
pursuant to this paragraph with respect to the value of the Net Smelter Royalty, the Company
will continue to pay to the Owner said Net Smelter Royalty, which may not exceed a value of
USD $4,000,000 (Four Million US Dollars) during the productive life of the mine, over which
the Company will have the pre-emptive right.
1-7
On October 1, 2020, Consultoria Legal Profesional, S.C., provided an independent opinion that the
de C.V. is in good standing. This opinion also addressed that, following the death of C. Ferdinand
Holcapek (owner of Cream Minerals de Mexico, S.A. de C.V.) on August 28, 2018, the additional
required payments to keep the option agreement were continued and the option agreement
obligations are being adhered to.
On September 25, 2020, the Author was given a document, which had letterhead from the Central
Securities Register that shows that 100% of the outstanding shares of Pita Exploration Limited are
owned by Sierra Madre Gold & Silver Ltd. This document was provided to the Author by Sierra
Madre, who in turn received this document from DuMoulin Black LLP.
Environmental Permitting
Secretaría del Medio Ambiente y Recursos Naturales (SEMARNAT) is responsible for
environmental project approvals. Pita Exploration S. de R.L. de C.V., on July 9, 2020, prepared an
environmental project preventive report “Informe Preventivo del proyecto” (IP) for the Nuevo
Milenio Project that included a drill program request. The report and request were submitted to
the General Director of Impact and Environmental Risk and the Secretariat of the Environment
and Natural Resources of SEMARNAT in the State of Nayarit. Due to rising numbers in cases of
COVID 19 in July, the SEMARNAT office was closed to the public. On August 25, 2020, following
reopening of the SEMARNAT office in the city of Tepic, Pita Exploration S. de R.L. de C.V. delivered
the environmental report and application for a 67-hole drill program to the Secretary of the
Environmental and Natural Resource Federal Delegation of SEMARNAT for review. Official
confirmation was provided on that date by SEMARNAT of receipt of this document, which was
given the system log number of 18 / IP-0052/08/20, and a project code number of
18NA2020MD035.
Pita Exploration S. de R.L. de C.V. received a letter dated September 24, 2020 from the Federal
Delegation in the State of Nayarit Management Subdelegation for Environmental Protection and
Natural Resources. The subject line of this letter was Response to Preventive Report is Issued,
which provided a decision regarding the proposed drill program and the environmental
requirements. The second point addressed in the section titled “Resuelve” (Resolves) stated of
page 8 that:
1-8
“…The project activities conform to the exclusion of article 5 subsection L) Section 11 of

the REIA (Reglamento en Materia de Evaluaciόn del lmpacto Ambiental), so they do not
need to obtain the environmental impact authorization granted by this secretariat and
therefore they can be developed in the terms stated in the IP”.
Accessibility, Climate, Local Resources, Infrastructure

The Property is located approximately 27 km south-southeast from Tepic, Nayarit. There are roads
leading directly to the property which are mostly paved, excepting a short dirt road section of
approximately 3 km occurring just before the Property. The Tepic area is 930 m above sea-level.
According to the Köppen Climate Classification system, Tepic is classified as “Csa”, a Hot-summer
Mediterranean climate. The average temperate for the year is 21.3°C. The warmest month is July,
with an average temperature of 24°C, and the coolest month is January, with an average
temperature of 17.8°C. Tepic averages approximately 1289 mm of rainfall annually, with the
highest precipitation in August, averaging approximately 390 mm (paras. 1-3).
Tepic is the capital of the Nayarit state in México. It has a regional airport, but for international
travellers, the city is most easily accessed by one of three international airports: Licenciado
Gustavo Díaz Ordaz International Airport, in Puerto Vallarta, located approximately 160 km
southwest; Mazatlán International Airport, located approximately 300 km north; and Miguel
Hidalgo y Costilla International Airport in Guadalajara, located approximately 220 km southeast.
All airports join with major highways leading to Tepic. The population of metropolitan Tepic, as of
2020, is 546,000. There are nine post-secondary institutions located in Tepic, providing options
for skilled workers. There are many businesses which rent equipment, such as trucks and heavy
machinery. Ferromex, the Mexican railway, has rail lines that run through the Tepic valley, and
lead to hubs across México. A rail siding that could be used for delivery or shipping of equipment
and materials is located 2 km west of the concession boundaries. The area’s main industry is
agriculture. Tobacco is the largest crop, supplying a cigarette factory in Tepic. Sugar cane is also a
key crop. With the proximity of Tepic to major tourist areas, such as Puerto Vallarta and Mazatlán,
the tourism industry is also on the rise.
The concessions are situated in youthful topography between 1,000 m and 1,500 m above sea
level. Geologically the rocks are very young, flat-lying mafic to felsic volcanic sequences that
provide a rolling to rugged landscape. About 25 km to the south is the volcano Ceboruco, which
was last active approximately 200 years ago. Many other volcanic cones dot the nearby
countryside. These represent eruptions much later than the host rocks and their mineralization.
These basalts are much younger than the mineralization at the Tepic project and cover several
projections of mineralized structures.
The Property is well vegetated with an open forest composed of small trees and shrubs. More
moderate slopes are used as grazing land for cattle. In the wet season (June to October), the
growth becomes quite dense. It subsequently slowly dries out during the long dry period
1-9
becoming more open and accessible. The lower elevations in the area are farmed for a variety of
crops. As measured from the centre of the prospect area, the closest cultivated fields are
approximately 1.5 km to the north and 2.5 km to the west. Areas covered by flat lying basalt flow
and mountainous areas have sparse open stands of oak trees, low bushes, and grasses. Valley
floors are covered by dense brush, but creek bottoms contain dense jungle-like growth requiring
clearing with machetes in order to pass.
Historic Surface Exploration

Holcapek (2008) provides additional chronology to the exploration activities completed between
2000 and 2008. The following section is summarized from that report.
In June 2000, Cream Minerals De México S.A. commenced access road construction, tractor
trenching of the Dos Hornos, Once Bocas and Mina San Miguel (located in the Once Bocas 2 area),
channel sampling, geochemical soil sampling, prospecting, and geological mapping. In 2001 and
2002, additional regional mapping and prospecting was completed, in addition to excavation of
old Spanish workings and additional rock geochemistry in areas that contained silica caps. In 2003,
surface exploration continued in the form of further excavation of old workings, adits, and shafts,
in the Cerro Chacuaco area, as well as regional mapping and prospecting. In 2005 and 2006, focus
shifted to assessment of the Dos Hornos North area and Once Bocas, which resulted in the
location of numerous old Spanish workings. During this campaign, the old workings were opened,
cleaned, mapped and channel sampled. Following this campaign, additional surface mapping and
channel sampling were completed in the Cerro Chacuaco, Cafetal, Cafetal south, and Once Bocas
south areas. These exploration campaigns were completed under the supervision of German
Francisco Romero, who was the Project Geologist on site.
Historic Drilling
Between 2002 to 2011 there were 149 holes drilled on the Property. A summary of the holes
drilled is shown in Table 1.2 by area and meterage. Figure 1-3 shows the drill hole locations by
area.
1-10
Table 1.2
Summary of Historic Drilling by Area
2002 2003 2006 2007 2011 Total
Total
Area Drill Drill Drill Drill Drill Drill
Metres
Holes Metres Holes Metres Holes Metres Holes Metres Holes Metres Holes
Cafetal 3 657.0 7 1,999.5 10 2,656.5
Chacuaco 3 403.0 4 838.0 2 489.9 9 1,730.9
Dos Hornos 1 3 472.0 4 905.5 4 869.0 16 3,875.7 27 6,122.2
Dos Hornos 1N 4 641.0 2 489.0 4 992.0 10 2,122.0
Dos Hornos 2 1 124.0 13 2,472.4 14 3,004.2 28 5,600.6
Dos Pinos 2 327.0 2 327.0
Once Bocas N 2 322.0 6 1,070.0 20 4,165.0 28 5,557.0
Once Bocas S 6 1,220.2 6 1,220.2
Transition N 1 209.0 2 617.5 3 826.5
Veta Tomas 1 176.0 7 1,279.0 16 3,603.2 24 5,058.7
Undefined* 2 352.5 2 352.5
Total 5 725.0 19 3,546.0 8 1546.5 28 5,814.9 89 20,294.2 149 31,574.1
Note: *The locations of DDH-17-07 and DDH-19-07 and not constrained and therefore are listed in Table 1.2 as Undefined in the
Location column.
1-11
Document Path: C:\Data\Mexico\SierraMadre_993\ArcGIS\MXD\Figures_Report\Fig_6_3_DH_byLocation_PlanView.mxd
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519,500 520,000 520,500 521,000 521,500 522,000 522,500
Legend Drill Holes by Location

Mineral Claim !
( Dos Hornos 1N (10) "
) Once Bocas N (28)
Drill Road !
( Dos Hornos 1 (27) "
) Once Bocas S (6) TECHNICAL REPORT TEPIC PROPERTY
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# Dos Pinos (2)
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( Chacuaco (9) Veta Tomas (27) Locations by Area
Figure 1-3
FILE: Fig_6_3_DH_byLocation_PlanView
1. Coordinate System: NAD 1927 UTM Zone 13N CHK'D BY: A.T.
2. Data Source: Sierra Madre Gold and Silver Ltd. Date: 20 09 16 V:\1295\active\1668788993\Discipline\Geology\Geospatial\MXD
Geological Setting and Mineralization
The Tepic Property is located in the Nuevo Milenio caldera structure. This area contains exposures
of gold-silver mineralization, areas of hydrothermal alteration, and historic mine workings. The
Nuevo Milenio Caldera is oriented in the northwesterly orientation, is approximately 5 km x 3.5
km, and is nested within the larger La Curva Caldera that dimensionally is 7 km x 5 km. The still
larger Sanganguey Caldera margin cuts or impinges on the older strata of the Nuevo Milenio
caldera structures to the north.
Thin overburden covers most of the Property; however, sub-outcrop and float were mapped and
are proposed to represent the underlying lithologies. With exception of the basalts, which are
interpreted to post-date the event of mineralization, as well as the uppermost rhyolite domes and
flow sheets, the host rocks on the Property are altered. Tuffaceous saprolite is observed in creek
beds that grade upward into kaolinized and silicified tuff strata. Descriptions of the lithologies
observed on the Property from oldest to youngest.
Mineralization
Mineralized silica veins are hosted in the felsic lapilli-agglomerate tuff. Quartz veins and quartz
stockworks are concentrated within these rocks. Numerous vein systems have been identified
and the main areas are named: Dos Hornos 1, 1N, and 2; Veta Tomas; Once Bocas North and
South, Chacuaco; and Cafetal. The three known trends have a cumulative length of over a
kilometre and widths of up to 200 m. Mineralization is typically concentrated in northwest-
southeast steeply dipping quartz vein systems. Commonly, the vein textures are laminated, vuggy,
brecciated and bladed, which supports boiling. The silica commonly has a bluish to grey
colouration, which is interpreted to indicate the presence of disseminated sulphides in the silica.
McBride (2012) observed oxide mineralization in float at Dos Hornos 1 that is interpreted to be
caused during the final phase of the mineralizing event following sulphide depletion.
Sierra Madre Exploration
To date, Sierra Madre has completed review of geological information, field reconnaissance
studies to validate drill holes locations, road building, and environmental permitting. Cost
associated with the completed work is shown in Table 1.3, the data of which was provide to the
Author by Sierra Madre on October 29, 2020.
1-13
Table 1.3
Tepic Project Expenditures
2017 2018 2019 2020 Total
Task
(CND) (CND) (CND) (CND) (CND)
Environmental & Permits 5,539 5,539
Assays 1,822 1,822
Field Costs 529 5,709 6,145 781 13,164
Geology 3,622 3,204 51,998 58,824
Road Building 6,696 632 7,245 14,573
Transportation & Rentals 470 470
Travel & Accommodation 1,769 3,267 4,960 9,996
Total 104,388
In addition, Sierra Madre has planned a reverse circulation drilling program to determine if core
recovery issues that were encountered during historical drilling resulted in the loss of gold and
silver.
Historical Sample Preparation and Assaying
Ing. G. Francisco supervised the drilling program during 2003-2004 as well as later drilling
programs. All drill core has been organized according to program and is stored in a large secure
warehouse. Sierra Madre has possession of the core.
All drill core samples were cut in half with a diamond saw under the direction of Ing. Francisco.
Each was bagged and shipped by commercial courier to Inspectorate Exploration and Mining
Services (“Inspectorate”) preparation laboratory in Durango, México. Following the preparation
of the samples, the samples were shipped to the Inspectorate laboratory in Sparks, Nevada and
analysed for gold and silver.
Following preparation by the laboratory, a +/- 200 g sample of pulp was sent to the Inspectorate
laboratory in Reno, Nevada for analysis, and a split of the pulp from designated check samples
was sent to a third party referee lab. Each check sample was given the same sample number as
the original sample to avoid potential confusion at a later date when original and duplicate assay
results are compared.
Historical Quality Assurance / Quality Control
Historically, a pulp of every fifth sample sent to the Inspectorate laboratory in Nevada was also
sent to the Stewart Laboratory in Kamloops, British Columbia for complete check assay analyses.
Check sample preparation and shipping was carried out automatically by the lab in accordance
with Cream Mineral’s directions at the time the core samples were submitted, and without any
delay or additional handling by Cream Mineral personnel. Rejects and surplus pulps were returned
to the Cream Mineral core warehouse for storage. Ing. Francisco oversaw the sample security
1-14
during preparation and the subsequent independent service providers during their control of the
samples.
Property Investigation, Material Sampling, and Validation
The goals of the site investigation by the Qualified Person were three-fold:
• To validate that the proposed mineralized system conformed to textures that align with
a low sulphidation epithermal deposit type;
• To validate sample locations and collect samples so that an independent assessment

could be completed to assess the presence of gold and silver across the Property; and
• To validate the locations of historic drill holes.
The Property investigation was completed between July 21 and 23, 2020. The Author was
accompanied by German Francisco Romero, who is a geologist that worked on the Property for
Cream Minerals. Most areas of the Property are easily accessible by road.
Deposit Type Validation

Textures of the mineralized rock that were observed by the Author during the site visit are
consistent with epithermal deposits. These observed textures include:
• bladed silica following replacement of calcite blades that is indicative of a boiling

environment in the upper sections of an epithermal fluid system;
• hydrothermal breccias with multiple phases of silica cementation, which support intense
hydrothermal activity at depth that has undergone adiabatic boiling and silica
precipitation; and
• chalcedonically banded silica that is indicative of rapid silica precipitation following

depressurization.
Material Sampling Validation

All previously drilled core from the Property is stored, racked, and catalogued in a secure, well-
maintained warehouse on the outskirts of the city of Tepic. The Qualified Person visited the core
facility on July 21, 22, and 23. Prior to visiting the core facility, the Qualified Person shortlisted
holes of specific interest. Once arriving at the core facility, the list of holes of specific interest were
provided to the company geologist. All core intervals of interest were laid out for the Qualified
Person, who then commenced sampling. A saw was not available during the site visit, so the core
was split lengthwise with a hammer and chisel. Following completion of the core splitting, one
half of the lengthwise core was put into a fabric bag and labeled with the sample number. To
ensure independence in sample collection, the Qualified Person completed all of the core splitting
and sampling.
1-15
Pulps from previous sampling campaigns are stored in this core facility as well; however, some of
the material was compromised due to being stored proximal to a grated window, and as such was
exposed to rain over recent years. Samples were collected from the different locations on the
Property that span the timespan of the exploration programs completed.
In addition to the core samples, the Qualified Person also collected samples from outcrop from
the different areas on the Property. The split core and outcrop samples typically weighed between
one and three kg. All samples were under the custody of the Qualified Person for the field visit.
Following completion of the field program, the samples were transported from the city of Tepic,
via Puerto Vallarta, to Reno, Nevada, on July 24, 2020 in the luggage of the Qualified Person. The
samples were delivered by the Qualified Person to Bureau Veritas located in Sparks, Nevada, on
July 25, 2020. Upon arrival, samples were inspected to verify that sample bags were not
compromised during transport. A chain-of-custody document was signed on July 25, 2020, to
document the sample custody transfer. The final analytical results were received on October 21,
2020.
Analyses included determination of metals using multi-acid digestion with ICP-ES finish; silver
values greater than 200 ppm were re-assayed with gravimetric finish. Gold analyses was
completed by fire assay with gravimetric finish, and specific gravity by picnometry. Table 12.1
shows a comparison of samples collected during the site investigation relative to previously
sampled areas.
Three samples of Standard KO74383 were included in the 20 samples sent to Bureau Veritas to
assess the consistency of the analyses. Three samples of standard KO74383 were included in the
batch, which included sample 21008, 21015, and 21020.
The specific gravity results for these three samples were 2.75 g/cm3, 2.76 g/cm3, and 2.81 g/cm3.
The minor variation observed in the three samples is acceptable as, although the standard batch
is homogenized, minor analytical spread is anticipated on the Certified Reference Material
Certificate of Analyse specifications sheet.
It is the opinion of the Qualified Person that when considering the practical limit of error for the
associated with the sampling methods, as well as the nature of the gold and silver association in
the deposit, that the previous analytical results from the core are acceptable.
Drill Hole Location Validation
During the site investigation of the Property, the Qualified Person located drill collars from the
previous field campaigns and obtained an independent location reading with a handheld GPS. The
Qualified Person proposes that the location of the reviewed drill holes in the field are reasonable,
when considering the accuracy of the handheld GPS in treed areas.
1-16
Limitation to Data Validation by Qualified Person
Limitations to the validation that the Qualified Person was able to complete are listed below:
• The Qualified Person was not involved in the Property prior to 2020, and did not complete
a field visit until 2020, and therefore cannot validate the field procedures used during
drilling and sample collection prior to the involvement by Sierra Madre.
• Laboratory inspections were not completed by the Qualified Person.
Opinion of the Independent Qualified Person regarding Material Sampling
It is the opinion of the Qualified Person(s) that the field procedures and sampling protocols that
were implemented by Cream Minerals, prior to the involvement of Sierra Madre, are reasonable.
Also, the quality of the laboratory testing completed during the various stages of are reasonable.
The independent Qualified Person(s) is confident that the samples and associated laboratory
datasets that are used in this Technical Report are accurate.
Mineral Processing and Metallurgical Tests
A summary of metallurgical work performed on the Property is presented in the 2013 report by
McBride & Workman. An excerpt from this report is included below.
“Cream Minerals contracted Inspectorate America Corporation to perform preliminary

metallurgical testing of samples from the Nuevo Milenio Project. Four samples were
selected; two from the Spanish mine workings on Dos Hornos 1, one from a shaft 12 on
Veta Tomas and one from the stope on the Once Bocas North structures.” Table 1.4, which
is a reproduction of Table 18 of McBride & Workman (2013) summarizes the test sample
information.
Table 1.4
Summary of Metallurgical Test Sample Information
Sample Weight Head Assays (g/t)
Sample Number Location
(Kg) Au Ag
E687746-47 X-cut Adit 4 18.6 1.44 266
E687748-49 Shaft 5 level 3 33.2 2.95 148.6
E687750 Shaft 12 Veta Tomas 17 1.44 43.7
E687751 Internal Stope Once Bocas 13.4 1.18 195.5
“These samples were pulverized to 80 percent passing -200 mesh and tested using
flotation, cyanide bottle roll and thiosulphate leaches. Follow-up cyanidation of the
flotation tails was used to determine the amount of gold and silver in the residues and to
assess recovery efficiencies. Each sample was tested by all methods and the results were
averaged to give an average for each method. Average consumption of NaCN was 0.92
1-17
kg/ton and lime 1.68 kg/ton. Table 1.5, which is a reproduction of Table 19 of McBride &
Workman (2013), summarizes the sample information.
Table 1.5
Summary of Metallurgical Test Results
Average Recovery
Test Variable Au Ag
Bottle-Roll Cyanide Leach 24 hr retention 89% 62%
Bottle-Roll Cyanide Leach 72 hr retention 94% 78%
Flotation one cleaning circuit 66% 81%
Bottle-Roll Cyanide Leach on flotation tails 88% 56%
Flotation and Cyanidation of Tailings on tailings 94% 90%
Thiosulphate Leach 21% 76%
Interpretation and Conclusions

Municipality of Xalisco, Nayarit, México. The Property is composed of five contiguous mining
concessions totalling 2,612.6 hectares.
Historic resource estimates reported in 2008, 2012 and 2013 have ranged in confidence from
Inferred to Measured based on the quantity and quality of available exploration data as well as
the opinions of the originators at the time. The Author did not complete sufficient work to classify
any of these historical estimates as current mineral resources. In the most recent historic resource
estimate (McBride and Workman, 2013) a maximum indicated level of confidence was reported
and did not include the Once Bocas South deposit previously included in prior McBride (2012)
resource estimates. WGM classified the Dos Hornos 1 and 2 Mineral Resources as Indicated and
Inferred Resources based primarily on core loss due to a combination of: (1) poor drilling
conditions; (2) the capabilities of the drilling equipment; and/or (3) the skill of the drillers
(McBride and Workman, 2013). WGM concluded also that the Once Bocas South area was not
sufficiently explored.
Past exploration and results from the validation sampling indicate the Tepic Property to be viable
exploration and mining targets that warrant further evaluation to realize their full potential. The
following risks have been identified that may have an impact on future exploitation potential of
the Property:
• Past technical reports on the Property did not demonstrated consistent conclusions on
overall confidence relative to the available exploration data at the time;
• Insufficient or lack of specific gravity measurements for tonnage estimates;
• Poor core recovery from past drilling campaigns;
1-18
• Extent of past underground mine workings have not been conclusively surveyed; and
• Past surface mapping information has not been compiled into an easily accessible digital
format for easy reference.
It is the opinion of the Author that the above risks can be eliminated or reduced for the ultimate
purpose of producing a current mineral resource estimate that would serve as the basis of a future
mine plan.
Recommendations
Four main recommendations to advance this program are:
• Ground surveys and digital database compilation;

• Complete an RC drill program to assess if core recovery issues in the mineralized intervals
artificially lowered the mineralization potential of the Property;
• Complete a subsequent 50-hole RC drill program; and
• Complete an updated resource estimate and Technical Report.
1-19
Phase 1 - Cost Estimate (US$ 360k)

• Topographic surveys and surveys of underground workings;
• Validate all drill holes locations on the Property to reconcile existing location issues;
• Digital compilation of data sources including information collected during the field
mapping campaigns;
• Development of a drilling program;
• Execute RC drilling program and complete additional density measurements and assays;
and
• Updated geological model and resource estimation that integrates all updated analytical
information at more current gold and silver prices.
Details regarding the costs associated with the Phase 1 recommendations are presented in Table
1.6.
Table 1.6
Phase 1 Recommendations
Estimated Estimated
US$
Phase 1 Tasks Number of Average Hole
(‘000)
Holes Depth (m)
Topographic Surveys 35 n/a n/a
Underground Surveys of underground workings 30 n/a n/a
Digital Compilation of Field Data 20 n/a n/a
Drill Program Development 5 n/a n/a
Drilling (RC) 125 20 250
Testing (assay, density) 100 n/a n/a
Geological Model, Resource Estimate 45 n/a n/a
Total 360
Details regarding the costs associated with the Phase 2 recommendations are presented in Table
1.7.
Phase 2 – Infill Mapping, Drilling and Sampling (US$ 627k)

• Detailed geologic mapping;
• Planning of a Phase 2 drilling program;
• Execute 40-hole RC hole drilling program;
• Updated geological model and resource estimation that integrates all updated analytical
information at more current gold and silver prices; and
• NI43-101 Technical Report and Resource Estimate.
1-20
Table 1.7
Phase 2 Recommendations
Estimated Estimated
US$
Phase 1 Tasks Number of Average Hole
(‘000)
Holes Depth (m)
Detailed Geologic Mapping 30 n/a n/a
Mapping, Trenching and Workings Samples 30 n/a n/a
Drill Program Development and Preparation 10 n/a n/a
Drilling (40 holes) 250 40 250
RC Sample Testing (assay, density) 200 n/a n/a
Digital Compilation of Data 250 n/a n/a
Density data tests (existing core and RC samples) 7 n/a n/a
NI-43-101 Technical Report and Resource Estimate 70 n/a n/a
Total 627
1-21
2 INTRODUCTION
On June 26, 2020, Sierra Madre Gold and Silver Ltd. (Sierra Madre) contracted Stantec Consulting
International LLC. (Stantec) to prepare a Technical Report in accordance with the requirements of
National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101). The purpose
of this study is to complete a Technical Report on the Tepic Property (Property), previously named
the Nuevo Milenio Property, which includes the Dos Hornos 1, 1N, and 2, Veta Tomas, Once Bocas
North and South, Chacuaco, and Cafital areas.
An independent Stantec Qualified Person inspected the Property and completed sampling
between July 21, 2020 and July 23, 2020. During this property inspection, the Qualified Person
collected 15 outcrop and core samples from the Property. The samples were transported by the
Qualified Person to Bureau Veritas Mineral Laboratories (Bureau Veritas) in Reno, Nevada, on July
25, 2020.
With reference to a Technical Report, the “Effective Date” means the date of the most recent
scientific or technical information included in the Technical Report.
2-1
3 RELIANCE ON OTHER EXPERTS

On August 1, 2020, the Author was provided with the option agreement between Cream Minerals
de México S.A. de C.V. and Pita Exploration S.de R.L. de C.V. on December 11, 2017. The Author
also received from Sierra Madre receipts from Banco Regional S.A. that showed tax payments
were made from July to December 2020 for the Property’s five concessions.
On September 23, 2020, the Author was provided with copies of the concession title documents
that were issued from the Secretaria de Economia, Coordinacion General de Mineria, Direcciaon
General de Minas.
On September 25, 2020, the Author received a document with Central Securities Register
letterhead that stated Pita Exploration Limited is 100% owned by Sierra Madre Gold & Silver Ltd.
On September 25, 2020, the Author also received a document with letterhead from the Central
Securities Register, which showed that the shareholder ownership of Pita Exploration Limited.
This document was provided to the Author by Sierra Madre, who in turn received this document
from DuMoulin Black LLP.
On September 30, 2020, the Author received a letter written by Engineer Refugio Bonilla
Melendez (Reg 622-5) who validated the locations and expiry dates of the five mining concessions:
Nuevo Milenio Fracciόn I (225967); Nuevo Milenio Fracciόn II (212959); Pancho Fracciόn I
(234832); Pancho Fracciόn II (234833); and Pancho Fracciόn III (234834).
On September 30, 2020, the Author received registration information cards with the letter head
Secretaría de Economia, Direcciόn General de Minas that lists for each concession the name,
number, type, registration date, expiry date, size in hectares, and concession owner.
On October 2, 2020, the Author received a document from Consultoria Legal Profesional, S.C.,
dated October 1, 2020, that provided an independent opinion regarding the standing of the option
agreement between Pita Exploration S. de R.L. de C.V. and Cream Minerals de Mexico, S.A. de C.V,
and validity of the mining claim status.
On December 31, 2020, Sierra Madre’s council provided to the Author a table of expenditures for
activities completed on the Tepic Property in 2017, 2018, 2019, and for the first 9 months of 2020.
3-1
4 PROPERTY DESCRIPTION AND LOCATION

4.1 Location and Concession Description
Municipality of Xalisco, Nayarit, México (Figures 4-1, 4-2). On August 1, 2020, the Author(s)
received bank receipts from Banregio from the Federal Contributions, Products and Utilities, that
showed that all tax payments are up to date to the end of December 2020 for the five concessions.
On September 23, 2020, the Author received title documents issued from the Secretaria de
Economia, Coordinacion General de Mineria, Direcciaon General de Minas for the Pancho
Fracciόn I, Pancho Fracciόn II, and Pancho Fracciόn III mining concessions. On September 30, 2020,
the Author received from Sierra Madre supportive documents in the form of registration
information cards with the letter head Secretaría de Economia, Direcciόn General de Minas that
lists information for each concession. All concessions are in the name of Cream Minerals de
Mexico, S.A. de C.V. Also on September 30, 2020, the Author received a letter written by Engineer
Refugio Bonilla Meléndez (Reg 622-5) of Chihuahua, México, who validated the location and sizes
of the five mining concessions Nuevo Milenio Fracciόn I (225967), Nuevo Milenio Fracciόn II
(212959), Pancho Fracciόn I (234832), Pancho Fracciόn II (234833), and Pancho Fracciόn III
(234834). Consultoria Legal Profesional, S.C. provided additional verification to Pita Exploration
S.R.L. de C.V., on October 1, that the mining claims listed in Table 4.1 were duly registered before
the Directorate General of Mines of the Secretariat of Economy, and that as of October 1, 2020
were confirmed to be in the official folio of the Secretariat of Economy.
Table 4.1 shows a summary of the Property mining concessions.
Table 4.1
Summary of Tepic Property Concessions
Tax Payment
Tax
Concession Title Area Request Expiry Payment Mexican
Type Payment
Name Number Hectares Date * Date Reference Pesos
Period
No. ($)
Nuevo Milenio June 30, February ** 10101386 July to
225967 2,560.063 Mining 423,250
Fracciόn I 2005 19, 2051 225967 Dec., 2020
Nuevo Milenio March February 10101386 July to
212959 4.1459 Mining 690
Fracciόn II 22, 2000 19, 2051 212959 Dec., 2020
234832 23.6754 Mining 3,950
Fracciόn I 2007 2059 234832 Dec., 2020
234833 23.4476 Mining 3,890
Fracciόn. II 2007 2059 234833 Dec., 2020
234834 1.2160 Mining 220
Fracciόn III 2007 2059 234 834 Dec., 2020
Note* Request Date taken from Engineer Refugio Bonilla Meléndez (Reg 622-5) letter; ** Expiry Date for Nuevo Milenio
Fracciόn I is taken from letter provided by Engineer Refugio Bonilla Meléndez (Reg 622-5).
4-1
Within the boundaries of the concession are several active opal leases; these leases are excluded
from the mining concession area. Figure 4-3 shows the concession with the exclusion areas.
4-2
120°W 110°W 100°W 90°W
30°N
30°N
25°N
25°N
_
^
20°N
20°N
0
¯
(
$ $
150 300
15°N
Kilometers
Scale 1:15,000,000
15°N
Service Layer Credits: Content may not reflect National Geographic's current map policy.
110°W 100°W 90°W
Legend
_
^ Tepic Project Location
TECHNICAL REPORT TEPIC PROPERTY
General Location Map

State of Nayarit, Mexico
Figure 4-1
FILE: Fig_4_1_General_Location_Map
Date: 20 07 02 V:\1295\active\1668788993\Discipline\Geology\Geospatial\MXD
105°20'W 105°10'W 105°W 104°50'W 104°40'W 104°30'W 104°20'W
21°30'N
21°30'N
21°20'N
21°20'N
21°10'N
21°10'N
¯
(
$ $
21°N
0 5 10
21°N
Kilometers
Service Layer Credits: Content may not reflect National Geographic's current map policy. Scale 1:500,000
105°20'W 105°10'W 105°W 104°50'W 104°40'W 104°30'W 104°20'W
Legend
MEXICO Sierra Madre Gold and Silver Ltd.
Tepic Property
State Border TECHNICAL REPORT TEPIC PROPERTY
Tepic Property Location Map

Nayarit State of Nayarit, Mexico
Figure 4-2
Scale FILE: Fig_4_2_Project_Location_Map
1:50,000,000 Date: 20 07 24 V:\1295\active\129500334\Reports\Draft\Figures\GIS\MXD
2,363,500 517,000 517,500 518,000 518,500 519,000 519,500 520,000 520,500 521,000 521,500 522,000 522,500 523,000 523,500 524,000 524,500 525,000
2,363,500
2,363,000
2,363,000
2,362,500
2,362,500
2,362,000
2,362,000
La Curva
Xalisco Pancho
Fracc. I
Santa Maria
2,361,500
2,361,500
Del Oro
#
Nuevo Milenio
Fracc. II
Nuevo Milenio Pancho Fracc. III
#
2,361,000
2,361,000
Fracc. I
Fracc. II
Pancho
2,360,500
2,360,500
Document Path: C:\Data\Mexico\SierraMadre_993\ArcGIS\MXD\Figures_Report\Fig_4_3_Mineral_Claims_Map.mxd
2,360,000
2,360,000
¯
(
$ $
2,359,500
2,359,500
Compostela 0 350 700
Meters
Scale 1:35,000
2,359,000
2,359,000
517,000 517,500 518,000 518,500 519,000 519,500 520,000 520,500 521,000 521,500 522,000 522,500 523,000 523,500 524,000 524,500 525,000
Legend Mineral Claims Tepic

Tepic
Municipality Boundary Nuevo Milenio
Xalisco
Pancho Fraction TECHNICAL REPORT TEPIC PROPERTY
Xalisco
Santa Maria
Del Oro
Tepic Property
Concession Map
Compostela
San Pedro Figure 4-3
Notes Compostela DRAWN BY: M.B.
1. Coordinate System: NAD 1927 UTM Zone 13N Lagunillas CHK'D BY: A.T.
FILE: Fig_4_3_Mineral_Claims_Map
2. Data Source: Sierra Madre Gold and Silver Ltd. 1:1,000,000 Jala V:\1295\active\1668788993\Discipline\Geology\Geospatial\MXD
Date: 20 10 02
4.2 Option Agreements, Royalties and Encumbrances

An exploration agreement with option to purchase mining rights (Agreement) was entered into
between Cream Minerals de México S.A. de C.V. (Owner) and Pita Exploration S. de R.L. de C.V.
(Company) on December 11, 2017.
The Owner stated that:
The mining concessions (Concessions) subject to this Agreement were granted by the Ministry
of Economy, General Coordination of Mining, Directorate-General of Mines of the United
Mexican States, registered in the Public Registry in favor of the Owner; and that the
Concessions do not have any impediments, are free of encumbrance, and have no prior
commitments nor any commitment as of December 11, 2017.
These Concessions are free of lawsuits, claims or limitations of ownership of any nature or
agreements entered into previously, except for the debt corresponding to the payment of the
right of superficies plus related charges for the first semester of 2017 (January to June, 2017)
and a second semester of 2017 (July to December, 2017) regarding the mining concession
“Nuevo Milenio Fraccion I” Title 225967 in accordance with articles 262 and 263 of the Federal
Law and Article 27 section II of the Mining Law.
Select clauses agreed to between the owner and the Company in the Agreement are listed below:
FIRST - Exploration Rights The Owner grants the Company the exclusive right to explore the
Concessions as of the date of the Agreement, in accordance with the terms and conditions of
this Agreement and for a term of forty-eight (48) months in order to assess the economic
potential of the Concessions and to quantify mineral reserves. The exploration work including,
but not limited to, geological and geophysical surveys, drilling, perforation, tunnels, use of
explosive, pits, mineral sampling for laboratory analysis, samples for metallurgical tests or
other supplementary works that are required and according to the following scheme.
During the forty-eight (48) months, the Owner agrees to not to make any offer or execute any
agreement with Option to Purchase. Also, the Owner agrees not to make any offer or execute
any agreement or perform any other action that could compromise the rights derived from
the Concessions and in exchange the Company agrees to pay each and every one of the taxes
and/or mineral concessions for the year 2017.
SECOND - Option to Purchase and Consideration The Owner by this Agreement grants to the
Company the exclusive right to choose to purchase the ownership and rights related to the
Concessions, at any time, under the terms and conditions established in this Agreement. As
consideration for the granting of this Agreement and the Option to purchase the Concessions,
The Company will pay the Owner the following amounts in United States dollars, or the
4-6
equivalent in Mexican national currency, at the sale price so that the Owner can maintain the
Option for the assignment of 100% of the share of the Concessions as detailed below:
c. At the execution hereof, the amounts derived from the payment of taxes and/or fees plus
related charges of the mining concessions that are the subject matter of this agreement
for the year 2017, in accordance with articles 262 and 263 of the Federal Rights Law and
Article 27 Section II of the Mining Law;
d. If after ninety (90) business days requested from the Owner by the Company, the latter
decides to continue maintaining the offer, it agrees to make the payments according to
the following schedule:
i. 90 business days after the execution of this agreement, the amount of USD
ii. Six months after the execution of this agreement, the amount of USD $50,000
iii. Twelve months after the execution of this agreement, the amount of USD
iv. Eighteen months after the execution of this agreement, the amount of USD
v. Twenty-four months after the execution of this agreement, the amount of USD
vi. Thirty months after the execution of this agreement, the amount of USD $50,000
vii. Thirty-six months after the execution of this agreement, the amount of USD
viii. Forty-two months after the execution of this agreement, the amount of USD
ix. Forty-eight months after the execution of this agreement, the amount of USD
The Value Added Tax (VAT) will be added to each payment in the corresponding amount
according to the legal provisions applicable at the time of making each payment, which
will be paid to the Owner in exchange of an invoice issued by it to the Company in
accordance with applicable tax laws.
4-7
At the time that the Company has paid the total amount of US$450,000 (Four Hundred
Fifty Thousand US Dollars), plus the corresponding VAT, it will be understood that the
Company has exercised its option to acquire the Concessions.
THIRD - Exercise of the Option Once the Company has made the payments expressed in the
aforementioned second clause and after it has notified the Owner within thirty business days
of its intention to exercise the option to purchase the Concessions; then the Owner will
appear before a Notary Public in order to execute the assignment agreement (Assignment
Agreement) regarding the 100% interest in the mining Concessions free of any encumbrance
or lien, and the Company shall be obliged to pay to the Owner as part of that same act and
on that same date, the amount of USD $1,500,000 (One Million Five Hundred Thousand US
Dollars), or it will have the option to pay to the Owner a royalty of 3% (three percent) of the
net amount of the first-hand sales invoices paid to the Company for the sale of the minerals
obtained and sold from the mining lots covered by the Concessions for as long as the Company
is producing minerals (Net Smelter Royalty) until reaching an amount of US $4,000,000 (Four
Million US Dollars).
FOURTH - Net Smelter Royalty In the event that the Company exercises the option to pay the
Net Smelter Royalty instead of the amount of USD $1,500,000 (One Million Five Hundred
Thousand US Dollars) established in third clause above, the Company will pay to the Owner
said Net Smelter Royalty of 3% (three percent) of the net amount of the first-hand sales
invoices paid to the Company for the sale of the minerals obtained and sold from the mining
lots covered by the Concessions for as long as the Company is producing mineral from the
mining lots covered by the Concessions until reaching the amount of USD $4,000,000 (Four
Million US Dollars). The Company will make the payments of the Net Smelter Royalty within
thirty (30) business days after receiving each settlement sheet from each of the buyers of the
mineral products sold by the Company. The Company may acquire, at any time, part or all of
the Net Smelter Royalty from the Owner at a rate of USD $1,000,000 (One Million US Dollars)
plus VAT for each 1 % of said royalty. In other words, to acquire the entire Net Foundry Royalty
the Company would have to pay USD $3,000,000 (Three Million US Dollars) plus VAT.
In the event that the Owner decides in the future to sell its right of the net 3% (net three
percent) of the Net Smelter Royalty that is mentioned in the final part of the first paragraph
of the aforementioned third clause, each net percentage point (each net one percent) may
be purchased from the Owner at a price of USD $1,000,000 (One Million US Dollars). If the
Company does not acquire the Net Smelter Royalty pursuant to the preceding paragraph and
pursuant to this paragraph with respect to the value of the Net Smelter Royalty, the Company
will continue to pay to the Owner said Net Smelter Royalty, which may not exceed a value of
USD $4,000,000 (Four Million US Dollars) during the productive life of the mine, over which
the Company will have the pre-emptive right.
4-8
Option Agreement Lawyer Opinion

On October 1, 2020, Consultoria Legal Profesional, S.C., provided an independent opinion that the
de C.V. is in good standing. This opinion also addressed that, following the death of C. Ferdinand
Holcapek (owner of Cream Minerals de Mexico, S.A. de C.V.) on August 28, 2018, the additional
required payments to keep the option agreement were continued and the option agreement
obligations are being adhered to.
Additional Ownership Agreements

On September 25, 2020, the Author was given a document, which had letterhead from the Central
Securities Register that shows that 100% of the outstanding shares of Pita Exploration Limited are
owned by Sierra Madre Gold & Silver Ltd. This document was provided to the Author by Sierra
Madre, who in turn received this document from DuMoulin Black LLP.
4.3 Surface Use and Disturbance Agreement

The Company is currently in negotiation with two Ejidos for surface use agreements. Negotiations
have thus far been amiable, and no objections have been expressed by Ejido officials. Finalization
of the agreements has been complicated by COVID restrictions on group meetings.
4.4 Environmental Liabilities

Existing environmental liabilities, based on observations made during the site investigation,
appear limited and include mine adits and shafts, roads, small waste rock piles, and an area with
the remnants of two ancient furnaces.
Environmental Permitting
Secretaría del Medio Ambiente y Recursos Naturales (SEMARNAT) is responsible for
environmental project approvals. Pita Exploration S. de R.L. de C.V., on July 9, 2020, prepared an
environmental project preventive report “Informe Preventivo del proyecto” (IP) for the Nuevo
Milenio Project that included a drill program request. The report and request were submitted to
the General Director of Impact and Environmental Risk and the Secretariat of the Environment
and Natural Resources of SEMARNAT in the State of Nayarit. Due to rising numbers in cases of
COVID 19 in July, the SEMARNAT office was closed to the public.
4-9
On August 25, 2020, following reopening of the SEMARNAT office in the city of Tepic, Pita
Exploration S. de R.L. de C.V. delivered the environmental report and application for a 67-hole
drill program to the Secretary of the Environmental and Natural Resource Federal Delegation of
SEMARNAT for review. Official confirmation was provided on that date by SEMARNAT of receipt
of this document, which was given the system log number of 18 / IP-0052/08/20, and a project
code number of 18NA2020MD035.
Pita Exploration S. de R.L. de C.V. received a letter dated September 24, 2020 from the Federal
Delegation in the State of Nayarit Management Subdelegation for Environmental Protection and
Natural Resources. The subject line of this letter was Response to Preventive Report is Issued,
which provided a decision regarding the proposed drill program and the environmental
requirements. The second point addressed in the section titled “Resuelve” (Resolves) stated of
page 8 that:
“…The project activities conform to the exclusion of article 5 subsection L) Section 11 of

the REIA (Reglamento en Materia de Evaluaciόn del lmpacto Ambiental), so they do not
need to obtain the environmental impact authorization granted by this secretariat and
therefore they can be developed in the terms stated in the IP”.
4.5 Other Significant Factors and Risks

The Author is unaware of significant factors or risks that may materially restrict Sierra Madre from
its right and ability to perform work on the Property.
4-10
5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE,

AND PHYSIOGRAPHY
5.1 Accessibility
The Property is located approximately 27 km south-southeast from Tepic, Nayarit. There are roads
leading directly to the property which are mostly paved, excepting a short dirt road section of
approximately 3 km occurring just before the Property (Holcapek, 2008, p. 12). A map of the
general infrastructure proximal to the Property is shown on Figure 5-1.
5.2 Climate
The Tepic area is 930 m above sea-level. According to the Köppen Climate Classification system,
Tepic is classified as “Csa”, a Hot-summer Mediterranean climate. The average temperate for the
year is 21.3°C. The warmest month is July, with an average temperature of 24°C, and the coolest
month is January, with an average temperature of 17.8°C (Climate-Data.org, paras. 1-3).
Tepic averages approximately 1289 mm of rainfall annually, with the highest precipitation in
August, averaging approximately 390 mm (paras. 1-3).
5.3 Local Resources and infrastructure

Tepic is the capital of the Nayarit state in México. It has a regional airport, but for international
travellers, the city is most easily accessed by one of three international airports: Licenciado
Gustavo Díaz Ordaz International Airport, in Puerto Vallarta, located approximately 160 km
southwest; Mazatlán International Airport, located approximately 300 km north; and Miguel
Hidalgo y Costilla International Airport in Guadalajara, located approximately 220 km southeast.
All airports join with major highways leading to Tepic.
The population of metropolitan Tepic, as of 2020, is 546,000 (Macrotrends LLC, 2020, para. 1).
There are nine post-secondary institutions located in Tepic, providing options for skilled workers.
There are many businesses which rent equipment, such as trucks and heavy machinery.
Ferromex, the Mexican railway, has rail lines that run through the Tepic valley, and lead to hubs
across México. A rail siding that could be used for delivery or shipping of equipment and materials
is located 2 km west of the concession boundaries.
The area’s main industry is agriculture. Tobacco is the largest crop, supplying a cigarette factory
in Tepic. Sugar cane is also a key crop. With the proximity of Tepic to major tourist areas, such as
Puerto Vallarta and Mazatlán, the tourism industry is also on the rise (Advameg, 2020, para. 33).
5-1
5.4 Physiography
The concessions are situated in youthful topography between 1,000 m and 1,500 m above sea
level. Geologically the rocks are very young, flat-lying mafic to felsic volcanic sequences that
provide a rolling to rugged landscape. About 25 km to the south is the volcano Ceboruco, which
was last active approximately 200 years ago. Many other volcanic cones dot the nearby
countryside. These represent eruptions much later than the host rocks and their mineralization.
(McBride and Workman, 2013, p. 13)
These basalts are much younger than the mineralization at the Tepic project and cover several
projections of mineralized structures.
The Property is well vegetated with an open forest composed of small trees and shrubs. More
moderate slopes are used as grazing land for cattle. In the wet season (June to October), the
growth becomes quite dense. It subsequently slowly dries out during the long dry period
becoming more open and accessible.
The lower elevations in the area are farmed for a variety of crops. As measured from the centre
of the prospect area, the closest cultivated fields are approximately 1.5 km to the north and 2.5
km to the west. (p. 13)
Areas covered by flat lying basalt flow and mountainous areas have sparse open stands of oak
trees, low bushes, and grasses. Valley floors are covered by dense brush, but creek bottoms
contain dense jungle-like growth requiring clearing with machetes in order to pass. (Holcapek,
2008, p. 13).
5-2
500,000 505,000 510,000 515,000 520,000 525,000 530,000 535,000 540,000 545,000
Tepic Camichin
De Jauja ( Colonia
!
Moderna
!
(
San Cayetano
Xalisco !
(
2,370,000
2,370,000
San Jose De
Pantanal Mojarras
!
( !
(
Testerazo
!
(
2,365,000
2,365,000
Aquiles
Emiliano
!
(
Serdan
V
U 15
La Labor
!
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!
(
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yo
V
U
2,360,000
2,360,000
200
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!
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Document Path: C:\Data\Mexico\SierraMadre_993\ArcGIS\MXD\Figures_Report\Fig_5_1_Infrastructure_Map.mxd
Zapotanito
!
(
2,355,000
2,355,000
0
¯
(
$ $
2 4
2,350,000
2,350,000
Kilometers
Scale 1:200,000
Compostela Service Layer Credits: Content may not reflect National Geographic's current map policy.
500,000 505,000 510,000 515,000 520,000 525,000 530,000 535,000 540,000 545,000
Legend 1:4,000,000
Mineral Claim Highway Undivided 54
Urban Area Secondary Roads TECHNICAL REPORT TEPIC PROPERTY

Tepic Property 23
!
( Village Drilling Roads
River/ Creek Rail - Single Track 15

54 Infrastructure Map
200
4 Figure 5-1
Notes DRAWN BY: M.B. FILE: Fig_5_1_Infrastructure_Map
1. Coordinate System: NAD 1927 UTM Zone 13N 80 90 CHK'D BY: A.T.
2. Data Source: Sierra Madre Gold and Silver Ltd. 70 15 V:\1295\active\1668788993\Discipline\Geology\Geospatial\MXD
54 Date: 20 08 24
6 HISTORY
6.1 Prior Ownership and Ownership changes on the Property
There has been intermittent work completed in the vicinity of the Property during and following
the occupation by the Spanish. The current ownership of the concessions that make up the
Property are reviewed in detail in Section 4. Topography and locations of the historical workings
are shown on Figure 6-1.
6.2 Exploration Type, Amount, Quantity and Results

Historic Surface Exploration
Holcapek (2008) provides additional chronology to the exploration activities completed between
2000 and 2008. The following section is summarized from that report.
In June 2000, Cream Minerals De México S.A. commenced access road construction, tractor
trenching of the Dos Hornos, Once Bocas and Mina San Miguel (located in the Once Bocas 2 area),
channel sampling, geochemical soil sampling, prospecting, and geological mapping. In 2001 and
2002, additional regional mapping and prospecting was completed, in addition to excavation of
old Spanish workings and additional rock geochemistry in areas that contained silica caps. In 2003,
surface exploration continued in the form of further excavation of old workings, adits, and shafts,
in the Cerro Chacuaco area, as well as regional mapping and prospecting. In 2005 and 2006, focus
shifted to assessment of the Dos Hornos North area and Once Bocas, which resulted in the
location of numerous old Spanish workings. During this campaign, the old workings were opened,
cleaned, mapped and channel sampled. Following this campaign, additional surface mapping and
channel sampling were completed in the Cerro Chacuaco, Cafetal, Cafetal south, and Once Bocas
south areas. These exploration campaigns were completed under the supervision of German
Francisco Romero, who was the Project Geologist on site. The surface exploration campaigns were
instrumental in delineating drill targets. Historical drilling activities that were completed between
2002 and 2011 are reviewed in the following section. Figure 6-2 shows surface samples locations
from the Property.
Historic Drilling
Between 2002 to 2011 there were 149 holes drilled on the Property. A summary of the holes
drilled is shown in Table 6.1 by area and meterage. Figure 6-2 shows a Property-scale map of drill
hole location, Figure 6-3 shows the drill hole locations by area, and Figure 6-4 shows drill holes by
year. The location of two drill holes, DDH-17-07 and DDH-19-07 , need to be located in the field.
6-1
Table 6.1
Summary of Historic Drilling by Area
2002 2003 2006 2007 2011 Total
Total
Area Drill Drill Drill Drill Drill Drill
Metres
Holes Metres Holes Metres Holes Metres Holes Metres Holes Metres Holes
Cafetal 3 657.0 7 1,999.5 10 2,656.5
Chacuaco 3 403.0 4 838.0 2 489.9 9 1,730.9
Dos Hornos 1 3 472.0 4 905.5 4 869.0 16 3,875.7 27 6,122.2
Dos Hornos 4 641.0 2 489.0 4 992.0 10 2,122.0
1N
Dos Hornos 2 1 124.0 13 2,472.4 14 3,004.2 28 5,600.6
Dos Pinos 2 327.0 2 327.0
Once Bocas N 2 322.0 6 1,070.0 20 4,165.0 28 5,557.0
Once Bocas S 6 1,220.2 6 1,220.2
Transition N 1 209.0 2 617.5 3 826.5
Veta Tomas 1 176.0 7 1,279.5 16 3,603.2 24 5,058.7
Undefined* 2 352.5 2 352.5
Total 5 725.0 19 3,546.0 8 1546.5 28 5,462.4 89 20,294.2 149 31,574.1
Note: *The locations of DDH-17-07 and DDH-19-07 and not constrained and therefore are listed in Table 6.1 as Undefined in the
Location column.
6-2
Document Path: C:\Data\Mexico\SierraMadre_993\ArcGIS\MXD\Figures_Report\Fig_6_1_Topography.mxd
2,363,500 517,000 517,500 518,000 518,500 519,000 519,500 520,000 520,500 521,000 521,500 522,000 522,500 523,000 523,500 524,000 524,500 525,000
2,363,500
2,363,000
2,363,000
Æ Zapote
Æ Esmeralda
2,362,500
2,362,500
Æ Casa Tono
Æ Tahona
Æ
Joya
Pozo
Æ Tepeguaje
Æ
San Francisco
2,362,000
2,362,000
Pozo
Æ Astasis I
Æ La Suerte
Æ
Astasis II
Æ
Bagre
Pancho
Fraccion 1
Æ San Antonio
2,361,500
2,361,500
Dos Hornos
ÆÆ Dos Hornos Æ Guadalupana
#
Pancho Fraccion 3
Nuevo Milenio
Æ Æ
2,361,000
2,361,000
Opal
Fraccion 2
Dos Hornos
Pancho
Crucero
Æ Once Bocas Æ Guadalupana
Æ Chacuaco West
Æ
San Miguel
2,360,500
2,360,500
Æ Chacuaco ÆOnce Bocas
ÆPerdida
Santa
Æ
Guadalupana
Æ ÆGertrudes
2,360,000
2,360,000
Æ¯
Æ (
$ $
2,359,500
2,359,500
Buena Suerte
0 350 700
Meters
Scale 1:35,000
2,359,000
2,359,000
Service Layer Credits:
517,000 517,500 518,000 518,500 519,000 519,500 520,000 520,500 521,000 521,500 522,000 522,500 523,000 523,500 524,000 524,500 525,000
Legend Elevation (m)

901 - 920 1,081 - 1,100 1,261 - 1,280 1,441 - 1,460
Mineral Claim
Æ Historical Working
921 - 940
941 - 960
1,101
1,121
- 1,120
- 1,140
1,281
1,301
- 1,300
- 1,320
1,461
1,481
- 1,480
- 1,500 TECHNICAL REPORT TEPIC PROPERTY
961 - 980 1,141 - 1,160 1,321 - 1,340 1,501 - 1,520
981 - 1,000 1,161 - 1,180 1,341 - 1,360 1,521 - 1,540 Topography Elevation &
1,001 - 1,020 1,181 - 1,200 1,361 - 1,380 1,541 - 1,560 Historical Workings Map
1,021 - 1,040 1,201 - 1,220 1,381 - 1,400 1,561 - 1,580
1,041 - 1,060 1,221 - 1,240 1,401 - 1,420 Figure 6-1
Notes 1,061 - 1,080 1,241 - 1,260 1,421 - 1,440 DRAWN BY: M.B.
FILE: Fig_6_1_Topography
2. Data Source: Topography- INEGI https://en.www.inegi.org.mx V:\1295\active\1668788993\Discipline\Geology\Geospatial\MXD
Date: 20 10 02
Document Path: C:\Data\Mexico\SierraMadre_993\ArcGIS\MXD\Figures_Report\Fig_6_4_ChipSamples_Silver.mxd
2,363,500 517,000 517,500 518,000 518,500 519,000 519,500 520,000 520,500 521,000 521,500 522,000 522,500 523,000 523,500 524,000 524,500 525,000
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517,000 517,500 518,000 518,500 519,000 519,500 520,000 520,500 521,000 521,500 522,000 522,500 523,000 523,500 524,000 524,500 525,000
Legend
Mineral Claim
Drill Road TECHNICAL REPORT TEPIC PROPERTY
!
( Drill Hole
!
( Surface Sample
Surface Samples & Drill Hole
Location Map
Figure 6-2
FILE: Fig_6_4_ChipSamples_Silver
Document Path: C:\Data\Mexico\SierraMadre_993\ArcGIS\MXD\Figures_Report\Fig_6_3_DH_byLocation_PlanView.mxd
519,500 520,000 520,500 521,000 521,500 522,000 522,500
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¯
(
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CAF-04-11
CAF-01-11
DP-02-11 #
* DP-01-11
CAF-03-11 DDH-14-03
2,359,500
2,359,500
CAF-02-11
0 175 350
Meters DDH-15-03
CAF-06-11 DDH-16-03
Scale 1:15,000 CAF-07-11
519,500 520,000 520,500 521,000 521,500 522,000 522,500
Legend Drill Holes by Location

Mineral Claim !
( Dos Hornos 1N (10) "
) Once Bocas N (28)
Drill Road !
( Dos Hornos 1 (27) "
) Once Bocas S (6) TECHNICAL REPORT TEPIC PROPERTY
!
( Dos Hornos 2 (27) *
# Dos Pinos (2)
Cafetal (10) D Transition N (3) Map of Drill Hole
!
( Chacuaco (9) Veta Tomas (27) Locations by Area
Figure 6-3
FILE: Fig_6_3_DH_byLocation_PlanView
Document Path: C:\Data\Mexico\SierraMadre_993\ArcGIS\MXD\Figures_Report\Fig_6_4_DH_by_Drilling_Year.mxd
519,500 520,000 520,500 521,000 521,500 522,000 522,500
DDH-35-07
D
DDH-08-06
E
DDH-06-06 DDH-13-07
DDH-07-06
E
D
E
2,361,000
2,361,000
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# *OBN-02-11 *
( OBN-04-11
! DDH-09-07# #
* DDH-33-07
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!
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* # * DH1-11-11D#*DH2-10-11
*D # DH2-09-11
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2,360,500
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* OBN-09-11
# OBN-07-11 #
* D
DH2-05-11 DDH-29-07 DDH-27A-07
#
*
*#
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( !(
Scale 1:15,000 CAF-07-11 DDH-16-03
519,500 520,000 520,500 521,000 521,500 522,000 522,500
Legend Drill Holes by Year

2002 Sierra Madre Gold and Silver Ltd.
Mineral Claim 2002 (5) 2% 2003
11%
Drill Road !
( 2003 (19) 2006 TECHNICAL REPORT TEPIC PROPERTY
5%
2006 (8)
E
2007 Map of Drill Hole

D 2007 (28) 2011 17%
#
* 2011 (89) 65% Locations by Year
Figure 6-4
Total Meters Drilled
725 3,546 1,547 5,428 20,293
20,294
Notes DRAWN BY: M.B. FILE: Fig_6_4_DH_by_Drilling_Year
2. Data Source: Sierra Madre Gold and Silver Ltd. V:\1295\active\1668788993\Discipline\Geology\Geospatial\MXD
Date: 20 09 16
6.3 Historical Resource Estimates

The resources that are reported in this section are historic in nature, have not been independently
verified by the Author(s), and should not be relied upon without referencing the source Technical
Reports. The Author(s) have not done sufficient work to classify these historical resource
estimates as current mineral resources and the issuer is not treating the historical estimate as
current mineral resources.
There are three historic resource estimates provided on the Property that were published
between the 2008 and 2013 for Cream Minerals. The locations of each specific area are addressed
in subsequent sections.
2008 Holcapek Historic Resource Estimates

Holcapek (2008) reported inferred Ag-Au resources for the Dos Hornos, Veta Tomas and Once
Bocas deposits on the Property. The Ag-Au resources were reported for two cases. The Case 1
resource estimates with effective date January 30, 2008, are shown in Table 6.2. The Case 2
resource estimates with effective date December 24, 2008, are shown in Table 6.3.
Table 6.2
Case 1 Holcapek (2008) Inferred Historical Resources
Dos Hornos (U/G) Tonnes Au g/t Ag g/t Au oz Ag oz
Dos Hornos Segment 1 2,132,803 1.53 133.71 104,583 9,168,652
Dos Hornos Segment 2 2,949,215 0.95 76.47 89,657 7,250,803
Veta Tomas 1,246,162 1.28 354.72 51,344 14,212,287
Once Bocas (OP) 11,590,000 0.35 57.90 129,000 21,580,000
Total 17,918,180 374,584 52,211,742*
Note: U/G = underground; * total adjusted in Table 6.2; Dos Hornos Segment 1 was subsequently shortened to Dos
Hornos 1; Dos Hornos Segment 2 was subsequently shortened to Dos Hornos 2; Once Bocas (OP) is subsequently
shortened to Once Bocas
Table 6.3
Case 2 Holcapek (2008) Inferred Historical Resources
Dos Hornos (U/G) Tonnes Au g/t Ag g/t Au oz Ag oz
Segment 1 1,235,036 1.50 165 59,400 6,552,239
Segment 2 746,528 1.77 202 42,390 4,847,216
Veta Tomas 1,246,163 1.28 351 51,344 14,212,287
Once Bocas all Veins 1,921,162 1.92 253 118,348 15,602,013
Total 5,148,889 271,482 41,213,755*
Note: U/G = underground; * total adjusted in Table 6.3; Segment 1 is subsequently named Dos Hornos 1; Segment 2 is
subsequently named Dos Hornos 2
6-7
The resource estimates for both Case 1 and Case 2 were based on volumetric calculations within
the mineralized zones along downdip sections and between cross-sections targeting silver grades
at or above the cutoff grade to a maximum depth of 900 m. The width of the mineralized zone
was based on core and channel samples available for each section. According to Holcapek (2008)
the average width of the old Spanish workings is from 0.80 m to a maximum of 1.50 m but channel
samples in trenches, along adits and in diamond drill holes the mineralized zone may be as wide
as 6 m to 18 m. The silver cutoff grade used for the Case 1 estimates as of January 30, 2008, were
between 60 g/t silver to 70 g/t silver.
Due to a significant correction in the silver prices in 2008, from a high of US$ 19.51/oz in March
2008 to US $9.86/oz in November 2008, Holcapek (2008) adjusted the silver cutoff grade to
between 120 g/t and 150 g/t for Case 2 estimates that had an effective date of December 24,
2008. The revised cutoff grades resulted in a significant reduction is size of the mineralized
resource volumes from the Case 1 to Case 2 estimates as can be noted when comparing average
mineralized zone tonnes listed in Table 6.2 with Table 6.3. The Ag:Au ratio as calculated from the
totals for Case 1 (Table 6.2) and Case 2 (Table 6.3) are 139 and 152, respectively. A specific gravity
of 2.65 g/cm3 and Au:Ag price ratio of 50:1 was used for both the Case 1 and Case 2 estimates.
Holcapek (2008) reasoning for classifying Ag-Au resources as inferred-only are summarised from
the following direct quote from the report:
“Although Dos Hornos Segment 1, Dos Hornos Segment 2 and Veta Tomas had much work done
and show definite continuity in grade and geology, the spacing of sample points from diamond
drill holes, underground, shafts and surface trenches are too wide to allow upgrading to an
Indicated Mineral Resource. The correlation problem between core assays and channel sample
assay introduces an uncertainty which can only be resolved by underground development
(drifting along and by x-cutting the mineralized structure). Subsurface diamond drilling should
provide sufficient, closer spaced sample points, combined with bulk sampling, to allow upgrading
to an Indicated and/or Measured Mineral Resource.”
It is the opinion of the Author that the historic resource estimation approach and cutoff grades
applied by Holcapek (2008) were reasonable given the quantity and quality of information
available at the time. The Author believes that additional subsurface drilling and sampling on the
property in 2008 would have been necessary to potentially increased the historic resource
confidence from that outlined in Table 6.2 and Table 6.3. The Author(s) have not done sufficient
work to classify the Holcapek (2008) historical resource estimates as current mineral resources
and the issuer is not treating the historical estimate as current mineral resources.
2012 McBride Historic Resource Estimates

McBride (2012) reported Ag-Au resources for the Dos Hornos, Veta Tomas, Once Bocas North and
Once Bocas South deposits. The McBride (2012) estimates were reported following a 2011 infill
6-8
drilling program that was completed after Holcapek (2008) reported an inferred historical
resource. The resource estimates for Dos Vornos and Veta Tomas were reported using a silver
equivalent cutoff grade of 50g/t and 160g/t as shown in Table 6.4 and Table 6.5, respectively. The
Ag:Au ratio as calculated from Table 6.4 for the total measured plus indicated and inferred historic
estimates are 151 and 143, respectively. The Ag:Au ratio as calculated from Table 6.5 for the total
measured plus indicated and inferred historic estimates are 146 and 173, respectively.
The Once Bocas South and Once Bocas North historic resource estimates are as shown in Table
6.6 and Table 6.7, respectively. Resources at Once Bocas South were reported at 50g/t silver
equivalent cutoff grade and at Once Bocas North, identified as potentially surface mineable, at
20g/t silver equivalent cutoff grade. The Ag:Au ratio as calculated from Table 6.6 and Table 6.6
for the total inferred historic estimates are 268 and 203, respectively.
The effective date of the resource estimates was September 22, 2012.
6-9
Table 6.4
2012 McBride Dos Hornos - Veta Tomas Estimates - 50g/t Ag equivalent cutoff grade
1 1
Tonnes Meas. + Gold Silver Silver Au Ag Ag Eq.
Tonnes Measured Tonnes Indicated Tonnes Inferred
Zone Ind. g/t g/t Eq. g/t oz oz oz
Million Million
Dos Hornos
1,000,000 0.45 80.97 103.47 14,643 2.60 3.34
1 50g
278,000 0.33 71.98 88.63 2,980 0.64 0.79
1,278,000 0.42 79.41 100.24 17,623 3.24 4.13
133,000 0.21 59.50 73.53 920 0.27 0.32
Dos Hornos
526,000 0.73 74.60 118.18 12,384 1.26 1.88
2 50g
255,000 0.58 63.30 92.49 4,792 0.52 0.76
781,000 0.68 70.91 109.79 17,176 1.78 2.64
122,000 0.52 51.49 77.22 2,027 0.20 0.30
Veta Tomas
430,000 0.55 95.09 122.52 7,582 1.31 1.69
50g
340,000 770,000 0.56 81.62 109.55 6,104 0.89 1.20
0.55 89.14 116.64 13,686 2.20 2.89
245,000 0.65 88.37 120.67 5,087 0.70 9.66
Total
0.55 82.36 111.61 34,609 5.17 6.91
Measured
1,956,000
Total
873 000 0.49 73.20 97.91 13,876 2.05 2.75
Indicated
Total
Measured
2,829,000 0.53 79.79 107.34 48,435 7.22 9.66
and
Indicated
Inferred 500,000 0.50 71.69 97.53 18,773 1.17 1.57
1
Additional column estimates from Cream (2012) press release dated July 30, 2012.
6-10
Table 6.5
2012 McBride Dos Hornos - Veta Tomas Estimates - 160g/t Ag equivalent cutoff grade
1 1
Tonnes Tonnes Meas. Gold Silver Silver Ag Ag Eq.
Tonnes Indicated Tonnes Inferred Au oz
Zone Measured + Ind. g/t g/t Eq. g/t oz oz
Million Million
Dos Hornos 1
287,000 1.18 174.30 233.70 10,985 1.61 2.16
160g
56,000 0.91 170.46 216.10 1,636 0.31 0.39
343,000 1.14 173.67 230.83 12,621 1.92 2.55
700 0.30 156.87 171.90 71 0.04 0.04
Dos Hornos 2
167,000 1.50 165.87 240.93 8,045 0.89 1.29
160g
69,000 1.04 151.05 203.17 2,321 0.37 0.45
236,000 1.36 154.87 229.88 10,366 1.26 1.74
15,000 1.01 174.88 225.31 500 0.09 0.11
Veta Tomas
159,000 1.01 181.27 231.60 5,108 0.92 1.17
160g
65,000 1.05 184.72 237.26 2,206 0.39 0.50
224,000 1.02 182.27 233.24 7,314 1.31 1.67
49,000 1.04 180.21 232.24 1,626 0.28 0.36
Total Measured 613,000 1.22 126.79 235.12 24,138 3.42 4.62
Total Indicated 190,000 1.01 168.29 218.64 6,163 1.07 1.34
Total Measured
803,000 1.17 170.54 231.22 30,301 4.49 5.96
and Indicated
Inferred 64,700 1.03 178.70 229.98 2,197 0.41 0.51
1
6-11
Table 6.6
2012 McBride Once Bocas South Estimates - 50g/t Ag equivalent cutoff grade
1 1
Tonnes Tonnes Tonnes Gold Silver Silver Ag Ag Eq.
Tonnes Inferred Au oz
Zone Measured Indicated Meas. + Ind. g/t g/t Eq. g/t oz oz
Million Million
Once Bocas South 909,000 0.27 72.28 82.27 8,170 2.10 2.50
1
Table 6.7
2012 McBride Once Bocas North Estimates - 20g/t Ag equivalent cutoff grade
Silver 1 1
Tonnes Tonnes Tonnes Gold Silver Ag Ag Eq.
Tonnes Inferred Eq. Au oz
Zone Measured Indicated Meas. + Ind. g/t g/t oz oz
g/t
Million Million
Once Bocas North 287,000 2,145,000 0.20 40.67 50.67 15,840 2.50 3.20
1
6-12
The McBride resource extents and classifications were based on the following criteria:
• 0 to 25 m horizontally and vertically was a measured resource,
• 25 to 50 m horizontally and vertically was an indicated resource,
• 50 to 75 m horizontally and vertically an inferred resource;
• metal prices of US$1500.00 per ounce gold and US$30.00 per ounce silver were applied
to determine the gold-silver ratio; and
• A minimum mineralized zone width of 1 m.
Specific gravity was used to derive the resource tonnages presented in Table 6.3 through Table
6.6.
The average gold and silver grades reported by the McBride (2012) are lower than that reported
by Holcapek (2008) due to the 2011 in-fill drilling not consistently generating assays to support
the previously estimated grades and as a result the average grade decreased as noted in the
Cream (2012) press release. The 2011 drill program also identified an additional resource on Once
Bocas South which had not previously been drilled.
applied by McBride (2012) were reasonable given the quantity and quality of information
available at the time. The Author believes that additional subsurface drilling and sampling on the
property in 2012 would have been necessary to potentially increased the historic resource
confidence from that outlined in Table 6.3 through Table 6.7. The Author have not done sufficient
work to classify the McBride (2012) historical resource estimates as current mineral resources and
the issuer is not treating the historical estimate as current mineral resources.
2013 WGM Historic Resource Estimates

In 2013, McBride and Workman (2013) representing Watts Griffis and McOuat, Consulting
Geologist and Engineers (WGM), reported Ag-Au resources for the Dos Hornos, Vita Tomas, and
Once Bocas North deposits. The WGM Ag-Au resource estimates with effective date March 20,
2013 are presented in Table 6.8 below.
6-13
Table 6.8
2013 WGM Estimates - cut-off equivalent to US $75/tonne Ag-Au value
Equivalent Silver
Zone and Resource Thickness Average Grade
Tonnes Grade
Class (avg. m.)
g Ag/t g Au/t Ag.eq (g/t)
DOS HORNOS 1
Indicated Resources 268,116 4.80 164 0.66 198
Inferred Resources 80,594 4.60 155 0.75 194
DOS HORNOS 2
VETA TOMAS
ONCE BOCAS NORTH
Inferred Resources 117 ,949 9.68 119 0.70 155
ALL ZONE SEGMENTS
The Ag:Au ratio for indicated historic estimates as calculated from Table 6.8, varies from 248 (Dos
Hornos 1) to 124 (Dos Hornos 2). For inferred historic resource estimates listed in Table 6.8 the
calculated Ag:Au ratio varies from 207 (Dos Hornos 1) to 107 (Dos Hornos 2). The WGM estimates
were prepared from a long section polygonal model using a C$:US$ exchange rate of par (1:1) and
on the following metal prices in US dollars per ounce: Au at $1,635.00 and Ag at $31.50 as
established at the close of trading on 7 February, 2013. Gold and silver assays expressed in grams
per tonne were used to calculate equivalent silver grades, based on the following formula:
wherein:
Ageq = Ag + 52.9 Au
Ageq = the equivalent silver grade
Au = the original gold assay
Ag = the original silver assay
6-14
A minimum grade equivalent to US $75 of contained gold and silver value per tonne was
imposed based on WGM’s estimate of the cost of mining and processing ore on the Property.
Other inputs used in the WGM resource estimate are summarized as follows:
• minimum horizontal thickness 1.5 m

• specific gravity 2.65 tonnes per cubic metre
• silver : gold conversion 52.9 : 1 (equivalent to metal prices of $1,635/oz Au
and $31.50/oz Ag)
• cut-off grade US $75/tonne contained gold + silver

• resource classification intersection grades projected in an ellipsoidal zone with
maximum horizontal and vertical
dimensions of, respectively, 30 m and 20 m
for Indicated Resources, and 45 m and 30 m
for Inferred Resources.
• high-grade assay cutting silver values cut to 1,000 g/t; gold values are uncut.
The WGM estimates did not report any historic resources at a Measured level of assurance and
as such this represents a downgrade in resource confidence for the Dos Hornos 1, Dos Hornos 2
and Veta Tomas deposits when compared to the McBride (2012) estimates. However, the Once
Bocas North deposit previously identified by McBride (2012) as Inferred only, were estimated by
WGM to include historic resources at both an indicated and inferred level of assurance.
Furthermore, the inferred Once Bocas South historic resource identified by McBride (2012) was
not included the WGM estimates in 2013 as this area was not sufficiently explored according to
McBride and Workman (2013). WGM classified the Dos Hornos 1 and 2 Mineral Resources as
Indicated and Inferred Resources based primarily on core loss due to a combination of: (1) poor
drilling conditions; (2) the capabilities of the drilling equipment; and/or (3) the skill of the drillers
(McBride and Workman, 2013).
applied by WGM are overall conservative when compared to the prior McBride (2012) estimates
but nevertheless reasonable given the quantity and quality of information available at the time.
The Author believes that additional subsurface drilling and sampling on the property in 2013
would have been necessary to potentially increased the historic resource confidence from that
outlined in Table 6.8. The Author have not done sufficient work to classify the WGM historic
resource estimates by WGM as current mineral resources and the issuer is not treating the
historical estimate as current mineral resources.
Historic technical reports and resource estimates from 2008 to 2013 have demonstrated the Tepic
Property to be viable exploration and mining targets that warrant further evaluation to realize
6-15
their full potential. The following risks have been identified that may have an impact on future
exploitation potential of the Property:
• Past technical reports on the Property did not demonstrated consistent conclusions on
overall confidence relative to the available exploration data at the time;
• Insufficient or lack of specific gravity measurements for tonnage estimates;
• Poor core recovery from past drilling campaigns;
• Extent of past underground mine workings have not been conclusively surveyed; and
• Past surface mapping information has not been compiled into an easily accessible digital
format for easy reference.
It is the opinion of the Author that the above risks can be eliminated or reduced for the ultimate
purpose of producing a current mineral resource estimate that would serve as the basis of a future
mine plan. The recommended development plan is presented in Section 26.
6.4 Historical Production on the Property

There is evidence of underground mining of the mineralized veins from Spanish colonial times and
more recent artisanal miners. Production records from past underground mining are not
available. The extent of these underground workings is understood by the author, following a site
inspection of the property, to be limited to near surface mineralized zones on the property. None
of the Ag-Au deposits are interpreted to be mined-out by the author and remain viable
exploration targets for further development.
6-16
7 GEOLOGIC SETTING AND MINERALIZATION

7.1 Regional Geology
The structural and volcanic history of the region that is presented in this section is paraphrased
from Ferrari et al., 2003. Figure 7-1 is modified from Figure 2 of Ferrari et al. (2003) and shows
the main extensional faults and the post 7 Ma volcanism of the western Trans-Mexican Volcanic
Belt. Figure 7-2 shows the regional geological units as extracted from the National Institute of
Statistics and Geography, INEGI as of August 16, 2020.
Regionally, the Property area is located in the San Pedro–Ceboruco graben (SPC), which is the
northwesternmost tectonic structure of the Tepic–Zacoalco Rift that was developed following the
late Miocene in the western Trans-Mexican Volcanic Belt (TMVB). The SPC is oriented WNW–ESE
and is located at the boundary between two basement blocks: the batholith of the Jalisco block
to the south that has an age of Cretaceous to Paleocene, and the Sierra Madre Occidental silicic
volcanic province to the north that is Oligocene to early Miocene in age. The tectonic contact
between the two blocks is covered by calc-alkaline, transitional and sodium alkaline volcanic
material.
The oldest volcanism related to the TMVB, which is late Miocene in age, consists of a thick
succession of mafic lava flows and is only found by deep drilling in select areas. Shortly after this
phase of volcanism, a large amount of rhyolitic lavas and silicic pyroclastic flows were deposited
in the early Pliocene between 5 Ma and 4.2 Ma, which was followed by regional faulting and the
subsequent emplacement of mafic volcanism at approximately 3.8 Ma. Volcanism resumed at the
end of Pliocene along a NW–SE alignment of cinder cones and domes that bounds the southern
portion of the SPC. The area underwent intense volcanic activity in the last one million years. This
volcanic event produced several dacitic to andesitic domes and a small calc-alkaline stratovolcano
that is named Tepetiltic. The Property is located approximately 15 km to the northwest of the
Tepetiltic stratovolcano. The approximate location of the Property is shown as the red star in
Figure 7-1.
7.2 Local Geology

This section is paraphrased from Meixner, 2003. Figure 7-3 shows the observed units in the
Property, the structure and the location of the calderas that are addressed in this section. A
schematic geological cross section of the Property is shown in Figure 7-4.
The Tepic Property is located in the Nuevo Milenio caldera structure. This area contains exposures
of gold-silver mineralization, areas of hydrothermal alteration, and historic mine workings. The
Nuevo Milenio Caldera is oriented in the northwesterly orientation, is approximately 5 km x 3.5
km, and is nested within the larger La Curva Caldera that dimensionally is 7 km x 5 km. The still
larger Sanganguey Caldera margin cuts or impinges on the older strata of the Nuevo Milenio
caldera structures to the north.
7-1
Tepic Property
t
_Faul
Fig_7_1_Re gional s t
_and _pos c anis
Vol m xd
m _P .
¯
(
$ $
\
Figure s_Re port
0 10 20
Kil
om e t
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S\
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Le ge nd
Sie rraMad re _993\

Main Volcanic Structures: Main Tectonic Structures:
SJ=San Juan P V=P ue rt
o Val
lart agrab e n
SA=Sangangue y P B– SR =P lan d e Barranc as –Sant
aRosagrab e n TECHNICAL REPORT TEPIC PROPERTY
TE=T e pe t
il
t
ic SM =San Marc oshal f-
grab e n
CE=Ce b oruc o
Regional Faults and
ic o\
TEQ =Te quil a Post 7 Ma Volcanism

LP =LaP rim ave rac al d e ra We st
e rn TMVB
Me x
SP =San P e d ro c al
d e ra
a\
Dat
Figure 7-1
\
h:C:
DRAWNBY:M. B.
Notes FI
LE:Fig_7_1_Re gional
_Faults_and _post Vol
c anis
m _P
DataSourc e :Mod ifie d from Figure 3of Fe rrarie tal
.,2003 CHK'DBY:A.T.
V:
\1295\
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\MX D
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Dat
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aim e r:Thisd oc um e nthasb e e n pre pare d b ase d on inform ation provid e d b y ot
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490,000 500,000 510,000 520,000 530,000 540,000 550,000
T(A)
2,380,000
2,380,000
Tpl-Q(B)
Q(re)
Tom(R-Ta)
Tpl-Q(B) Q(Vc) K(cz)
T(A) Q(re)
T(A)
Tpl-Q(Bvb)
Tpl-Q(B)
2,370,000
2,370,000
Q(al)
K(D)
Tpl-Q(B)
Tpl-Q(B) Tom(R-Ta)
Q(re)
Tom(Ta) T(A)
Tom(Ta)
2,360,000
2,360,000
Tom(Ta)
Tpl-Q(B)
Q(al)
Tom(Ta)
Ts(ar-cg) Tom(R-Ta)
Q(al)
Q(cg)
2,350,000
2,350,000
Q(al)
Tpl-Q(B)
Tom(Ta)
Q(al)
Tom(Ta) 0
¯
(
$ $
3 6
Q(al) Tpl-Q(B)
T(A) Tom(Ta)
Kilometers
Q(re) Scale 1:300,000
Tpl-Q(B)
490,000 500,000 510,000 520,000 530,000 540,000 550,000
Legend Geologic Units
Q(al), Quaternary Alluvial Tom(R-Ta), Tertiary Rhyolite Tuff (acidic)

Tepic Property
Q(cg), Quaternary Conglomerate Tom(Ta), Tertiary Undifferentiated Tuff (acidic)
Fault Q(Vc), Quaternary Volcanoclastic TECHNICAL REPORT TEPIC PROPERTY
Ts(ar-cg), Tertiary Arenite - Conglomerate
Fracture Q(re), Quaternary Residual K(D), Cretaceous Diorite
Tpl-Q(Bvb), Tertiary (Pliocene) - Quaternary Volcanic Breccia (basic) K(cz), Cretaceous Limestone
Regional Geology Map
Tpl-Q(B),Tertiary (Pliocene) - Quaternary Basalt Waterbody
State of Nayarit, Mexico
T(A), Tertiary Andesite
Figure 7-2
1. Coordinate System: NAD 1927 UTM Zone 13N FILE: Fig_7_2_Regional_Geology_Map
CHK'D BY: A.T.
2. Data Source: Instituto Nacional de Estadística y Geografía, INEGI. F13-8 Conjunto de datos vectoriales Geológicos serie I. Tepic http://www.inegi.org.mx (extracted August 16, 2020) V:\1295\active\129500334\Reports\Draft\Figures\GIS\MXD
Date: 20 08 30
517,000 518,000 519,000 520,000 521,000 522,000 523,000 524,000 525,000
¯
Tb
A'
Tr (
$ $
2,363,000
2,363,000
0 0.35 0.7
Volcan Kilometers
@
Trt Media Scale 1:35,000
@
Tb Tr
Ç
Tb @
Ç
Caldera Trt Luna
Nuevo Milenio Tr Tr
@
Caldera @
M
Trt Calder
in
@
@ LT a Sang
Ç @ AU
a
La Curva @ Trt Tb angue
Ca
Tb Tb y
lifo
Tb
@ NA F
Ç
@ rnia
@ Trt LU
Ç
@
Ç
2,362,000
2,362,000
D IA Tr
Ç
@ @ ME
Ç
@
@
@
Ç Ç @ Trt
@
@
@
@
Arroyo @
Ç
@
Refilion
@ @
@
@
@ ÇÇ
@ Ç
2,361,000
2,361,000
@
Ç
Do
@Ç Opal
@
Ç
sH
Tr
@
Trt
@
orn
@
Ç
os
@
Ç
@ @
Ç Ç
C
@
ha
@ Trt
Ç
cu
@
Ç
ac
@
Ç@
o
@
W
On
Vet
Tr
es
@
Ç
ce
@ @
@
t
a
@ Ch
Bo
Ç@
Tr
Tom
2,360,000
2,360,000
Trt @ ac @
ca
@
ua
@
RE
as
@ co
FI @
LI
J-Cr O @
N C@ a @
FA fe
Buena Suerte
@ Trtu
Ç
U ta Tb
LT l@ @ Trtn
ZO @ @
NE
@
2,359,000
2,359,000
@
A
@
517,000 518,000 519,000 520,000 521,000 522,000 523,000 524,000 525,000
@
Legend Geologic Units @
Mineral Claim Tb, Bassalt Flow MEXICO
@
Ç Old Workings Trtu, Upper Lithic Tuff
@ TECHNICAL REPORT TEPIC PROPERTY
Tr, Rhyolite Extrusive and Intrusive
Mineralized Structure
@
Geologic Contact
Trtc, Rhyolite Tuff - conglomeritic
Tepic Property
Property Geology Map
Trt, Rhyolite Lithic Tuff Nayarit @
? ? Fault, Shear
J-Cr Jurassic-Cretaceous: Pre Volcanism Basement @
Caldera Rim Figure 7-3
Notes Scale DRAWN BY: M.B. @
FILE: Fig_7_3_Local_Geology_Map
2. Data Source: Meixner. 2003 1:25,000,000 V:\1295\active\1668788993\Discipline\Geology\Geospatial\MXD
Date: 20 10 19 @
@
@
Schematic Geological
Cross Section
Figure 7-4
DRAWN BY: M.B.
FILE: Fig_7_5_Mineralization_Section
CHK'D BY: A.T.
Notes 1. Data Source: Meixner, 2003 Date: 20 08 30 V:\1295\active\1668788993\Discipline\Geology\Geospatial\MXD
Thin overburden covers most of the Property; however, sub-outcrop and float were mapped and
are proposed to represent the underlying lithologies. With exception of the basalts, which are
interpreted to post-date the event of mineralization, as well as the uppermost rhyolite domes and
flow sheets, the host rocks on the Property are altered. Tuffaceous saprolite is observed in creek
beds that grade upward into kaolinized and silicified tuff strata. Descriptions of the lithologies
observed on the Property from oldest to youngest are reviewed in the following paragraphs.
The oldest exposed lithology is a rhyolite tuff conglomerate (Trtc), which represents the basal
portion of the rhyolite tuff unit. The rhyolite tuff (Trtn), which is observed in the northern part of
the Property, is light grey, fine-grained, non-welded, and does not contain quartz eyes. The unit
is intensely altered to kaolinite and is recessively weathered.
A rhyolite lithic tuff with quartz eyes (Trt) overlies the rhyolite tuff (Trtn). Hand specimens of this
tuff are medium grey, fine to medium-grained, have porphyritic textures and quartz eyes, and
frequently contain lapilli and pumice fragments. Where extensively altered, this unit is pale
yellow. This unit is the host to precious metal mineralization on the Property. In the Cafetal area,
a restricted tuffaceous unit that is up to 30 m thick, is observed. This unit is called the Upper Lithic
Tuff (Trtu) and contains abundant coarse-grained clear quartz eyes, hornblende ghosts, clays,
quartz, sericite and hematite. Although being silicified in area, the unit is barren of mineralization.
Rhyolite flows (Tr) overly the rhyolitic lithic tuff unit. These rhyolite flows outcrop as domes and
flow sheets, are pale cream to pink in colouration, have a flow-banded texture, and occur at higher
elevations throughout the Property along most of the caldera rim traces. The surfaces of the flow
banded beds are lined with clear chalcedony and occasionally with opal. Devitrification of portions
of this glassy silica caused recrystallization to milky white and variably coloured varieties of
opaline material.
Basalt (Tb), which occurs throughout the central portion of the Property as extensive flows,
overlies the rhyolite flows (Tr). The basalt is dark green, massive, is unaltered and is interpreted
to post-date mineralization.
The northwest oriented Refilion Fault Zone is interpreted to transect the Nuevo Milenio and La
Curva calderas along their southwestern margins (Figure 7-3). The northeast oriented Media Luna
Fault is interpreted to terminate the northwesterly extent of mineralization at the Dos Hornos
and Once Bocas mineral showings (Figure 7-3).
7.3 Mineralization
Mineralized silica veins are hosted in the felsic lapilli-agglomerate tuff. Quartz veins and quartz
stockworks are concentrated within these rocks. Numerous vein systems have been identified
and the main areas are named: Dos Hornos 1, 1N, and 2; Veta Tomas; Once Bocas North and
South, Chacuaco; and Cafetal. The three known trends have a cumulative length of over a
kilometre and widths of up to 200 m. Mineralization is typically concentrated in northwest-
southeast steeply dipping quartz vein systems. Commonly, the vein textures are laminated, vuggy,
7-6
brecciated and bladed, which supports boiling. The silica commonly has a bluish to grey
colouration, which is interpreted to indicate the presence of disseminated sulphides in the silica.
McBride (2012) observed oxide mineralization in float at Dos Hornos 1 that is interpreted to be
caused during the final phase of the mineralizing event following sulphide depletion.
The mineralized zones and prospects are further addressed in the following subsections.
Dos Hornos 1 and 1N Zones

The Dos Hornos 1 and Dos Hornos 1N zones, with a mineralized strike length of 300m, are at the
north end of the Dos Hornos - Veta Tomas trend. Drill hole attributes are listed in Table 7.1,
mineralized intervals in Table 7.2; figures 7-5 to 7-10 show the drill hole locations and grades.
7-7
Table 7.1
Dos Hornos 1 & 1N Drill Hole Attributes
UTM NAD 27 (México) Elevation Length
Hole Name Azimuth Dip
Northing Easting Metres ASL (Metres)
DDH-01-03 2360665 521555 1121 37° -45° 212.0
DDH-01-06 2360918 521449 1070 60° -45° 174.0
DDH-02-06 2360828 521514 1102 60° -45° 143.0
DDH-03-06 2360770 521526 1108 60° -45° 289.0
DDH-04-06 2360844 521344 1081 60° -45° 299.5
DDH-09-07 2360693 521502 1124 38° -46° 296.0
DDH-12-07 2360861 521647 1130 218° -47° 139.0
DDH-14-07 2360859 521469 1096 58° -45° 161.0
DDH-17-03 2360930 521518 1073 40° -45° 108.0
DDH-18-03 2360896 521555 1082 40° -45° 152.0
DDH-34-07 2360957 521681 1096 235° -49° 273.0
DH1-01-11 2360851 521537 1080 60° -45° 194.2
DH1-02-11 2360870 521519 1074 60° -45° 175.0
DH1-03-11 2360923 521462 1055 60° -45° 181.0
DH1-04-11 2360892 521385 1055 240° -45° 159.0
DH1-05-11 2360894 521386 1055 60° -45° 223.5
DH1-08-11 2360794 521463 1089 60° -45° 415.5
DH1-09-11 2360775 521571 1090 60° -45° 219.0
DH1-10-11 2360732 521525 1109 60° -45° 265.5
DH1-11-11 2360710 521503 1106 60° -53° 358.5
DH1-12-11 2360869 521517 1074 60° -65° 130.5
DH1-13-11 2360860 521460 1069 60° -55° 294.0
DH1-14-11 2360898 521449 1063 60° -45° 294.5
DH1-15-11 2360898 521449 1063 60° -55° 316.0
DH1-18-11 2361000 521446 1054 60° -45° 204.0
DH1-19-11 2360794 521542 1083 60° -45° 199.5
DH1-20-11 2360793 521541 1083 60° -65° 246.0
DDH-05-06 2360982 521383 1068 55° -50° 133.0
DDH-06-06 2361076 521335 1070 55° -45° 166.0
DDH-07-06 2361095 521368 1073 55° -46° 162.0
DDH-08-06 2361224 521417 1058 230° -47° 180.0
DDH-13-07 2361072 521469 1078 235 -45° 172.5
DDH-35-07 2361288 521494 1054 65° -45° 316.5
DH1-06-11 2360988 521421 1055 60° -45° 180.0
DH1-07-11 2360978 521403 1054 60° -50° 296.5
DH1-16-11 2360968 521448 1059 60° -45° 250.5
DH1-17-11 2360953 521426 1058 60° -55° 265.0
Total Meterage 8,244.2
7-8
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Scale 1:2,500 @
2
DRAWN BY: M.B.
@ FILE: Fig_7_6_DH1_Au_Results
CHK'D BY: A.T.
521,300 521,400 521,500
@ 521,600 521,700 V:\1295\active\1668788993\Discipline\Geology\Geospatial\MXD
@ Date: 20 10 23
@
@
@
521,300 521,400 521,500 521,600 521,700
Legend
. Drill Hole Collar
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Figure 7-10
Notes !
( 500.1 - 1849.3 DRAWN BY: M.B.
FILE: Fig_7_10_DH1N_Ag_Results_P
Date: 20 10 23
Table 7.2
Summary of Select Dos Hornos 1 & 1N Drill Hole Intersections
Interval (m) Measured Gold Silver
Hole Name
from to Thickness (m) (g/t) (g/t)
DDH-17-03 38.00 48.00 10.00 0.23 68.5
DDH-01-06 103.00 107.00 4.00 0.28 112.5
DDH-02-06 108.50 120.50 12.00 0.47 147.8
DDH-12-07 109.60 113.60 4.00 0.69 157.0
DDH-14-07 126.00 132.00 6.00 0.72 149.5
DDH-34-07 188.30 190.30 2.00 0.14 152.0
DH1-01-11 53.00 55.00 2.00 1.50 163.6
DH1-02-11 62.20 66.82 4.62 2.95 825.5
DH1-08-11 169.70 176.80 7.10 0.29 114.0
DH1-09-11 35.50 45.70 8.50 0.85 110.3
DH1-10-11 144.50 147.70 3.20 1.31 206.7
DH1-12-11 106.00 118.00 12.00 0.59 247.0
DH1-14-11 117.00 123.00 6.00 0.69 203.2
DH1-15-11 129.00 131.00 2.00 0.16 116.8
DH1-16-11 40.00 42.00 2.00 0.28 70.7
DH1-17-11 245.00 247.00 2.00 0.14 93.6
DH1-18-11 17.00 19.00 2.00 0.47 100.9
DH1-19-11 74.70 76.70 2.00 0.90 57.8
DH1-20-11 117.50 121.50 4.00 0.23 94.1
Dos Hornos 2 Zone and Transition Zone

Dos Hornos 2 Zone continues the trend to the southeast. The Dos Hornos 2 Zone, which was
tested over 450 m, may have a vertical to northeasterly dip. Dos Hornos 2 is separated from Dos
Hornos 1 by an interpreted northeast fault with horizontal displacement of approximately 100 m;
this area is termed the “Transition Zone”. Table 7.3 lists the drill hole attributes and figures 7-11
to 7-13 show the drill hole locations and gold and silver grades by depth. Table 7.4 lists a summary
of select mineralized intersections.
7-15
Table 7.3
Dos Hornos 2 & Transition Drill Hole Attributes
DDH-10-07 2360610 521554 1129 45 -46 104.5
DDH-11-03 2360710 521503 1119 217 -45 124.0
DDH-11-07 2360637 521569 1130 235 -45 165.0
DDH-15-07 2360596 521649 1194 235 -45 221.0
DDH-16-07 2360513 521711 1211 235 -45 192.0
DDH-26-07 2360381 521825 1345 240 -50 198.0
DDH-27-07 2360414 521875 1341 238 -60 318.0
DDH-27A-07 2360420 521884 1340 238 -55 34.9
DDH-28-07 2360460 521734 1265 240 -45 177.0
DDH-29-07 2360460 521734 1265 210 -45 186.0
DDH-30-07 2360560 521694 1222 236 -46 205.0
DDH-31-07 2360618 521677 1165 235 -55 264.0
DDH-32-07 2360635 521629 1145 235 -45 168.0
DDH-33-07 2360686 521629 1127 230 -45 239.0
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DH2-02-11 2360437 521928 1305 240 -60 301.5
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DH2-04-11 2360463 521570 1211 60 -70 137.0
DH2-05-11 2360465 521655 1209 240 -45 247.5
DH2-06-11 2360516 521707 1187 240 -65 284.0
DH2-07-11 2360572 521649 1186 240 -65 149.3
DH2-08-11 2360619 521674 1186 240 -45 178.5
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DH2-10-11 2360664 521672 1147 240 -55 274.5
DH2-11-11 2360665 521673 1147 240 -65 50.4
DH2-12-11 2360658 521665 1146 240 -60 241.0
DH2-13-11 2360668 521600 1129 230 -45 226.0
DH2-14-11 2360644 521542 1121 50 -50 292.0
DDH-02-03 2360665 521555 1121 37 -60 209.0
DH2-15-11 2360686 521528 1112 50 -50 273.0
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7-16
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Figure 7-11
1. Coordinate System: NAD 1927 UTM Zone 13N FILE: Fig_7_11_DH2_PlanView_P
CHK'D BY: A.T.
Date: 20 10 23
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. Drill Hole Collar Topography Contour 20m )

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0 - 0.25
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Notes
Figure 7-12
1. Coordinate System: NAD 1927 UTM Zone 13N DRAWN BY: M.B.
FILE: Fig_7_12_DH2_Au_Results_P
2. Data Source: Sierra Madre Gold and Silver Ltd. CHK'D BY: A.T.
521,500 521,600 521,700 521,800 521,900
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Document Path: C:\Data\Mexico\SierraMadre_993\ArcGIS\MXD\Figures_Report\Final\Fig_7_13_DH2_Ag_Results_P.mxd
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FILE: Fig_7_13_DH2_Ag_Results_P
Table 7.4
Summary of Select Dos Hornos 2 & Transition Drill Hole Intersections
Hole Name
DDH-02-03 0.00 2.00 2.00 0.85 326.5
DDH-02-03 84.00 88.00 4.00 1.12 113.0
DDH-11-03 28.00 30.00 2.00 0.22 68.0
DDH-11-03 52.00 54.00 2.00 0.78 124.0
DDH-10-07 12.50 24.50 12.00 0.93 106.1
DDH-10-07 70.50 72.50 2.00 0.35 55.0
DDH-33-07 86.00 88.00 2.00 0.33 101.0
DDH-11-07 11.30 23.30 12.00 0.86 123.7
DDH-11-07 43.70 47.50 3.80 0.18 104.2
DH2-05-11 1.00 3.00 2.00 0.70 151.9
DH2-06-11 127.60 133.60 6.00 0.95 146.3
DH2-08-11 129.00 141.00 12.00 1.40 141.0
DH2-12-11 124.20 126.20 2.00 0.18 155.1
DH2-13-11 28.00 42.00 14.00 0.92 183.8
DH2-14-11 69.00 73.00 4.00 0.11 50.6
Veta Tomas Zone

The Veta Tomas Zone is the continuation of the Dos Hornos system to the southeast; however,
Veta Tomas differs in that it dips to the northeast. The Veta Tomas Zone occurs over a strike length
of 300 m and from surface down to approximately 100 m, where mineralization values decease
and become spotty. The San Miguel Mine adit is in this mineralized zone. The mineralization
continues southeast into the St. Gertrudis Mine and Dos Pinos areas; however, exploration in
these areas are still preliminary. Table 7.5 lists the drill hole attributes and Figures 7-13 to 7-15
show the drill hole locations and gold and silver grades by depth. Table 7.6 lists a summary of
select mineralized intersections.
7-20
Table 7.5
Veta Tomas Drill Hole Attributes

DDH-18-07 2,360,229 521,906 1,247 225° -45° 148.5
DDH-19-03 2,360,188 521,876 1,198 89° -45° 176.0
DDH-20-07 2,360,336 521,881 1,307 240° -45° 187.5
DDH-21-07 2,360,340 521,918 1,304 242° -45° 255.0
DDH-22-07 2,360,026 521,998 1,263 240° -50° 160.5
DDH-23-07 2,360,081 521,953 1,244 240° -50° 168.0
DDH-24-07 2,360,169 521,959 1,244 245° -50° 193.5
DDH-25-07 2,359,850 522,061 1,303 240° -50° 166.5
VT-01-11 2,360,338 521,826 1,293 240° -45° 245.3
VT-02-11 2,360,238 521,838 1,235 240° -45° 147.0
VT-03-11 2,360,230 521,937 1,218 240° -45° 211.5
VT-04-11 2,360,174 521,781 1,194 240° -45° 175.5
VT-05-11 2,360,080 521,918 1,221 245° -45° 138.5
VT-06-11 2,360,094 521,949 1,233 245° -65° 204.0
VT-07-11 2,360,093 521,947 1,233 65° -45° 393.0
VT-08-11 2,360,153 521,968 1,233 245° -45° 184.5
VT-09-11 2,360,152 521,969 1,234 245° -60° 221.5
VT-10-11 2,360,062 521,978 1,226 245° -45° 171.0
VT-11-11 2,360,062 521,978 1,226 245° -60° 212.3
VT-12-11 2,360,190 521,897 1,198 245° -50° 176.5
VT-13-11 2,360,068 521,815 1,160 65° -45° 227.6
VT-14-11 2,360,030 521,818 1,158 65° -45° 332.5
VT-15-11 2,360,121 521,771 1,177 65 -45° 282.0
VT-16-11 2,360,005 521,848 1,145 65 -45° 280.5
Note: *The locations of DDH-17-07 and DDH-19-07, although interpreted to be in the vicinity of Veta Tomas are not
currently constrained with confidence. As such, these holes are not included in Table 7.5. The combined meterage for
these two holes is 352.5m.
7-21
Table 7.6
Summary of Select Veta Tomas Drill Hole Intersections
Hole Name
DDH-18-07 61.10 65.10 4.00 0.53 61.5
DDH-18-07 91.20 95.20 4.00 1.79 203.2
DDH-19-03 38.00 44.00 6.00 0.50 125.7
DDH-20-07 148.80 156.80 8.00 1.66 160.9
DDH-23-07 78.60 84.60 6.00 1.71 525.7
DDH-24-07 104.00 122.00 18.0 0.13 69.3
VT-03-11 144.05 149.28 5.23 0.95 138.2
VT-08-11 108.64 114.99 6.35 0.84 200.8
VT-15-11 195.00 201.00 6.00 0.44 157.6
Table 7.7
Dos Pinos Drill Hole Attributes
UTM NAD 27 Elevation Bearing Length
Drill Hole Dip
Northing Easting Metres ASL (Az.) (Metres)
DP-01-11 2359566 522406.5 1366.14 10° -45° 235.5
DP-02-11 2359566 522406 1366.2 30° -50° 91.5
Total Meterage 327.0
7-22
Document Path: C:\Data\US_Nevada\Ray_Tonopah_344\ArcGIS\MXD\Fig_7_14_VT_PlanView_noVCreston.mxd
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DRAWN BY: M.B.
FILE: Fig_7_14_VT_PlanView_noVCreston
CHK'D BY: A.T.
521,500 521,600 521,700 521,800 521,900 522,000 522,100 522,200 522,300 522,400 V:\1295\active\1668788993\Discipline\Geology\Geospatial\MXD
Date: 20 09 23
Document Path: C:\Data\Mexico\SierraMadre_993\ArcGIS\MXD\Figures_Report\Fig_7_15_VT_Au_Results_noVCreston.mxd
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FILE: Fig_7_16_VT_Ag_Results_noVCreston
CHK'D BY: A.T.
Date: 20 09 23
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The Once Bocas trend, which includes the Once Bocas North and South zones, is parallel and
southwest of the Dos Hornos-Veta Tomas Trend. The Once Bocas North Zone is delineated over a
strike length of 350 m and is composed of two parallel bands of mineralization and are separated
by approximately 60 m by a gully. The eastern area of mineralization has been investigated by
numerous shafts, adits and limited underground stoping, while the western area of mineralization
has some underground workings. Table 7.8 lists the drill hole attributes and figures 7-16 to 7-18
show the drill hole locations and gold and silver grades by depth. Table 7.8 lists a summary of
select mineralized intersections.
Table 7.8
Once Bocas North Drill Hole Attributes
Cam-01-11 2,360,987 520,652 1,010 55° -45° 186.0
Cam-02-11 2,360,982 520,803 1,010 55° -45° 150.0
Cam-03-11 2,360,753 520,753 1,003 55° -45° 210.0
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DDH-04-02 2,360,590 521,089 1,034 215° -45° 94.0
DDH-06-03 2,360,583 521,001 1,034 30° -45° 220.0
DDH-07-03 2,360,615 520,964 1,023 30° 45° 90.0
DDH-08-03 2,360,616 520,964 1,046 30° -45° 191.0
DDH-09-03 2,360,725 521,049 1,046 210° -45° 208.0
DDH-10-03 2,360,586 520,997 1,042 30° -67° 164.0
DDH-12-03 2,360,534 521,008 1,047 66° -45° 197.0
OBN-01-11 2,360,761 521,078 1,035 220° -50° 206.5
OBN-02-11 2,360,697 521,032 1,041 210° -50° 117.0
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OBN-04-11 2,360,684 521,100 1,053 210° -45° 213.0
OBN-05-11 2,360,643 521,121 1,038 210° -45° 216.0
OBN-06-11 2,360,403 521,036 1,057 30° -45° 258.0
OBN-07-11 2,360,476 521,084 1,064 30° -45° 177.0
OBN-08-11 2,360,399 521,036 1,057 30° -65° 276.0
OBN-09-11 2,360,397 520,993 1,034 30° -45° 207.0
OBN-10-11 2,360,525 521,056 1,056 30° -45° 165.0
OBN-11-11 2,360,524 521,056 1,056 30° -65° 202.5
OBN-12-11 2,360,536 521,009 1,043 30° -45° 180.0
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OBN-16-11 2,360,741 520,936 1,043 30° -45° 246.0
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Creek Rhyolite Lithic Tuff Once Bocas North

Drill Road Target Mineralized Structure Drill Holes Plan View Map
Notes Figure 7-17
FILE: Fig_9_5__Once_Boca_North_PlanView
Disclaimer: This document has been prepared based on information provided by others as cited in the Notes section. Stantec has not verified the accuracy and/or completeness of this information and shall not be responsible for
any errors or omissions which may be incorporated herein as a result. Stantec assumes no responsibility for data supplied in electronic format, and the recipient accepts full responsibility for verifying the accuracy and completeness
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. Drill Hole Collar Topography Contour 20m )
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Drill Hole Trace @ Inferred Fault "


) 0.51 - 1.00 Once Bocas North
Drill Road "
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Notes Figure 7-18
FILE: Fig_9_5_A_DH_Once_Boca_South_Ag
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Summary of Select Once Bocas North Drill Hole Intersections
Hole Name
DDH-03-02 39.00 72.2 33.20 0.33 55.3
DDH-04-02 79.50 82.50 3.00 0.15 73.0
DDH-06-03 22.00 28.00 6.00 1.93 194.8
DDH-09-03 82.00 88.00 6.00 0.34 91.1
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OBN-10-11 58.00 60.00 1.99 1.05 185.4
OBN-11-11 62.00 70.00 8.00 0.55 114.4
Once Bocas South Zone

The Once Bocas South Zone occurs on the next ridge, approximately 400 m, to the southeast of
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Table 7.10
Once Bocas South Drill Hole Attributes
OBS-01-11 2,360,121 521,433 1,117 230° -45° 308.5
OBS-02-11 2,360,145 521,461 1,122 230° -55° 178.5
OBS-03-11 2,360,037 521,439 1,143 230° -45° 223.2
OBS-04-11 2,360,052 521,456 1,145 230° -55° 268.5
OBS-05-11 2,360,161 521,315 1,106 230° -45° 150.0
OBS-06-11 2,360,139 521,371 1,108 230° -45° 91.5
7-30
Table 7.11
Summary of Select Once Bocas South Drill Hole Intersections
Hole Name
From To Thickness (m) (g/t) (g/t)
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OBS-05-11 13.50 15.50 2.00 0.44 83.2
OBS-05-11 15.50 17.50 2.00 0.19 39.2
OBS-05-11 17.50 19.50 2.00 0.87 229.1
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Technical Report Tepic Property Nayarit, México: Submitted To

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Technical Report Tepic Property Nayarit, México: Submitted To

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Technical Report

Report Date: December 31, 2020

Stantec Consulting International LLC.

Project No. 1668788993

I, William A. Turner, P. Geol., do hereby certify that:

Dated December 31, 2020

“Original Signed and Sealed by Author”

Dated December 31, 2020

“Original Signed and Sealed by Author”

21 CAPITAL AND OPERATING COSTS............................................................................................ 21-1

Table 9.1 Tepic Property Expenditures ..................................................................................................... 9-1

Reliance on other Experts

Property Description and Concessions

105°20'W 105°10'W 105°W 104°50'W 104°40'W 104°30'W 104°20'W

Tepic Property Location Map

Legend Mineral Claims Tepic

Option Agreements, Royalties and Encumbrances

The Owner stated that:

“…The project activities conform to the exclusion of article 5 subsection L) Section 11 of

Accessibility, Climate, Local Resources, Infrastructure

Historic Surface Exploration

519,500 520,000 520,500 521,000 521,500 522,000 522,500

519,500 520,000 520,500 521,000 521,500 522,000 522,500

Legend Drill Holes by Location

Geological Setting and Mineralization

Sierra Madre Exploration

Historical Sample Preparation and Assaying

Historical Quality Assurance / Quality Control

Property Investigation, Material Sampling, and Validation

• To validate sample locations and collect samples so that an independent assessment

• To validate the locations of historic drill holes.

Deposit Type Validation

• bladed silica following replacement of calcite blades that is indicative of a boiling

• chalcedonically banded silica that is indicative of rapid silica precipitation following

Material Sampling Validation

Drill Hole Location Validation

Limitation to Data Validation by Qualified Person

• Laboratory inspections were not completed by the Qualified Person.

Opinion of the Independent Qualified Person regarding Material Sampling

Mineral Processing and Metallurgical Tests

“Cream Minerals contracted Inspectorate America Corporation to perform preliminary

Interpretation and Conclusions

The Property is located approximately 27 km south-southeast of the city of Tepic in the

Four main recommendations to advance this program are:

• Ground surveys and digital database compilation;

Phase 1 - Cost Estimate (US$ 360k)

Phase 2 – Infill Mapping, Drilling and Sampling (US$ 627k)

3 RELIANCE ON OTHER EXPERTS

4 PROPERTY DESCRIPTION AND LOCATION

Table 4.1 shows a summary of the Property mining concessions.

110°W 100°W 90°W