NI 43 101 Technical Report Perou

Val-d’Or Head Office
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Québec (Québec) G2J 0C4 Longueuil (Québec) J4G 1R3 Site Web: www.innovexplo.com
NI 43-101 Technical Report for the El Santo, Suyckutambo and San Miguel Properties
(Peru) and Mineral Resource Estimate for the El Santo Mine
Prepared for
Brexia GoldPlata Peru S.A.C.

Avenida Benavides 1551-1555, Oficina 404
Distrito de Miraflores
15048 Lima, Peru
Project Location
Latitude 15° 10' 32.87" South, Longitude 71° 49' 51.39" West
Caylloma Province, Arequipa Region and Espinar Province, Cusco Region, Southern Peru
Prepared by:
Gustavo Durieux, P.Geo. (OGQ No. 1148) Harold Brisson, P.Eng.. (OIQ No. 41433)
InnovExplo Inc. InnovExplo Inc.
Longueuil (Québec) Québec (Québec)
Claude Savard, P.Geo. (OGQ No. 1057)

Éric Vinet, P.Eng. (OIQ No.100894)
Guillaume Noël, P.Eng. (OIQ No. 131725)
InnovExplo Inc.
Val-d’Or (Québec)
Effective Date: March 1, 2019

Signature Date: April 12, 2019
SIGNATURE PAGE – INNOVEXPLO
Prepared for
15048 Lima, Peru
Project Location
(Original signed and sealed) Signed at Longueuil on April 12, 2019

Gustavo Durieux, P.Geo.
(OGQ No. 1148)
InnovExplo Inc.
Longueuil (Québec)
(Original signed and sealed) Signed at Québec on April 12, 2019

Harold Brisson, P.Eng.
(OIQ No. 41433)
InnovExplo Inc.
Québec (Québec)
(Original signed and sealed) Signed at Val-D’or on April 12, 2019

Claude Savard, P.Geo.
(OGQ No. 1057)
InnovExplo Inc.
Québec (Québec)
NI 43-101 Technical Report – El Santo, Suyckutambo and San Miguel Properties (Peru) – April 12, 2019 ii
SIGNATURE PAGE – INNOVEXPLO
Prepared for
15048 Lima, Peru
Project Location
(Original signed and sealed) Signed at Gatineau on April 12, 2019

Éric Vinet, P.Eng. (OIQ No. 100894)
InnovExplo Inc.
(Original signed and sealed) Signed at Rouyn-Noranda on April 12, 2019

Guillaume Noël, P.Eng.
(OIQ No. 131725)
InnovExplo Inc.
NI 43-101 Technical Report – El Santo, Suyckutambo and San Miguel Properties (Peru) – April 12, 2019 iii
CERTIFICATE OF AUTHOR – GUSTAVO DURIEUX
I, Gustavo Durieux, (P.Geo.) do hereby certify that:
1. I am employed by InnovExplo Inc. at 859, boulevard Jean-Paul Vincent, Suite 201, Longueuil,
Québec, Canada, J4G 1R3.
2. This certificate applies to the report entitled “NI 43-101 Technical Report for the El Santo,
Suyckutambo and San Miguel Properties (Peru) and Mineral Resource Estimate for the El Santo
Mine” (the “Technical Report”) with an effective date of March 1, 2019 and a signature date of April
12, 2019. The Technical Report was prepared for Brexia GoldPlata Peru S.A.C. (the “issuer”).
3. I graduated with a Bachelor’s degree in geology (B.Sc.) from Université de Montréal (Montréal,
Québec) in 1996 and a Master’s degree in economic geology (M.Sc.A.) from École Polytechnique
(Montréal, Québec) in 2000.
4. I am a member of the Ordre des Géologues du Québec (OGQ permit 1148).
5. Since graduating from university, l have accumulated over twenty (20) years of experience as a
geologist in mining and exploration programs with: Paramount Ventures and Finances Inc. (Salta,
Argentina), Hecla Mining Company (La Libertad, Peru; Maricunga, Chile), Falconbridge Ltd
(Raglan mine), Hecla Mining Company (El Callao, Venezuela), Aur Resources Inc. (Michoacan,
Mexico; Macuchi, Ecuador), Anglo American plc (Utah; Alaska; Québec), Osisko Mining Corp.
(North America), Mine Canadian Malartic (Malartic, Québec), Yamana Gold Inc. (Québec), Niobay
Metals Inc. (Ontario) and Eastmain Resources Inc. (Québec). I have worked as a consulting
geologist for InnovExplo since April 2018.
6. I have read the definition of a qualified person (“QP”) set out in Regulation 43-101/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 fulfil the
requirements to be a QP for the purposes of NI 43-101.
7. For the purpose of the Technical Report, I visited the El Santo Property on November 29 and
30, 2018, the San Miguel Property on December 1 and again on December 3, 2018, and the
Suyckutambo Property on December 3, 2018.
8. I am responsible for the overall supervision of the Technical Report. I am the author of and
responsible for items 3 to 11. I am the co-author of and share responsibility for items 1, 2 and 25
to 27.
9. I am independent of the issuer applying all the tests in section 1.5 of NI 43-101.
10. I have not had prior involvement with the property that is the subject of the Technical Report.
11. I have read NI 43-101 and the items of the Technical Report for which I am responsible have been
prepared in compliance with that instrument.
12. As of the effective date of the Technical Report, to the best of my knowledge, information and belief,
the sections of the Technical Report for which I am responsible contain all scientific and technical
information that is required to be disclosed to make the Technical Report not misleading.
Signed this 12th day of April 2019 in Longueuil, Québec, Canada.
(Original signed and sealed)

Gustavo Durieux, P.Geo. (OGQ No. 1148)
InnovExplo Inc.
gustavo.durieux@innovexplo.com
NI 43-101 Technical Report – El Santo, Suyckutambo and San Miguel Properties (Peru) – April 12, 2019 iv
CERTIFICATE OF AUTHOR – HAROLD BRISSON
I, Harold Brisson, (P.Eng.) do hereby certify that:
1. I am employed by InnovExplo Inc. at 725, boulevard Lebourgneuf, Suite #310-17, Québec

(Québec) G2J 0C4.
Suyckutambo and San Miguel Properties (Peru) and Mineral Resource Estimate for the El
Santo Mine” (the “Technical Report”) with an effective date of March 1, 2019 and a signature
date of April 12, 2019. The Technical Report was prepared for Brexia GoldPlata Peru S.A.C.
(the “issuer”).
3. I graduated with a Bachelor's degree in geological engineering (B.Sc.A.) in 1983 and a
Master’s degree in geology (M.Sc.) in 1998 from Université Laval (city of Québec, Québec),
and a doctorate degree in mineral resources (PhD) in 1999 from the Université du Québec à
Chicoutimi (Chicoutimi, Québec).
4. I am a member of the Ordre des ingénieurs du Québec (OIQ permit 41433) and the
Professional Engineers Ontario (PEO licence 100516300). I have worked as an engineer for
over thirty (30) years since graduating from university. My expertise was acquired working in
the geosciences, exploration and mining industry. I have worked in the public domain in
research and mineral potential evaluation and especially for the mining industry in exploration,
mining geology and mineral resources with Aurizon Mines, Cambior, Iamgold and Primero
Mining. I have worked in Canada, Mexico and Suriname on orogenic, epithermal and porphyry
gold projects and on base metal projects.
professional association (as defined in NI 43-101) and past relevant work experience, I fulfil
the requirements to be a QP for the purposes of NI 43-101.
6. I have not visited the property for the purpose of the Technical Report.
7. I am co-author of and share responsibility for items 1, 14 and 25 to 27.
10. I have read NI 43-101 and the items of the Technical Report for which I am responsible have
been prepared in compliance with that instrument.
11. As of the effective date of the Technical Report, to the best of my knowledge, information and
belief, the sections of the Technical Report for which I am responsible contain all scientific and
technical information that is required to be disclosed to make the Technical Report not
misleading.
Signed this 12th day of April 2019 in Québec, Québec, Canada.

Harold Brisson, (P.Eng.) (OIQ No. 41433)
InnovExplo Inc.
harold.brisson@innovexplo.com
NI 43-101 Technical Report – El Santo, Suyckutambo and San Miguel Properties (Peru) – April 12, 2019 v
CERTIFICATE OF AUTHOR – CLAUDE SAVARD
I, Claude Savard, (P. Geo.) do hereby certify that:
1. I am employed by InnovExplo Inc. at 560, 3e Avenue Val-d’Or (Québec), J9P 1S4.

(the “issuer”).
3. I graduated with a Bachelor's degree in geology (B.Sc.) from the Université du Québec à
Chicoutimi in 1996 (Chicoutimi, Québec).
4. I am a member of the Ordre des Géologues du Québec (OGQ permit 1057).
5. I have over twenty (20) years of experience in the mining industry since graduating from
university. I have relevant experience in various types of deposits—precious metals (Au, Ag)
and base metals (Cu, Zn)—as well as for underground and open pit mine operations. I have
worked as a production geologist for Inmet Mining Corporation (Chibougamau), Aur
Resources (Louvicourt Mine, Val-d’Or) and Sigma Lamaque Complex (Val-d’Or); as a project
geologist for McWatters Mines Inc. (Val-d’Or) and Alexis Minerals Corporation (Val-d’Or); as
senior production geologist for QMX-Gold Corporation (Herbin Lake Mine, Val-d’Or); and as
senior exploration geologist for Metanor Resources Inc. (Desmaraisville). I have worked for
InnovExplo since 2016, primarily on resource estimation mandates.
7. I have not visited the property for the purpose of the Technical Report.
8. I am co-author of and share responsibility for items 1, 14 and 25 to 27.
misleading.
Signed this 12th day of April 2019 in Val-D’or, Québec, Canada.

Claude Savard, (P.Geo.) (OGQ No. 1057)
InnovExplo Inc.
claude.savard@innovexplo.com
NI 43-101 Technical Report – El Santo, Suyckutambo and San Miguel Properties (Peru) – April 12, 2019 vi
CERTIFICATE OF AUTHOR – ÉRIC VINET
I, Éric Vinet, (P.Eng.) do hereby certify that:
1. I am a temporary employee of InnovExplo Inc. at 859, boulevard Jean-Paul Vincent, bureau

201, Longueuil, Québec, Canada, J4G 1R3.
(the “issuer”).
3. I graduated with a Bachelor's degree in mine engineering from École Polytechnique de
Montréal (Montréal, Québec) in 1989.
4. I am a member of the Ordre des ingénieurs du Québec (OIQ permit 100894).
5. I have worked as mining engineer for a total of twenty-nine (29) years since graduating from
university. My expertise was acquired while working as an engineer and general manager at
several mine sites in Canada, Tanzania, Honduras, Mexico, Niger and Burkina Faso.
7. For the purpose of the Technical Report, I visited the El Santo Property from February 17 to
23, 2018 and the Suyckutambo Property from February 14 to 16, 2018. I have not visited the
San Miguel Property.
8. I am the co-author of and share responsibility for items 1 and 24 to 27.
misleading.
Signed this 12th day of April 2019 in Gatineau, Québec, Canada.

Éric Vinet, (P.Eng.) (OIQ No. 100894)
InnovExplo Inc.
eric.vinet@innovexplo.com
NI 43-101 Technical Report – El Santo, Suyckutambo and San Miguel Properties (Peru) – April 12, 2019 vii
CERTIFICATE OF AUTHOR – GUILLAUME NOËL
I, Guillaume Noël, (P. Eng) do hereby certify that:
1. I am a temporary employee of InnovExplo Inc. at 560, 3e Avenue Val-d’Or (Québec), J9P 1S4.
(the “issuer”).
3. I graduated with a Bachelor’s degree in metallurgical engineering from Université Laval
(Québec City, Québec) in 2002.
4. I am a member of the Ordre des ingénieurs du Québec (OIQ permit 131725).
5. I have worked as a metallurgical engineer for a total of fifteen (15) years since graduating from
university. My expertise was acquired while working in metallurgical operations for IAMGOLD
Corporation, Detour Gold Corporation and as a consulting engineer with InnovExplo.
7. I visited the property of Suyckutambo from February 14 to 23, 2018 for the purpose of the
Technical Report. I have not visited the San Miguel or El Santo properties.
8. I am the author and responsible for section 13 as well as co-author of and share responsibility
for sections 1, 2, 24, 25, 26 and 27.
misleading.
Signed this 12th day of April 2019 in Rouyn-Noranda, Québec, Canada.

Guillaume Noël, (P.Eng.) (OIQ No. 131725)
InnovExplo Inc.
guillaume.noel@innovexplo.com
NI 43-101 Technical Report – El Santo, Suyckutambo and San Miguel Properties (Peru) – April 12, 2019 viii
TABLE OF CONTENTS
SIGNATURE PAGE – INNOVEXPLO .......................................................................................................... ii
CERTIFICATE OF AUTHOR – GUSTAVO DURIEUX ................................................................................ iv
CERTIFICATE OF AUTHOR – HAROLD BRISSON ................................................................................... v
CERTIFICATE OF AUTHOR – CLAUDE SAVARD.................................................................................... vi
CERTIFICATE OF AUTHOR – ÉRIC VINET.............................................................................................. vii
CERTIFICATE OF AUTHOR – GUILLAUME NOËL ................................................................................ viii
TABLE OF CONTENTS .............................................................................................................................. ix
LIST OF FIGURES .................................................................................................................................... xiii
LIST OF TABLES ....................................................................................................................................... xv
1. SUMMARY .......................................................................................................................................... 17
1.1 Introduction.................................................................................................................................. 17
1.2 Contributors ................................................................................................................................. 17
1.3 Property Description and Location .............................................................................................. 17
1.4 Accessibility, Climate, Local Resources, Infrastructure and Physiography ................................ 18
1.5 Geological Setting and Mineralization ......................................................................................... 18
1.6 Drilling, Sampling Method, Approach and Analysis .................................................................... 20
1.7 Data Verification .......................................................................................................................... 21
1.8 Mineral Resource Estimate ......................................................................................................... 21
1.9 Other Relevant Data – El Santo Mine and Ana Maria Processing Plant .................................... 22
1.10 Interpretation and Conclusions ................................................................................................... 23
1.11 Recommendations ...................................................................................................................... 25
1.11.1 Estimated Cost of Recommended Work ............................................................................. 26
2. INTRODUCTION ................................................................................................................................. 27
2.1 Overview ..................................................................................................................................... 27
2.2 Terms of Reference .................................................................................................................... 27
2.3 Report Responsibility and Qualified Persons .............................................................................. 27
2.4 Site visits ..................................................................................................................................... 28
2.5 Effective Date .............................................................................................................................. 29
2.6 Sources of Information ................................................................................................................ 29
2.7 Currency, Units of Measure, and Acronyms ............................................................................... 29
3. RELIANCE ON OTHER EXPERTS .................................................................................................... 35
4. PROPERTY DESCRIPTION AND LOCATION .................................................................................. 36
4.1 Location ....................................................................................................................................... 36
4.2 Peru Mining Law ......................................................................................................................... 37
4.2.1 Mining concessions ................................................................................................................. 38
4.2.2 Mineral tenures........................................................................................................................ 39
4.3 Mining Taxes ............................................................................................................................... 41
4.4 Surface rights .............................................................................................................................. 42
4.4.1 El Santo Property .................................................................................................................... 42
4.4.2 Suyckutambo Property ............................................................................................................ 44
4.4.3 San Miguel Property ................................................................................................................ 44
4.5 Environmental Regulations in Peru ............................................................................................. 45
4.5.1 El Santo Property .................................................................................................................... 47
4.5.2 Suyckutambo Property ............................................................................................................ 48
4.5.3 San Miguel Property ................................................................................................................ 49
4.6 Environmental Status of the Properties ...................................................................................... 50
4.7 Other significant factors .............................................................................................................. 53
NI 43-101 Technical Report – El Santo, Suyckutambo and San Miguel Properties (Peru) – April 12, 2019 ix
5. ACCESSIBILITY, CLIM ATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY
54
5.1 Accessibility ................................................................................................................................. 54
5.2 Climate ........................................................................................................................................ 54
5.3 Local Resources and Infrastructure ............................................................................................ 55
5.4 Physiography............................................................................................................................... 55
6. HISTORY ............................................................................................................................................ 56
6.1 Pre-1947...................................................................................................................................... 57
6.2 1947-1966: Mauricio Hochschild & Cia Ltda ............................................................................... 57
6.3 1966-1996: Juilland Family ......................................................................................................... 57
6.4 1996-2006: Juilland Family – Ace Development......................................................................... 58
6.5 2002-2008: Barrick Misquichilca S.A. ......................................................................................... 59
6.6 2006-2011: GoldPlata Resources Peru S.A.C ............................................................................ 59
6.7 2011 to Present: Brexia GoldPlata Peru S.A.C ........................................................................... 62
7. GEOLOGICAL SETTING AND MINERALIZATION........................................................................... 64
7.1 Geology of Southern Peru ........................................................................................................... 64
7.2 Regional Geology ........................................................................................................................ 66
7.3 Local Geology ............................................................................................................................. 67
7.3.1 Stratigraphy ............................................................................................................................. 69
7.4 El Santo Property Geology.......................................................................................................... 73
7.4.1 Structural Geology................................................................................................................... 73
7.4.2 Mineralization .......................................................................................................................... 74
7.5 Suyckutambo Property Geology ................................................................................................. 77
7.5.2 Mineralization .......................................................................................................................... 78
7.6 San Miguel Property Geology ..................................................................................................... 81
7.6.2 Mineralization .......................................................................................................................... 82
8. MINERAL DEPOSIT TYPES .............................................................................................................. 87
8.1 Epithermal deposit ...................................................................................................................... 87
9. EXPLORATION .................................................................................................................................. 89
9.1 Magnetometry ............................................................................................................................. 89
9.2 Induced polarization (IP) ............................................................................................................. 90
10. DRILLING ....................................................................................................................................... 92
10.1 Drilling Methodology .................................................................................................................... 92
10.2 Core logging ................................................................................................................................ 94
10.3 2016-2018 Program .................................................................................................................... 95
11. SAMPLE PREPARATION, ANALYSES AND SECURITY .......................................................... 104
11.1 Core Handling, Sampling and Security ..................................................................................... 104
11.2 Laboratories Accreditation and Certification ............................................................................. 104
11.3 Laboratory Preparation and Assays .......................................................................................... 105
11.4 Quality Control and Quality Assurance ..................................................................................... 105
11.4.1 Standards .......................................................................................................................... 105
11.4.2 Blank samples ................................................................................................................... 111
11.4.3 Field duplicates ................................................................................................................. 112
11.5 Conclusion of the QA/QC Review ............................................................................................. 113
12. DATA VERIFICATION .................................................................................................................. 114
12.1 Drilling and Drill Hole Locations ................................................................................................ 114
12.2 Diamond drill hole databases .................................................................................................... 115
12.3 Logging, Sampling and Assaying Procedures .......................................................................... 115
12.4 Assays ....................................................................................................................................... 116
NI 43-101 Technical Report – El Santo, Suyckutambo and San Miguel Properties (Peru) – April 12, 2019 x
12.4.1 Core samples .................................................................................................................... 116
12.4.2 Grab samples .................................................................................................................... 118
12.5 Conclusion................................................................................................................................. 118
13. MINERAL PROCESSING AND METALLURGICAL TESTING ................................................... 119
14. MINERAL RESOURCE ESTIMATE ............................................................................................. 120
14.1 Methodology .............................................................................................................................. 120
14.2 Drill Hole Database ................................................................................................................... 121
14.3 Geological Model ...................................................................................................................... 122
14.4 Voids Model............................................................................................................................... 123
14.5 Basic Statistics and Compositing .............................................................................................. 125
14.6 Compositing .............................................................................................................................. 126
14.7 High-grade Capping .................................................................................................................. 127
14.8 Density ...................................................................................................................................... 129
14.9 Block Model ............................................................................................................................... 130
14.9.1 Variography ....................................................................................................................... 131
14.9.2 Search ellipsoid ................................................................................................................. 132
14.10 Grade Interpolation................................................................................................................ 133
14.11 Block Model Validation .......................................................................................................... 135
14.11.1 Visual validation ................................................................................................................ 135
14.11.2 Statistical validation ........................................................................................................... 135
14.12 Cut-off Parameters ................................................................................................................ 136
14.13 Mineral Resource Classification ............................................................................................ 137
14.13.1 Mineral resource definitions .............................................................................................. 137
14.13.2 Mineral resource classification .......................................................................................... 138
14.14 Mineral Resource Estimate ................................................................................................... 139
15. MINERAL RESERVE ESTIMATE ................................................................................................ 143
16. MINING METHODS ...................................................................................................................... 143
17. RECOVERY METHOD ................................................................................................................. 143
18. PROJECT INFRASTRUCTURE ................................................................................................... 143
19. M ARKET STUDIES AND CONTRACTS ..................................................................................... 143
20. ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT .......... 143
21. CAPITAL AND OPERATING COSTS .......................................................................................... 143
22. ECONOMIC ANALYSIS ............................................................................................................... 143
23. ADJACENT PROPERTIES .......................................................................................................... 144
24. OTHER RELEVANT DATA AND INFORMATION ....................................................................... 146
24.1 Mine Production ........................................................................................................................ 146
24.2 Mining Method ........................................................................................................................... 146
24.2.1 Shrinkage stoping.............................................................................................................. 146
24.2.2 Conventional cut-and-fill .................................................................................................... 147
24.2.3 Semi-mechanized cut-and-fill ............................................................................................ 148
24.2.4 Long hole mining method .................................................................................................. 149
24.3 Backfill ....................................................................................................................................... 149
24.4 Mine Power ............................................................................................................................... 150
24.5 Compressed Air......................................................................................................................... 150
24.6 Permanent Mine Pumping Network .......................................................................................... 150
24.7 Ventilation Network ................................................................................................................... 150
24.8 Mine Design .............................................................................................................................. 150
24.9 Underground Mine Equipment .................................................................................................. 150
24.10 Mine Personnel ..................................................................................................................... 151
NI 43-101 Technical Report – El Santo, Suyckutambo and San Miguel Properties (Peru) – April 12, 2019 xi
24.11 Project Infrastructure ............................................................................................................. 151
24.12 Potable Water Distribution .................................................................................................... 152
24.13 Description of the Ana Maria Plant Processing Facility ........................................................ 152
24.13.1 Crushing Circuit ................................................................................................................. 153
24.13.2 Grinding Circuit .................................................................................................................. 153
24.13.3 Bulk and Zinc flotation Circuits .......................................................................................... 153
24.13.4 Thickening and Filtration ................................................................................................... 154
24.13.5 Tailing Storage Facility ...................................................................................................... 154
25. INTERPRETATIONS AND CONCLUSIONS ................................................................................ 155
25.1 Risks and Opportunities ............................................................................................................ 156
26. RECOMMENDATIONS ................................................................................................................. 159
26.1 Geology ..................................................................................................................................... 159
26.2 Mining ........................................................................................................................................ 159
26.3 Estimated Cost of Recommended Work ................................................................................... 159
27. REFERENCES .............................................................................................................................. 161
NI 43-101 Technical Report – El Santo, Suyckutambo and San Miguel Properties (Peru) – April 12, 2019 xii
LIST OF FIGURES
Figure 4.1 – Location map of the El Santo, Suyckutambo and San Miguel properties ...............37
Figure 4.2 – Concession map for the El Santo, Suyckutambo and San Miguel properties .........41
Figure 4.3 - Surface land distribution on the El Santo Property .................................................43
Figure 4.4 - Surface land agreement at the San Miguel Property ..............................................45
Figure 5.1 – Access to the Properties .......................................................................................54
Figure 6.1 – Location of mines with historical production on the El Santo, Suyckutambo and San
Miguel properties ......................................................................................................................56
Figure 7.1 – Geotectonic domains of Peru (INGEMMET, 2016) and approximate location of the
El Santo mine ...........................................................................................................................66
Figure 7.2 – Principal Neogene calderas of the region and epithermal deposits........................67
Figure 7.3 – Local geological map of the Project area: El Santo, Suyckutambo and San Miguel
properties ..................................................................................................................................68
Figure 7.4 – Stratigraphic column for the Caylloma area (district) .............................................70
Figure 7.5 – El Santo Property geology map (Chapman and Gutierrez, 2016) ..........................73
Figure 7.6 – Caylloma district structural model (Echavarria et al., 2006) ...................................74
Figure 7.7 – Vein systems of the El Santo Property ..................................................................75
Figure 7.8 – Suyckutambo Property geology map .....................................................................77
Figure 7.9 – Suyckutambo mine area structural model (modified after Davila, 1988) ................78
Figure 7.10 – Veins systems of the Suyckutambo Property.......................................................79
Figure 7.11 – San Miguel property geology map .......................................................................82
Figure 7.12 – Vein systems of the San Miguel Property ............................................................83
Figure 8.1 – Conceptual model for epithermal Au-Ag mineralization styles developed in
subduction-related magmatic arc–back arc settings (Corbett et al. 1998)..................................88
Figure 9.1 Total magnetic field map at 1:10,000 scale, San Miguel Property (Velasquez and
Polanco, 2018) ..........................................................................................................................89
Figure 9.2 Chargeability (left) and resistivity (right) at a depth of 300 m, San Miguel Property
(Velasquez and Polanco, 2018) ................................................................................................91
Figure 10.1 – 2016-2018 El Santo Drilling Program ..................................................................93
Figure 11.1 – Chart of assay values for CRM PLSUL-01-Ag ...................................................106
Figure 11.2 – Accuracy and cumulative accuracy chart for PLSUL-01-Ag ...............................109
Figure 11.3 – Accuracy and cumulative accuracy chart for PLSUL-15-Ag ...............................109
Figure 11.4 – Cumulative accuracy over time for all Ag standards ..........................................110
Figure 12.1 – Drill hole collar and location marker at surface ..................................................114
Figure 12.2 – Core logging and storage facilities.....................................................................115
Figure 14.1 ─ Surface plan view of the validated diamond drill holes used for the 2019 MRE .122
NI 43-101 Technical Report – El Santo, Suyckutambo and San Miguel Properties (Peru) – April 12, 2019 xiii
Figure 14.2 – Wireframes for the five mineralized zones (veins) in the El Santo mine .............123
Figure 14.3 ─ Plan view (A) and cross-section looking west (B) of the mineralized zones showing
the underground ramp (grey) ..................................................................................................124
Figure 14.4 ─ Different graphs supporting a capping grade of 25% Zn for the El Angel mineralized
zone (200)...............................................................................................................................128
Figure 14.5 ─ Different graphs supporting a capping grade of 270 g/t Ag for the El Angel
mineralized zone (200)............................................................................................................129
Figure 14.6 ─ Continuity models for the El Angel mineralized zone (200) ...............................132
Figure 14.7 ─ Isometric view of the search ellipsoid used for the El Angel (200) mineralized zone
...............................................................................................................................................133
Figure 14.8 ─ Longitudinal and cross-section views of the zinc grade distribution for the El Angel
mineralized zone (200)............................................................................................................134
Figure 14.9 ─ Swath plot for El Angel (200) ............................................................................136
Figure 23.1 – Adjacent properties ...........................................................................................145
Figure 24.1 – Example of a typical shrinkage stoping mining method .....................................147
Figure 24.2 – Example of a typical conventional cut-and-fill mining method ............................148
Figure 24.3 – Example of a typical semi-mechanized cut-and-fill mining method ....................148
Figure 24.4 – Example of a typical long hole mining method ...................................................149
Figure 24.5 – Current and planned surface infrastructures of the El Santo mine .....................152
Figure 25.1 ─ Exploratory potential at the El Santo Mine (blue ovals), looking east ................156
NI 43-101 Technical Report – El Santo, Suyckutambo and San Miguel Properties (Peru) – April 12, 2019 xiv
LIST OF TABLES
Table 2.1 – Site visits ................................................................................................................28
Table 2.2 – List of abbreviations and acronyms ........................................................................30
Table 2.3 – List of units .............................................................................................................33
Table 2.4 – Conversion factors for measurements ....................................................................34
Table 4.1 –Concessions of the El Santo, Suyckutambo and San Miguel properties owned by
Brexia GoldPlata Peru S.A.C. and associated fees for 2018 .....................................................40
Table 4.2 – Fiscal regime for the mining sector in Peru (from Aresti, 2016)...............................42
Table 4.3 – Surface rights agreements for the El Santo Property ..............................................43
Table 4.4 – Surface rights agreements for the Suyckutambo Property ......................................44
Table 4.5 – List of environmental permits for the El Santo Property ..........................................47
Table 4.6 – List of environmental permits for the Suyckutambo Property ..................................48
Table 4.7 – List of environmental permits for the San Miguel Property ......................................49
Table 4.8 – Environmental liabilities on the Properties (modified from the June 2018
Environmental Liabilities Inventory of the MEM, 032-2018-DGM/DTM/PAM) ............................51
Table 4.9 – List of CIRA certificates for the Properties ..............................................................53
Table 6.1 – Mineral production for the Suyckutambo mine, 1947-1966 .....................................57
Table 6.2 – Mineral production for the Suyckutambo and San Miguel mines, 1979-1989 ..........58
Table 6.3 – Reserves reported for the Suyckutambo and San Miguel mine areas.....................59
Table 6.4 – Results for the 2007 Suyckutambo drilling campaign..............................................60
Table 6.5 – 2007 internal mineral inventory for the Santa Úrsula and Carmen veins of the
Suyckutambo mine ...................................................................................................................60
Table 6.6 – 2007 estimate of potential resources for the northwestern part of the Suyckutambo
mine ..........................................................................................................................................60
Table 6.7 – 2009 internal mineral inventory for the Suyckutambo mine .....................................61
Table 6.8 – 2010 internal mineral inventory for the San Miguel mine area ................................62
Table 6.9 – 2011 internal mineral inventory for the El Santo mine .............................................62
Table 10.1 – Summary of the 2016-2018 Program ....................................................................95
Table 10.2 – Location and targets for all drill holes of the 2016-2018 Program .........................95
Table 11.1 – Detailed results from standards used in 2018 by Brexia during the drilling program
and by InnovExplo for the 2019 MRE ......................................................................................106
Table 11.2 – Detailed summary of blank assays during the 2016-2018 Program ....................111
Table 11.3 – Detailed summary of field duplicate results.........................................................112
Table 12.1 – Analytical results for core samples collected on November 30, 2018 ..................117
Table 12.2 – Analytical results for grab samples collected on December 1, 2018 ...................118
NI 43-101 Technical Report – El Santo, Suyckutambo and San Miguel Properties (Peru) – April 12, 2019 xv
Table 14-1 ─ Wireframe volume by mineralized zone .............................................................123
Table 14-2 ─ Summary statistics for the raw assays by dataset ..............................................125
Table 14-3 ─ Summary statistics for 0.5m composites ............................................................126
Table 14-4 ─ Compilation of density data for zones in the grade model interpolation ..............130
Table 14-5 ─ Block model properties ......................................................................................130
Table 14-6 ─ Block model naming convention and codes .......................................................131
Table 14-7 ─ Variogram model parameters for each group of mineralized zones ...................131
Table 14-8 ─ Search ellipsoid parameters ..............................................................................132
Table 14-9 ─ Interpolation strategy for all zones .....................................................................134
Table 14-10 ─ Comparison of the block and composite mean grades at zero cut-off for Inferred,
Indicated and measured blocks...............................................................................................135
Table 14-11 ─ Breakdown of the underground NSR cut-off estimate ......................................137
Table 14-12 ─ Parameters used for the NSR factors (NSR metal contributions) .....................137
Table 14-13 ─ El Santo Project Mineral Resource Estimate at NSR cut-off of 80 USD per tonne
...............................................................................................................................................140
Table 14-14 ─ Cut-off grade sensitivity analysis ......................................................................142
Table 23.1 – Adjacent properties (mines and deposits) ...........................................................144
Table 25-1 – Risks for the Project ...........................................................................................157
Table 25-2 – Opportunities for the Properties ..........................................................................157
Table 26-1 ─ Estimated cost of the recommended work program ...........................................160
NI 43-101 Technical Report – El Santo, Suyckutambo and San Miguel Properties (Peru) – April 12, 2019 xvi
1. SUMMARY
1.1 Introduction
At the request of Karim Robo, Project Manager and Business Development for Brexia
GoldPlata Peru S.A.C. (“Brexia” or the “issuer”), InnovExplo Inc. (“InnovExplo”) was
retained to prepare a technical report (the “Technical Report”) for the El Santo,
Suyckutambo and San Miguel properties (the “Properties”) in accordance with Canadian
Securities Administrators’ National Instrument 43-101 Respecting Standards of
Disclosure for Mineral Projects (“NI 43-101”) and its related Form 43-101F1.
InnovExplo is an independent mining and exploration consulting firm based in Val-d’Or
(Québec). Brexia is a privately-owned mining company producing silver and base metals
concentrates.
GoldPlata Resources Peru S.A.C. (“GoldPlata”) transferred the Property to Brexia when
the latter was incorporated in Lima, Peru, on November 3, 2011 through Deed of
Incorporation No. 11884572 registered in the National Superintendency of Public
Registries (Superintendencia Nacional de los Registros Publicos or “SUNARP”).
GoldPlata had consolidated the Property by acquiring ground from third parties through
staking or public tender of expired concessions.
The Properties contain four mines: El Santo, Syckutambo, San Miguel and Tarucamarca.
Only El Santo mine is in production.
1.2 Contributors
InnovExplo is responsible for this Technical Report. It was prepared by authors Gustavo
Durieux, P.Geo. OGQ (permit No. 1148), Harold Brisson, P.Eng. OIQ (permit No. 41433),
Claude Savard, P.Geo. OGQ (permit No. 1057), Éric Vinet, P.Eng. OIQ (permit No.
100894) and Guillaume Noël, P.Eng. OIQ (permit No. 131725).
Mr. Durieux is the author of items 3 to 11 and 23 in this Technical Report and co-author
of items 1, 2 and 25 to 27.
Mr. Brisson is the co-author of items 1, 14 and 25 to 27 in this Technical Report.
Mrs. Savard is the author of item 14 in this Technical Report and co-author of items 1 to
3, 14 and 25 to 27.
Mr. Vinet and Mr. Noël are the co-authors of items 1 and 24 to 27 in this Technical Report.
1.3 Property Description and Location

The Properties are situated near the town of Caylloma, approximatively 650 km
southeast of Lima, the capital of Peru, and approximately 260 km by road north-
northwest of Arequipa, the country’s second largest city.
The El Santo Property lies in the Caylloma District of the Caylloma Province in the
Arequipa Region.It contains the producing El Santo mine (Latitude: 15° 10' 30"S,
Longitude: 71° 49' 44"W).
The Suyckutambo Property contains the historic Suyckutambo mine and the Ana Maria
mineral processing plant (Latitude: 15° 05' 24" S, Longitude: 71° 28' 48" W), which
processes ore from the El Santo mine. The property straddles the border between the
NI 43-101 Technical Report – El Santo, Suyckutambo and San Miguel Properties (Peru) – April 12, 2019 17
Arequipa Region (Caylloma Province) to the west and the Cusco Region (Suyckutambo
Region, Espinar Province) to the east.
The San Miguel Property contains the historic San Miguel and Tarucamarca mines. The
property straddles the border between the Arequipa Region (Caylloma Province) to the
south and the Cusco Region (Espinar Province) to the north.
1.4 Accessibility, Climate, Local Resources, Infrastructure and Physiography

The Properties are located near the town of Caylloma. The Properties are 260-km at
driving distance from Arequipa, the second largest city in Peru and the nearest city with
an international airport. The route from Arequipa is via highway 34A (the road to Juliaca),
then north at Patahuasi onto highway 34E until turning on highway 111 through the towns
of Callalli and Sibayo to reach a network of dirt roads that provides access to the different
parts of the Properties.
The climate of the Caylloma District is characteristic of the steppe (semi-arid) climate,
dry during the cool months between May and October and abundant precipitation (snow
and rain) with high winds during the rainy season between November and April. The
months of January and February are characterized by strong hail and snow storms.
Temperatures range from -20°C in the winter to over 25°C in the summer. The average
annual precipitation varies between 62.5 mm and 666.9 mm.
Infrastructure in the area is limited. However, there are abundant water resources that
could support mining operations.
The nearest town to the Project is Caylloma. The nearest major urban centre is the town
of Espinar (or Yauri), with 30,000 residents, located approximately 78 km north of the
Properties. Espinar is connected to the national power grid, and has services and
supplies such as food, accommodation, fuel, electro-mechanical services, etc. Major
mining operations are present near Espinar, such as the Antapaccay-Tintaya operations
(Glencore).
The Properties are situated in the Andean highlands at an altitude between 4,650 and
5,200 masl. The physiography of the region is dominated by intermontane valleys at
approximately 4,000 masl, flanked by uplands and mountains ranging from 4,800 to
6,000 masl. The topography is marked by incised streams and gullies that channel runoff
from the area.
1.5 Geological Setting and Mineralization

The Properties lie in geotectonic domain VI of the Occidental Cordillera. This domain is
characterized by the presence a prominent Neogene volcanic belt that contains large,
locally superimposed calderas of early Miocene to Pliocene age. The belt is composed
of calc-alkaline andesitic to rhyolitic flows, ignimbrites, laharic deposits and volcanic
domes that unconformably overlie a folded marine sequence of quartzite, shale and
limestone of the Mesozoic basement.
The Properties are situated near two caldera complexes of the Neogene volcanic arc.
The El Santo Property lies northwest of the Caylloma Caldera Complex near the town of
Caylloma, and the Suyckutambo and San Miguel properties are east-northeast of the
Chonta Caldera Complex.
The stratigraphy of the Caylloma caldera and its surroundings comprises (from base to
summit): Yura Group, Tacaza Group, Sencca Volcanics, Pusa Formation, Barroso
Group, Pleistocene deposits and Recent deposits. As well, there are several intrusive
phases that crosscut the volcano-sedimentary units.
El Santo Property
Several units of the Caylloma Caldera Complex crop out in the El Santo Property area.
The geology of the property is dominated by volcanic rocks of the Tacaza Group. This
property hosts several veins of intermediate sulphidation mineralization. The major
mineralized veins are associated with tensional structures oriented ENE-WSW. The vein
mineralization is mainly hosted by Miocene andesitic volcanics and volcanoclastic rocks
(i.e., lithological control), with minor ore present in the underlying folded Jurassic
sedimentary basement.
The mineralization consists of sulphides, hosted by quartz, rhodochrosite and rhodonite.
The sulphide mineralization consists of galena, tetrahedrite, sphalerite and chalcopyrite.
Rhodonite in veins is associated with base metal mineralization. The veins present a
banded or crustiform structure with a certain parallelism to the host rock.
Ore grade is discontinuous, with high-grade zones having strike lengths of tens to
hundreds of metres and extending about 300 m down dip. Ore shoots in fault-hosted
veins occur in narrow subvertical zones, separated by lower-grade ore zones. Ore shoots
in extension fractures are shorter down dip and more continuous horizontally.
Mineral composition and metal content are zoned horizontally and vertically; silver, base
metals, calcite and manganese minerals increase in abundance to the northeast and
downward. Shallower levels of the hydrothermal system are exposed to the west and
southwest in the district. Details of individual veins are presented below.
Suyckutambo Property
The Suyckutambo Property is located north of the Caylloma Caldera in the area of
influence of the Chonta Caldera. The property is entirely underlain by the Tacaza Group
and the Sencca Formation. The lithostratigraphic units comprise intercalations of
pyroclastic, andesite flows and volcanic tuffs of the Orcopampa, Ichocollo and Sencca
formations.
The Suyckutambo mine area hosts several veins of low to intermediate sulphidation
mineralization). Several structural systems that control mineralization have been
identified.
The major Au-Ag bearing veins are associated with the NE-SW system. Mineralization
is related to post-faulting events with an apparent zonation transitioning from
intermediate sulphidation closer to the Chila Fault to low-sulphidation away from the fault.
The veins of the Suyckutambo mine are composed of banded white-grey hyaline quartz,
amethyst and disseminated pyrite. The occurrence of quartz-adularia correlates with Au-
Ag mineralization; Ag mineralization is associated with quartz whereas an increase in
calcite content generally indicates a decrease in Ag.
San Miguel Property
The San Miguel Property is located in the area of influence of the Chonta caldera, north
of the Caylloma caldera. The property is mostly covered by Miocene volcanic deposits
of the Tacaza Group, but subvolcanic intrusive rocks have also been mapped in the
property. The lithostratigraphic units on the property include dacitic ignimbrites, andesitic
agglomerates, volcano-sedimentary deposits and hydrothermal breccias. Areas with
advanced argillic alteration and vuggy silica have been reported.
There are two mine areas on the San Miguel Property: San Miguel and Tarucamarca.
Both areas host several veins with low to intermediate sulphidation mineralization. Most
of the mineralized structures are hosted by dacitic ignimbrites. Several structural systems
that control mineralization have been identified.
The NW-SE system comprises most of the veins of the San Miguel and Tarucamarca
mine areas. They are shear veins and strike N50W to N80W, dipping 70-85°. They
average 1 m wide but can reach up to 1.4 m. Mineralized shoots have a lenticular shape
and are of variable dimensions. High-grade ore in certain veins is though to be due to
changing conditions in the fluids favoured by vein emplacement in the more permeable
facies of the host rocks.
Vein mineralization in the San Miguel and Tarucamarca mine areas is silver and gold
rich, with mineralization hosted by crystalline quartz veins carrying argentite, tetrahedrite
and auriferous pyrite. Gangue vein minerals also include rhodonite and rhodochrosite.
Other than vein mineralization, the property hosts areas of advanced argillic alteration
and vuggy silica with potential for disseminated mineralization. These areas were
interpreted by Brexia personnel as potentially related to subvolcanic or hypabyssal
intrusions. The alteration areas are located on the Don Paul XXII, Don Paul XXVIII and
Don Paul XXX concessions. The mineralization in some of these areas has been
described as contained by a quartz veinlet stockwork (2-4% veinlets) with limonite after
boxwork textures. Another alteration area in a dacitic intrusive carries 3-4% disseminated
pyrite. Sampling in these areas returned economic silver grades up to 24 g/t Ag, as well
as anomalous values of up to 204 ppm Cu, up to 511 ppm Pb, and up to 109 ppm Zn.
1.6 Drilling, Sampling Method, Approach and Analysis

The 2016-2018 Program described in this report is an infill drilling program designed by
Brexia geologists to test the continuity of the mineralization being mined underground in
the El Santo Mine. More specifically, the program aimed to test the continuity of vein
mineralization at depth and laterally on a grid with 25-m spacing. The targets were the
El Santo, El Diablo, El Angel, Gianina and Vanessa zones, which are the subject of the
2019 MRE presented in Item 14.
This drilling program amounted to 160 drill holes for a total of 22,400 m drilled. Drilling
was conducted in two separate phases. The first phase consisted of 7 underground holes
drilled between December 2016 and May 2017. The second phase consisted of 17
surface and 137 underground holes drilled between February 2018 and September
2018. Drilling has been performed on a continuous basis since the close-out date of the
database used for the current MRE (November 14, 2018).
1.7 Data Verification
InnovExplo’s data verification demonstrated the validity of the Project data and protocols.
The sample preparation, analysis, QA/QC and security procedures used during the
abovementioned drilling programs on the El Santo Property followed industry standards
and best practices. InnovExplo considers the Brexia database to be valid and of sufficient
quality to be used for the 2019 MRE.
1.8 Mineral Resource Estimate

The mineral resource estimate herein for the El Santo mine (the “2019 MRE” or the
“Project”) was prepared by Harold Brisson, P.Eng., and Claude Savard, P.Geo., using
all available information.
The 2019 MRE covers the five mineralized zones that can be accessed from the
underground mine: El Santo, Gianina, Vanesa, El Diablo and El Angel.
The information on these mineralized zones was updated using the results of the 2016-
2018 Program.
The database provided by the issuer contains 17 surface DDH, 123 surface channel
holes, 159 underground DDH and 14,266 underground chip samples. Only surface and
underground DDH data had been compiled and validated at the time of the estimate For
the purpose of the current MRE, all surface holes and underground chip samples were
excluded because they lacked vital information (survey data, assay certificates and
standards).
The resulting GEMS database used for the current MRE contains 139 underground DDH
for 18,149 m of drill core, and 5,873 sampled intervals for 3,032 m of sampled material.
The GEMS database covers the strike-length of the Project at drill spacings ranging from
20 m to 65 m.
The 2019 MRE includes Measured, Indicated and Inferred resources and is based on
the assumptions that the deposit will be potentially developed and mined using
underground methods and on data density, search ellipse criteria, drill hole spacing, and
interpolation parameters.
InnovExplo considers the 2019 MRE to be reliable and based on quality data, reasonable
hypotheses and parameters that follow CIM Definition Standards.
The table below presents the mineral resource estimates for the 2019 MRE for the
Project at an NSR cut-off of 80 USD/t.
El Santo Project Mineral Resource Estimate at NSR cut-off of 80 USD per tonne
(modified from Table 14-13)
Total Measured Total Indicated Total Measured and Total Inferred
Category
Resources Resources Indicated Resources Resources
Tonnage (t) 56,700 239,300 296,000 187,500
NSR (USD) 181 174 175 154
Au (g/t) 0.31 0.18 0.21 0.17
Ag (g/t) 53.1 52.69 52.77 60.3
Total Measured Total Indicated Total Measured and Total Inferred
Category
Resources Resources Indicated Resources Resources
Cu (%) 0.35 0.32 0.33 0.3
Pb (%) 3.65 3.6 3.61 3.59
Zn (%) 6.48 6.3 6.34 4.86
Contained Au (oz) 570 1,390 1,960 1,030
Contained Ag (oz) 96,800 405,400 502,200 363,500
Contained Cu (lbs) 442,000 1,712,400 2,154,400 1,223,300
Contained Pb (lbs) 4,563,500 19,018,400 23,581,900 14,836,100
Contained Zn (lbs) 8,098,700 33,253,800 41,352,500 20,107,500

Notes:
1. The independent and qualified persons for the mineral resource estimates, as defined by NI 43-101, are Harold
Brisson, P.Eng. and Claude Savard, P.Geo. (InnovExplo), and the effective date of the estimate is February 22,
2019.
2. These mineral resources are not mineral reserves as they do not have demonstrated economic viability.
3. The estimate follows CIM definitions and guidelines for mineral resources.
4. Results are presented in situ and undiluted and considered to have reasonable prospects for economic extraction.
No PEA, PFS or FS has been completed to support economic viability and technical feasibility of exploiting any
portion of the mineral resource.
5. The El Santo resource estimate encompasses five (5) zones with a minimum true thickness of 0.9 m using the grade
of the adjacent material when assayed or a value of zero when not assayed. High-grade capping was done on 0.5-
m composites and established for each metal on a per zone basis: from 30 to 270 g/t Ag for silver; from 0.8 to
2.4 g/t Au for gold; from 0.7 to 1.5% Cu for copper; from 4 to 25% Pb for lead, and from 7 to 25% Zn for zinc. The
ordinary kriging interpolation method was used for silver, gold, copper, lead, zinc and density based on 0.5-m
composites and a block size of 4 m x 1 m x 4 m.
6. Measured resources were estimated using a minimum three (3) drill holes, extrapolated up to 15 m above and below
drifts opened within the mineralized zone. Indicated resources were estimated from drill hole results using a minimum
of three (3) drill holes, with a maximum closest distance of 30 m or extrapolated up to 15 m above and below the
Measured resources. The Inferred resources were estimated from drill hole results using a minimum of two (2) drill
holes, with a maximum closest distance of 60 m.
7. The estimate is reported for a conventional underground mining scenario, reflecting the current mining method used
at the El Santo mine. The estimate is based on a marginal NSR cut-off of 80 USD/t, which includes a mining cost of
58.75 USD/t, a processing cost of 15,84 USD/t and a marginal G&A cost of 5.41 USD/t. The economic NSR cut-off
would include a total G&A cost of 39.55 USD/t for a total of 114.14 USD/t. The marginal cut-off NSR was chosen to
consider the marginal NSR material being developed with the conventional mining method used on site.
8. The NSR calculation is based on the following formula:
𝑁𝑆𝑅 = ∑ 𝑁𝑆𝑅 𝑓𝑎𝑐𝑡𝑜𝑟𝑖 × ℎ𝑒𝑎𝑑 𝑔𝑟𝑎𝑑𝑒𝑖 ,
𝑖={𝑃𝑏,𝐴𝑔,𝐴𝑢,𝑍𝑛}
𝑗={𝑃𝑏 𝑐𝑜𝑛𝑐,𝑍𝑛 𝑐𝑜𝑛𝑐}
((𝑀𝑒𝑡𝑎𝑙 𝑝𝑟𝑖𝑐𝑒𝑖 × 𝑃𝑎𝑦𝑎𝑏𝑙𝑒 𝑚𝑒𝑡𝑎𝑙 𝑐𝑜𝑛𝑡𝑒𝑛𝑡𝑖 ) − 𝐷𝑒𝑑𝑢𝑐𝑡𝑖𝑜𝑛𝑠𝑖 ) × 𝑀𝑒𝑡𝑎𝑙𝑙𝑢𝑟𝑔𝑖𝑐 𝑟𝑒𝑐𝑜𝑣𝑒𝑟𝑦𝑖
where 𝑁𝑆𝑅 𝑓𝑎𝑐𝑡𝑜𝑟𝑖 = [ ]
𝑀𝑒𝑡𝑎𝑙 𝑐𝑜𝑛𝑡𝑒𝑛𝑡𝑖 𝑖𝑛 𝐶𝑜𝑛𝑐𝑗
9. The commodity prices are 15.25 USD/oz Ag, 1,300 USD/oz Au, 2,028 USD/t Pb and 2,646 USD/t Zn. The metallurgic
recoveries are 94.51% for lead, 78.07% for silver, 77.29% for gold and 89.12% for zinc.
10. The tonnage (metric tons) and contained silver (ounces), copper (pounds), lead (pounds) and zinc (pounds) were
rounded to the nearest hundred; contained gold (ounces) was rounded to the nearest ten. Any discrepancies in the
totals are due to rounding effects.
11. The cut-off NSR should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rate,
mining cost, etc.).
12. InnovExplo is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or
marketing issues, or any other relevant issue that could materially affect the mineral resource estimate.
1.9 Other Relevant Data – El Santo Mine and Ana Maria Processing Plant
The only mine currently in operation on the Properties is the El Santo mine on the El
Santo Property. The mine has several levels, the uppermost being level 0 at 4674 masl.
El Santo produces between 4,000 and 9,000 tonnes per month and is mined using
shrinkage stoping and cut-and-fill methods.
The ore from the El Santo mine is processed at the Ana Maria plant on the Suyckutambo
Property. The resulting product of the process is a bulk flotation concentrate (Pb-Ag-Au-
Cu) and a zinc flotation concentrate.
1.10 Interpretation and Conclusions

InnovExplo concluded the following based on a detailed review of all pertinent
information for the El Santo Property and the results of the resource estimation:
• Recent and historical drill holes provide sufficient information to complete and
support the 2019 MRE;
• Geological and grade continuity were demonstrated for five (5) silver-bearing
polymetallic epithermal veins in the El Santo mine;
• Mineral resources are reported for an underground mining scenario and based on an
NSR cut-off of USD 80/t;
• The total Measured Resources contain 56,700 t @ 0.31 g/t Au for a total of 570 oz;
53.10 g/t Ag for a total of 96,800 oz; 0.35% Cu for a total of 442,000 lbs; 3.65% Pb
for a total of 4,563,500 lbs and 6.48% Zn for a total of 8,098,700 lbs.
• The total Indicated Resources contain 239,300 t @ 0.18 g/t Au for a total of 1,390 oz;
52.69 g/t Ag for a total of 405,400 oz; 0.32% Cu for a total of 1,712,400 lbs; 3.60%
Pb for a total of 19,018,400 lbs and 6.30% Zn for a total of 33,253,800 lbs.
• The total Inferred Resources contain 187,500 t @ 0.17 g/t Au for a total of 1,030 oz;
• It is likely that additional diamond drilling at depth could potentially increase the
Inferred Resource tonnage and upgrade some of the Inferred Resources to the
Indicated category. Recent drilling (not included in the resource database as drilling
was not complete by the close-out date) illustrates the potential for extension at
depth. Drilling down-dip along the El Angel Vein (DDH-ES-18-155) intersected the
mineralized structure approximately 250 m below the current MRE model, extending
the depth of potential resources below the current mine workings.
• At this stage, it is reasonable to believe that drilling the extensions of currently defined
mineralized zones could add an “exploration potential” ranging between 200,000 to
300,000 t of mineralized material at grades between 0.1- 0.3 g/t Au, 30-60 g/t Ag,
0.1-0.3% Cu, 1.5-3.5% Pb and 3-5% Zn (Figure 25.1).

information for the Brexia properties:
• Epithermal vein mineralization at the Suyckutambo and San Miguel properties

correspond to the mineralization styles and grades described in the available
literature.
• Historical reported gold grades are higher at Suyckutambo than in the El Santo mine.
• Several of the veins on the Suyckutambo Property have potential for economic
resources along strike and/or down-dip.
• The results of recent geophysical surveys indicate a potential for disseminated
mineralization on the San Miguel Property.
Table 25-1 identifies the significant internal risks, potential impacts and possible risk
mitigation measures that could affect the future economic outcome of the Project. The
list does not include the external risks that apply to all mining projects (e.g., changes in
metal prices, exchange rates, availability of investment capital, change in government
regulations, etc.).
Significant opportunities that could improve the economics of the Project and the
potential of the Properties are identified in Table 25-2. Further information and study are
required before these opportunities can be included in the project economics.
Risks for the Project (Table 25-1)

RISK POTENTIAL IMPACT POSSIBLE RISK MITIGATION
Continue to develop a proactive
policy and transparent strategy to
identify all stakeholders and develop
Social acceptability and Possibility that the Project could not a communication plan
community support be explored or exploited
Continue to engage the stakeholders
and to make information on the
project available
Lithostructural model and definition
Geological discontinuity Loss of mineral resources
drilling
Continue to measure the density of
Inaccuracy in density Bias in tonnage estimation
the veins and various host rocks
Conversion of these areas into
mineral reserves will confirm local
Tonnage aspects of mineral
details of mineral resource zone
resource areas slated for
Viability outlines and grades, provide better
conversion to mineral
definition of related mineral reserves,
reserves
and result in a more reliable mine
plan
Dry stacked tailings could be an
The tailing pond does not option for the El Santo mine in order
meet current regulatory to extend the LOM
requirements
Closure of the tailing pond If studies on the San Miguel Property
If compliance is achieved, are positive, a new tailings pond
the pond has only four would need to be built
years of service remaining
Insufficient power available

power if the mine is to
Power and compressed air capacities
pursue development to Limited development
will need to be increased
level -120 and below, and
onto the adjacent property
Opportunities for the Properties(Table 25-2)

OPPORTUNITIES EXPLANATION POTENTIAL BENEFIT
More ounces for future MRE and PEA
Infill drilling Positive results will upgrade part or all studies
inferred resources to indicated Infill drilling to improve the confidence
(El Santo) resources on the continuity of the mineralization
and to upgrade inferred resources to
higher-confidence resource
categories
Exploration drilling Positives results will extend known

zones, or new zones will be Increased mineral resources
(El Santo) discovered
Historical mineral resources Historical resources have not been There is potential to generate a
upgraded to NI 43-101 compliant maiden MRE through additional
(Suyckutambo) mineral resource categories compilation work and drilling
Exploration drilling Potential to identify new
Discovery of new mineralization
(Suyckutambo) mineralization and its extent
(San Miguel) mineralization and its extent
Eliminate development that is Maximize efficiency, increase
New underground
currently excavated with a jack leg in productivity and create a safer
equipment (El Santo)
3.5 m x 3.0 m drifts environment
Conduct long hole drilling tests to
Application of long hole determine suitability for applications
Reduce material costs
drilling (El Santo) such as service holes, raises and
long hole mining
Evaluate the option of installing a

Cemented Rock Fill (CRF) small crushing unit with a CRF plant Stope cycling will be faster
plant in the mine to reduce the size of Worker safety will improve
development waste material
1.11 Recommendations
Based on the results of the 2019 MRE and the conclusions of this Technical Report
additional work is warranted on the Properties.
• Conversion drilling is recommended in the El Santo mine to upgrade Inferred

resources to the Indicated category. Additional drilling to evaluate the extension of
the mineralized veins along trend and at depth is also recommended. Positive results
would potentially add Inferred resources.
• A geological compilation of historical data is recommended for the Suyckutambo
Property.
• Following the compilation, delineation drilling is recommended for the Suyckutambo
Property in order to investigate the extent of known mineralization.
• Exploration drilling to investigate untested targets on the Properties. Positive results
would potentially add Inferred resources at El Santo and provide information on
occurrences of new mineralization on the Suyckutambo and San Miguel properties.
• Develop new areas for underground diamond drilling and iIncrease the number of
underground diamond drill holes in the El Santo mine.
• Acquire new equipment to maximize efficiency in the El Santo mine.
• Improve raise excavation methods and aAsses the ventilation needs in the mine, as
the mine grows deeper and the equipment fleet increases.
• Possibly adopt the long hole mining method instead of the methods currently in use.
1.11.1 Estimated Cost of Recommended Work
InnovExplo has prepared a cost estimate for the recommended two-phase work program
to serve as a guideline. The budget for the proposed program is presented in Table 26-1.
Expenditures for Phase 1 are estimated at USD 3,456,000 (incl. 15% for contingencies).
Expenditures for Phase 2 are estimated at USD 819,000 (incl. 15% for contingencies).
The grand total is USD 4,275,000 (incl. 15% for contingencies). Phase 2 is contingent
upon the success of Phase 1.
Estimated cost of the recommended work program (Table 26-1)

Phase 1 Recommended work program Description Budget cost (USD)
1a El Santo: Drilling on potential resource extension 5,000 m 425,000
1b El Santo: Exploration drilling 5,000 m 750,000
El Santo: Update of lithostructural/mineralization
1c 30,000
models
1d Suyckutambo: Delineation and exploration drilling 10,000 m 1,500,000
Suyckutambo: Structural analysis and update of

1e 175,000
lithostructural/mineralization models
1f San Miguel: Exploration drilling 5,000 m 750,000

Contingencies (~ 15%) 544,500
Phase 1 Subtotal 4,174,500
2a El Santo: Provision for additional drilling 7,500 m 637,500
2b El Santo: Update 43-101 MRE 75,000
2c Suyckutambo: Maiden 43-101 MRE 100,000
2d Suyckutambo: Engineering studies 250,000
2e Suyckutambo: PEA 300,000
TOTAL (Phase 1 and Phase2) 5,737,400
2. INTRODUCTION
2.1 Overview
InnovExplo Inc. was retained by Karim Robo, Project Manager and Business
Development for Brexia GoldPlata Peru S.A.C.(“Brexia” or the “issuer”) to prepare a
Technical Report (the “Technical Report”) for the El Santo, Suyckutambo and San Miguel
properties (the “Properties”), to present and support the results of a Mineral Resource
Estimate (the “2019 MRE” or the “Project”) for the El Santo mine on the El Santo
Property. This Technical Report conforms to National Instrument 43-101 Respecting
Standards of Disclosure for Mineral Projects (“NI 43-101”) and Form 43-101F1 of the
Canadian Securities Administrators (“CSA”).
InnovExplo is an independent mining and exploration consulting firm based in Val-d’Or
(Québec, Canada).
Brexia GoldPlata Peru S.A.C. is a privately owned Peruvian silver and base metals
producer. The mineral resource estimate herein (“2019 MRE”) has an effective date of
March 1, 2019 and includes the maiden mineral resource for the Project. The estimate
follows CIM Definition Standards for Mineral Resources and Mineral Reserves (“CIM
Definition Standards”).
2.2 Terms of Reference

GoldPlata Resources Peru S.A.C. (“GoldPlata”) transferred the Properties to Brexia
when the latter was incorporated in Lima (Peru) on November 3, 2011 through Deed of
Incorporation No. 11884572 registered in the National Superintendency of Public
Registries (Superintendencia Nacional de los Registros Publicos, “SUNARP”). GoldPlata
had consolidated the Properties by acquiring ground from third parties through staking
or public tender of expired concessions.
The Properties contain four mines: El Santo, Syckutambo, San Miguel and Tarucamarca.
Only El Santo is still in production. Authors Gustavo Durieux, P.Geo., Harold Brisson,
P.Eng.., Claude Savard, P.Geo., Éric Vinet, P.Eng.. and Guillaume Noël, P.Eng.., are
independent of Brexia and have no interest in the Properties.
2.3 Report Responsibility and Qualified Persons

InnovExplo is responsible for this Technical Report. It was prepared by authors Gustavo
Durieux, P.Geo., Harold Brisson, P.Eng.., Claude Savard, P.Geo., Éric Vinet, P.Eng..
and Guillaume Noël, P.Eng..
The list below presents the sections for which each qualified person (“QP”), as defined
by NI 43-101, is responsible or for which they share responsibility:
• Gustavo Durieux, P.Geo. (OGQ permit 1148)

- Author of items 3 to 11 and 23
- Co-author of items 1, 2 and 25 to 27
• Harold Brisson, P.Eng.. (OIQ permit 41433) (PEO licence 100516300)

- Co-author of items 1, 14 and 25 to 27
• Claude Savard, P.Geo. (OGQ permit 1057)
- Author of items 14.
- Co-author of items 1, 2, 3, 14 and 25 to 27
• Éric Vinet, P.Eng.. (OIQ permit 100894)

- Co-author of items 1 and 24 to 27
• Guillaume Noël, P.Eng.. (OIQ permit 131725)

- Co-author of items 1 and 24 to 27
In addition to the above, the following people were involved in the preparation of the
Technical Report:
• Josiane Caron, P.Eng. (OIQ permit 143677), of InnovExplo supervised the

assemblage of the report;
• Daniel Turgeon, technician, of InnovExplo assisted with the figures and GIS-related
work;
• Martin Barette, technician, of InnovExplo assisted with the figures;
• Venetia Bodycomb, M.Sc., of Vee Geoservices performed a critical review and
linguistic editing of a draft of this report.
2.4 Site visits

QPs visited the site as resumed in Table 2.1.
Table 2.1 – Site visits

Qualified
Firm Date of the visit Area of site visited and purpose
Person
El Santo
Review of field methods and protocols,
November 29 to 30, 2018 QA/QC procedures. Validation of
mineralization styles and grades.
Sampling of 27 core samples
San Miguel
Gustavo
InnovExplo Inc. Assessment of mineralization styles
Durieux, P.Geo. December 1 and 3, 2018
and mineralization potential. Six (6)
samples collected.
Suyckutambo
December 3, 2018 Assessment of mineralization styles
and mineralization potential. Four (4)
samples collected.
Éric Vinet, February 17 to 23, 2018 El Santo

InnovExplo Inc.
P.Eng. February 14 to 16, 2018 Suyckutambo
Guillaume Noël,
InnovExplo Inc. February 14 to 23, 2018 Suyckutambo
P.Eng.
2.5 Effective Date
The effective date of the Technical Report is March 1, 2019.
2.6 Sources of Information

This Technical Report is supported by the documentation listed in items 3 and 27 and
consisting of unpublished internal reports, as well as published reports and reference
material. The references in Item 27 are cited in the text.
InnovExplo’s review of the Project was based on published material in addition to the
data, professional opinions and unpublished material submitted by Brexia. InnovExplo
has reviewed the data provided by the issuer and/or by its agents.
InnovExplo has also consulted other information sources, principally the online database
of mining concession and geological information (Sistema de Información Geológico y
Catastral Minero, “GEOCATMIN”) of the Geology Mining and Metallurgical Institute
(Instituto Geológico Minero y Metalúrgico, “INGEMMET”), a branch of the Ministry of
Energy and Mines of Peru (Ministerio de Energía y Minas, “MEM”), as well as the CSA’s
System for Electronic Document Analysis and Retrieval (“SEDAR”) for technical reports
on adjacent properties. GEOCATMIN can be accessed at
geocatmin.ingemmet.gob.pe/geocatmin/, and SEDAR at www.sedar.com.
InnovExplo conducted a review and appraisal of the information used to prepare this
Technical Report, including the conclusions and recommendations, and believes that
such information is valid and appropriate considering the status of the project and the
purpose for which the Technical Report is prepared. The authors have fully researched
and documented the conclusions and recommendations made in this Technical Report.
2.7 Currency, Units of Measure, and Acronyms

A list of acronyms and a list of units used in this report are provided in Table 2.2 and
Table 2.3. All currency amounts are stated in American Dollars ($, US$ or USD), unless
otherwise specified. Quantities are stated in metric units, as per standard Canadian and
international practice, including tonnes (t) and kilograms (kg) for weight, kilometres (km)
or metres (m) for distance, hectares (ha) for area, and grams per tonne (g/t) for precious
metal grades. Wherever applicable, imperial units have been converted to the
International System of Units (SI units) for consistency (Table 2.4).
Table 2.2 – List of abbreviations and acronyms

Abbrev. and acronyms Term
AA, AAS Atomic absorption spectroscopy
APGO Association of Professional Geoscientists of Ontario
ASTER Advanced Spaceborne Thermal Emission and Reflection
Brexia, Brexia Brexia GoldPlata Peru S.A.C.
Bt Billion tons
CIM Canadian Institute of Mining, Metallurgy and Petroleum
CIM Definition Standards CIM Definition Standards for Mineral Resources and Mineral Reserves
Certificado de Inexistencia de Restos Arqueológicos (Certificat of Inexistence
CIRA
of Archeological Remains)
CRF Cement rock fill
CRM Certified reference material
CV Coefficient of variation
DDH Diamond drill hole
DEM Digital elevation model
Direccion General de Asuntos Ambientales Mineros (General Environmental
DGAAM
Affairs Management)
DIA Declaracion de Impacto Ambiental
DS Decreto Supremo (Supreme Decree)
EIA Environmental impact assessment
EIA Estudio de Impacto Ambiental (Environmental impact assessment)
Estudio de Impacto Ambiental detallado (detailed Environmental impact
EIAd
assessment)
Estudio de Impacto Ambiental semi detallado (semi-detailed Environmental
EIAsd
impact assessment)
EIS Environmental impact study
EQA Environment Quality Act
ESA Environmental site assessment
ESIA Environmental and social impact assessment
G&A General and administration
GEOCATMIN Sistema de Información Geológico y Catastral Minero
GIS Geographic Information System
GoldPlata, GPRP GoldPlata Resources Peru S.A.C.
ICP Inductively coupled plasma
ID2 Inverse distance squared
IDW Inverse distance weighting
IGN Instituto Geográfico Nacional (National Geographical Institute)
Instituto Nacional de Concesiones y Catastro Minero (National Institute of
INACC
Concession and Mining Cadastre)
INEI Instituto Nacional de Estadistica e Informatica
Instituto Geológico, Minero y Metalúrgico (Geological, Mining and Metallurgical
INGEMMET
Institute)
IOCG Iron oxide copper gold
IP Induced polarization
ISO International Organization for Standardization
IT Information technology
LOI Letter of intent
LOM Life of mine
Mag, M AG Magnetometer, magnetometric
MEM Ministerio de Energía y Minas
mesh US mesh
MIK Multiple indicator kriging
MRE Mineral resource estimate
NAD 27 North American Datum of 1927
NAD 83 North American Datum of 1983
NAPEG Northwest Territories Association of Professional Engineers and Geoscientists
National Instrument 43-101 – Standards of Disclosure for Mineral Projects
NI 43-101
(Regulation 43-101 in Québec)
NN Nearest neighbour
NSR Net smelter return
OGQ Ordre des géologues du Québec
OK Ordinary kriging
OSINGERMIN Organismo Supervisor de la Inversion en Energía y Minería
Programa de Adecuación y Manejo Ambiental (Program for Environmental
PAMA
Management)
PIMA Portable infrared mineral analyzer
QA/QC Quality assurance/quality control
QP Qualified person (as defined in National Instrument 43-101)
qtz Quartz
RM Resolucion Ministerial (Ministry Resolution)
RQD Rock quality designation
SAG Semi-autogenous-grinding
SFCLM Cusco-Laguniza-Mañazo fault system
SG Specific gravity
Superintendencia Nacional de los Registros Publicos (National
SUNARP
Superintendency of Public Registries)
Texto Unico Ordenado de la Ley General de Mineria (Revised Unique Text of
TUO
the General Mining Law)
UG Underground
UTM Universal Transverse Mercator (coordinate system)
World geodetic system 1984 (standard U.S. Department of Defense definition
WGS 84
of a global reference system for geospatial information)
XRF X-ray fluorescence
Table 2.3 – List of units
Symbol Unit
% Percent
$, C$ Canadian dollar
A Ampere
Btu British thermal unit
cm Centimetre
cm3 Cubic centimetre
d Day (24 hr)
dm3 Cubic decimetre
ft Foot (12 inches)
g Gram
G Billion
Ga Billion years
g/L Gram per litre
g/t Gram per metric ton (tonne)
h Hour (60 minutes)
ha Hectare
hp Horsepower
in Inch
k Thousand (000)
kg Kilogram
km Kilometre
km2 Square kilometre
km/h Kilometres per hour
koz Thousand ounces
kW Kilowatt
kWh Kilowatt-hour
kVA Kilo-volt-ampere
L Litre
lb Pound
M Million
m Metre
m2 Square metre
m3 Cubic metre
Ma Million years (annum)
masl Metres above mean sea level
min Minute (60 seconds)
Symbol Unit
mm Millimetre
M oz Million (troy) ounces
mph Mile per hour
Mt Million metric tons
oz Troy ounce
oz/t Ounce (troy) per short ton (2,000 lbs)
ppb Parts per billion
ppm Parts per million
s Second
t Metric tonne (1,000 kg)
tpd Metric tonnes per day
tph Metric tonnes per hour
US$ American dollar
V Volt
y Year (365 days)
yd3 Cubic yard
Table 2.4 – Conversion factors for measurements
Imperial Unit Multiplied by Metric Unit
1 inch 25.4 mm
1 foot 0.3048 m
1 acre 0.405 ha
1 ounce (troy) 31.1035 g
1 pound (avdp) 0.4535 kg
1 ton (short) 0.9072 t
1 ounce (troy) /ton (short) 34.2857 g/t
3. RELIANCE ON OTHER EXPERTS
InnovExplo has not performed an independent verification of land titles and tenures, nor
did it verify the legality of any underlying agreements that may exist concerning the
permits or other agreements between third parties. InnovExplo relied on information
provided by the issuer for mining titles, option agreements, royalty agreements,
environmental liabilities and permits. Neither the QPs nor InnovExplo are qualified to
express any legal opinion with respect to property titles or current ownership and possible
litigation. This disclaimer applies to Item 4 of this report.
4. PROPERTY DESCRIPTION AND LOCATION
4.1 Location
The Property is covered by topographic map sheet 31-s-Cailloma at 1:100,000 scale
(WGS 84 datum). The map sheets are issued by the National Geographical Institute
(Instituto Geografico Nacional or “IGN”). Geological maps are based on the IGN
topographic maps and are issued by the INGEMMET.
The Properties are situated near the town of Caylloma, approximatively 650 km
southeast of Lima, the capital of Peru, and approximately 260 km by road north-
northwest of Arequipa, the country’s second largest city. The location of the Properties
is shown in Figure 4.1.
The El Santo Property is approximately 6.5 km west of Caylloma and contains the
producing El Santo mine. The latitude and longitude of the mine are approximately
15° 10' 30" South and 71° 49' 44" West. The property lies in the Caylloma District of the
Caylloma Province in the Arequipa Region.
The Suyckutambo Property is approximately 15 km north of Caylloma and contains the
historic Suyckutambo mine and the Ana Maria mineral processing plant, which
processes ore from the El Santo mine. The coordinates of the Ana Maria mineral
processing plant are 15° 05' 24" South and 71° 28' 48" West. The property straddles the
border between the Arequipa Region (Caylloma Province) to the west and the Cusco
Region (Suyckutambo Region, Espinar Province) to the east.
The San Miguel Property is approximately 15 km north of Caylloma and contains the
historic San Miguel and Tarucamarca mines. The property straddles the border between
the Arequipa Region (Caylloma Province) to the south and the Cusco Region (Espinar
Province) to the north.
Figure 4.1 – Location map of the El Santo, Suyckutambo and San Miguel
properties
4.2 Peru Mining Law

Mining activities in Peru are regulated by the General Mining Law (Ley General de
Mineria). The Ministry of Energy and Mines (Ministerio de Energia y Minas, “MEM”) is
responsible for the application of the law. Modifications were passed in 1992 under
Supreme Decree (Decreto Supremo, “DS”) No. 014-92-EM aimed at promoting
investment in the mining sector and is known as the Revised Unique Text of the General
Mining Law (Texto Unico Ordenado de la Ley General de Mineria, “TUO”). It defines and
regulates all the activities pertaining to mining through the system of concessions, with
the exception of sampling and prospecting activities. There are four types of
concessions:
• Mining concession: grants rights to execute mining activities relating to exploration

and exploitation. It has the nature of an immoveable right;
• Beneficiation concession: grants the right to use physical, chemical and physical-
chemical processes to concentrate minerals or to purify, smelt or refine metals;
• General Labour concession: grants the right to perform auxiliary mining services or
activities such as ventilation, drainage, lifting or extraction and mining activities; and;
• Mineral Transportation concession grants the right to provide massive and
continuous transport of mineral products by unconventional methods.
4.2.1 Mining concessions

The right to conduct exploration and to exploit minerals is granted through the mining
concession. Mining concessions are considered as solids of undefined depth, limited by
vertical planes corresponding to the sides of a square, rectangle or polygon, whose
vertices are defined by WGS 84 UTM coordinates. Concessions are measured in
hectares. Concessions granted prior to 1992 were established using a reference point
(Punto de Partida) and could have any orientation. New concession applications
(Petitorios) are selected from a regular spacing north-south graticule as established by
the MEM with a basic unit of 100 ha. Generally, the granted concessions range from
100 ha to 1,000 ha. The system allows for superposition of concessions, but pre-existing
concessions take precedence and the concession owner can validate his rights through
a process called opposition (Oposicion).
Titles and transactions regarding all concessions are compiled in a public registry
administered by INGEMMET and can be consulted through GEOCATMIN. Before 2007,
the registry was the responsibility of the National Institute of Concession and Mining
Cadastre (Instituto Nacional de Concesiones y Catastro Minero, “INACC”).
The regime of mining concessions is a property‐related right that is distinct and
independent from the ownership of the land where it is located. If the holder of a
concession does not own the land, access to the concession must be negotiated with
the land owner.
Persons or entities, Peruvian or foreign, are all entitled to request a mining concession.
The mining concession is irrevocable for as long as the required maintenance fees and
tax payments are in good standing.
The requirements of the General Mining Law are as follows:
• Mineral rights titleholders must pay an annual maintenance fee (Derecho de

Vigencia) by June 30th of each year. For granted and pending metallic mineral
concessions, the amount of the fee is US$3.00 or local currency equivalence per
hectare per year;
• Production should start by the end of the 6th year starting from the year the
concession title was granted. This expiration date is called the Minimum Required
Production Date;
• Mineral rights titleholders must reach a minimum level of annual production in gross
sales of at least US$100 per hectare within six (6) years from the year following the
granting of the concession title;
• If the mineral concession has not been put into production within the required period
of six (6) years, the owner of the concession is required to pay a penalty (Penalidad)
until the minimum production is reached. The penalty is added to the annual
maintenance fee. The amount of the penalty is US$6 per hectare per year for the 7th
through the 11th year. The penalty increases to US$20 per hectare from the 12th year
and onwards. However, the titleholder shall be exempt from the penalty if exploration
expenditures incurred during the previous year were ten (10) times the amount of the
applicable penalty or Minimum Investment;
• Concessions will terminate if the titleholder fails to pay for two (2) consecutive years
or three (3) non-consecutive years, or if the penalties outlined above are not paid;
• Owners of mining concessions are not authorized to perform exploration or mining
activities unless they have the corresponding environmental permits or certifications,
as well as the licences, authorizations and permits established under the current
legislation by the MEM and by regional governments and the General Mining Law.
4.2.2 Mineral tenures

Brexia acquired 100% interest in the Properties in 2012. The Properties consist of
24 mining concessions with a cumulative surface of 9,252 ha. A beneficiation concession
of 37.15 ha is registered under code P000411 for the Ana Maria mineral processing
plant; this concession was granted to Brexia by resolution 050-2013-MEM/DGM dated
July 9, 2018. A complete list of concessions showing name, surface area, type and other
details is presented in Table 4.1. A concession map is shown in Figure 4.2.
According to Brexia, the Properties are not subject to any royalties, back-in rights or
payments, nor are there any encumbrances or third-party pre-existing concessions with
acquired rights or royalties within the boundaries of the Properties.
Mining concessions in Peru do not have expiration dates but the annual fee must be paid
to retain the concessions (see Section 4.2). To the extent that InnovExplo could verify,
all the concessions listed in Table 4.1 are in good standing and all the related
concessions fees were paid in full for the year of 2017. Concessions fees for 2018 must
be paid by June 30, 2019. If applicable, non-production penalties should also be added
to the annual concession maintenance fees (see Table 4.1).
Table 4.1 –Concessions of the El Santo, Suyckutambo and San Miguel properties owned by Brexia GoldPlata Peru S.A.C. and associated fees for 2018
Concession Concession Payable 2018 2018 Non-production

No. Concession Name INGEMMET Code Date Established Brexia Acquisition Date Concession Area (ha)
Type Area (ha) Maintenance Fees (USD) Penalty (USD) *
El Santo Property
1 SANDRA No. 104 Mining 0104643CX01 1981-09-02 2012-02-02 187.48 187.48 562.45 3,749.66
2 SANDRA No. 105 Mining 014644CHX01 1981-09-02 2012-02-02 128.01 128.01 384.30 2,561.99
Total 315.49 315.49 946.75 6,311.65
Suyckutambo Property
3 AMPLIACION NUEVA CORONA Mining 05000072X02 1934-05-30 2012-05-08 36.00 36.00 107.98 719.87
4 CHILA Mining 01000209Y01 1938-12-18 2012-05-08 10.00 10.00 29.90 199.36
5 CHILA No. 1 Mining 010065501 2001-06-26 2012-05-09 117.47 117.47 352.40 2439.34
6 CHILA No. 2 Mining 010067101 2001-06-27 2012-05-09 59.98 59.98 179.94 1199.57
7 DON PAUL IX Mining 010487906 2006-11-21 2012-05-09 500.00 311.64 934.92 6232.78
8 DON PAUL X Mining 010488006 2006-11-21 2012-05-09 100.00 7.19 21.57 143.78
9 DON PAUL XXI Mining 010271209 2009-11-01 2012-05-15 100.00 73.09 219.28 1461.88
10 DON PAUL XXII Mining 010271109 2009-11-01 2012-05-09 100.00 89.74 269.21 1794.72
11 DON PAUL XXV Mining 010059910 2010-02-01 2012-05-09 937.63 937.63 2,812.89 18752.6
12 DON PAUL XXXI Mining 010059310 2010-02-01 2012-05-09 80.11 80.11 240.34 1602.29
13 DON PAUL XXXII Mining 010059210 2010-02-01 2012-05-09 1,000.00 920.11 2,760.34 18402.25
14 NUEVA CORONA No. 1 Mining 010062501 2001-06-22 2012-05-09 119.16 119.16 357.49 2383.25
15 NUEVA CORONA No. 34 Mining 010065601 2001-06-26 2012-05-09 263.98 263.98 791.93 5279.56
16 SANTA ÚRSULA No. 11 Mining 010065101 2001-06-25 2012-05-09 182.30 182.30 546.91 3646.07
17 SANTA ÚRSULA No. 2 Mining 010062401 2001-06-22 2012-05-09 99.98 99.98 299.95 1999.66
Subtotal 3,706.61 3,335.29 9,925.05 66,256.98
18 ANA M ARIA Beneficiation P0000411 2011-05-05 2013-03-26 37.15 37.15 1,743.00 ----
Total 3,743.76 3,345.53 11,668.05 66,256.98
San Miguel Property
19 TARUCAM ARCA Mining 010062601 2001-06-22 2012-05-09 36.00 36.00 108.00 720.01
20 DON PAUL XXIII Mining 010060110 2010-02-01 2012-05-09 994.04 994.04 2,982.12 19,880.80
21 DON PAUL XXIV Mining 010060010 2010-02-01 2019-05-09 700.00 700.00 2,100.00 13,999.98
22 DON PAUL XXVIII Mining 010059610 2010-02-01 2012-05-09 1,000.00 873.30 2,619.91 17,466.07
23 DON PAUL XXIX Mining 010059510 2010-02-01 2012-05-09 1,000.00 1,000.00 3,000.00 20,000.00
24 DON PAUL XXX Mining 010059410 2010-02-01 2012-05-09 500.00 243.35 730.06 4,867.08
25 DON PAUL XXXIV Mining 010059010 2010-02-01 2012-05-09 1,000.00 869.83 2,609.48 17,396.50
Total 5,230.04 4,716.52 14,149.57 94,330.44
Cumulative 9,289.29 8,377.54 26,764.37 166,899.07
Note: * If applicable
NI 43-101 Technical Report – El Santo, Suyckutambo and San Miguel Properties (Peru) –April 12, 2019 40
Figure 4.2 – Concession map for the El Santo, Suyckutambo and San Miguel
properties
4.3 Mining Taxes

As of 2011, producing mining companies are required to contribute to the following fiscal
regimes: corporate income tax, mining royalty tax (Law No. 29788), special tax on mining
(Law No. 29789) and the special obligation on mining (Law No. 29790). Table 4.2
summarizes the fiscal mining regime for the mining sector.
Table 4.2 – Fiscal regime for the mining sector in Peru (from Aresti, 2016)
Name Tax Base Tax rate Authority*
Corporate Income Tax Profit before

28% SUNAT
(CIT) taxes
1-12%
Operating
Mining Royalty Tax depending on operating margin (minimum SUNAT
income
1% of sales; deductible from CIT)
2-8%
Operating
Special Tax on Mining depending on operating margin (deductible SUNAT
income
from CIT)
4-13%
Special Obligation on Operating
depending on operating margin (deductible SUNAT
Mining income
from CIT)
*SUNAT: Superintendencia Nacional de Administración Tributaria (National Superintendency of Tax

Administration)
4.4 Surface rights

Peruvian legislation considers mining concessions as a right separate from the surface
land rights. Concession maintenance fees and non-production penalties are separate
from the land taxation obligations of the surface land owner.
Titleholder of a mining concession can freely acquire surface lands located over the
concession. According to the General Mining Law, a titleholder requires authorization
from the surface owner or landowner for access to the property and to undertake mining
activities.
In the case of the surface land being owned by a native community, it is necessary to
obtain approval from the community through an agreement approving the transaction by
a qualified majority of the community.
For the purchase of surface lands owned by the government, it is necessary to follow an
acquisition process with the Peruvian state through the Superintendency of National
Properties.
4.4.1 El Santo Property

The surface land of the El Santo Property is covered by grazing farms (fundo). Fundo
distribution is shown on the map of Figure 4.3 and details of the surface rights held by
Brexia through individual agreements for one of these farms are summarized in Table
4.3.
Figure 4.3 - Surface land distribution on the El Santo Property
Table 4.3 – Surface rights agreements for the El Santo Property
Mining Surface Farm Agreement Original Hereditary

Agreement
Concession (ha) Name Surface Landholder Landholders
(ha)
Camilo Cusihuaman C. Easement Right
Oliverio Bautista Cusihuaman Easement Right
Factor Llallaque Cusihuaman Pending
Flora Mena Cusihuaman Easement Right
Pedro Eriberto Mena Cusihuaman Easement Right
SANDRA
128.1 Tayayaque 114.9 Cusihuaman
No. 105 Pablo E. Mena Cusihuaman Easement Right
Choque
Aurelio F. Mena Cusihuaman Pending
Rosario T. Mena Cusihuaman Pending
Felicitas Mena Cusihuaman Easement Right
Filiberto Mena Cusihuaman Pending
The agreements between Brexia and the landholders (owners or possessors) were
formalized by notary and registered as Public Deeds. Brexia trusts that these
agreements, in accordance with the law, will allow the company to continue operating as
has been the case since the mine entered production in 2011. There is currently no
ongoing surface exploration on the other mining concession of the El Santo Property
(Sandra No. 104) and InnovExplo is not aware of any agreements with surface land
holders on that concession.
4.4.2 Suyckutambo Property
The surface landholder at the Suyckutambo Property is the Rural Community of
Echocollo (Comunidad Campesina Echoccollo, CCE) which owns 21,279 ha in the area
(Directorio 2016 Comunidades Campesinas del Peru). There is currently no ongoing
exploration or mining activities on the Suyckutambo Property, however Brexia operates
the Ana Maria mineral processing plant located on the concession of the same name
under a rental agreement with the CCE. The agreement covers an area of 74 ha that
contains the mineral processing plant and the adjacent past-producing mines. Details of
the agreements are presented in Table 4.4.
Table 4.4 – Surface rights agreements for the Suyckutambo Property

Surface
Land Unit Surface
Agreement Landholder Purpose Agreement
Name (ha)
(ha)
Operation of
Mineral
CCE Easement Right
Processing
Plant
Yancapallo
Tantacuello Servitude Easement Right
Family
Yancapallo
Rural Comunity Servitude Easement Right
Ccama Family
of Echocollo 2227.77 74
(CCE) Yancapallo
Servitude Easement Right
Catura Family
Ccama
Tantacuello Servitude Easement Right
Family
Salhua Family Servitude Easement Right
Salhua Llasa
Servitude Easement Right
Family
4.4.3 San Miguel Property

Surface land at the San Miguel Property is covered by grazing farms (fundo). The most
extensive landholder on the property is the Huaycho Family who engage in artisanal
mining in the San Miguel mine area, operating under a company called Ingenieria &
Minas San Miguel S.A.C. (“IMSM”). Brexia and IMSM have an agreement under
Article 18 of DS No. 013-2002-EM whereby Brexia can conduct mineral exploration on
the San Miguel Property in exchange for allowing IMSM to mine in a specifically
designated area. Additionally, Brexia also reached a rental agreement with IMSM for the
36 ha of the Tarucamarca concession. The distribution of specially designated mining
areas is shown on Figure 4.4.
Figure 4.4 - Surface land agreement at the San Miguel Property
4.5 Environmental Regulations in Peru

The main sources of information for this section are Dunbar (2009) and Pickmann (2017).
Title 15 of the TUO (see section 4.2) establishes dispositions for the protection of the
environment. Complementary to title 15 of the TUO, environmental issues of mining
activities are regulated by DS 016-93-EM and exploration activities are regulated by DS
020-2008-EM.
According to the General Environmental Law, the competent authority in the mining
sector is the MEM (see section 4.2.1). The MEM is the only governmental body in charge
of the following:
• Proposing and ratifying environmental laws and regulations;

• Approving the environmental impact studies and authorizing execution of mining and
exploration activities; and;
• Controlling the environmental effects produced by mining activities and imposing
sanctions in case of violations of environmental laws and regulations.
To initiate mining activities, the titleholder must have in force the corresponding
environmental certification, as well as the licenses, authorizations and permits
established under the current legislation.
The environmental certification is classified into the following categories:
• Environmental impact assessment (“EIA”), which includes projects where execution

will not generate a significant negative impact on the environment;
• Semi-detailed environmental impact assessment (“EIAsd”), which includes projects
where execution can cause a moderate environmental impact for which negative
effects can be eliminated or minimized through the adoption of simple applicable
measures; and;
• Detailed environmental impact assessment (“EIAd”), which includes projects where
characteristics, scope and location could produce significant environmental impact
requiring a deep analysis of said impacts.
The EIA must be executed by an Environmental Auditor registered with the MEM,
establishing the terms and procedures of execution, investment, monitoring and efficient
control of mining activities and containing an annual investment program that cannot
represent less than one percent (1%) of the annual sales of the mining entity. In addition
to the EIA the MEM can ask for a Program for Environmental Management (Programa
de Adecuacion y Manejo Ambiental, PAMA). which establishes a company’s
environmental compliance plan, especially in the case of beneficiation plans or larger
operations. Included within the scope of environmental compliance are considerations of
the impact on the environment through mining disturbance: capital investments in
environmental control; monitoring systems; waste management control; and site
restoration.
Additionally, under the Mine Closure Law (2003), a company with a mining operation
needs to submit a Closure Plan (Plan de Cierre) which defines the steps to be taken
towards protecting the environmental from potential contaminants generated by a mining
operation. The Mine Closure Law mandates the establishment of an Environmental
Guarantee at the initial stages of a project to prevent the possible lack of remediation
funds in the future. The company should determine the amount and nature of the
warranty payable on a year basis. This amount varies according to the size of the
operation and classed according to the amount of material processed. Operations with
less than 500 tpd operations are considered small operations.
In the case of surface exploration programs, no environmental permit is required for
prospecting or exploration activities such as mapping, sampling and trenching (by hand)
and ground geophysics.
Drilling activities require a permit. The MEM evaluates and approves drilling
environmental permit applications through the General Environmental Affairs
Management (Direccion General de Asuntos Ambientales Mineros, “DGAAM”) and
enforces the application of the regulations through the Supervising of Mining Investment
Organism (Organismo Supervisor de la Inversion en Energia y Mineria,
“OSINGERGMIN”). Only mining concession titleholders can apply for permits. Drilling
activities are classified into two categories:
• Category I: Exploration projects with a maximum of 20 drilling platforms (plus access

roads) that do not exceed 10 ha, and/or the construction of tunnels that do not exceed
50 m in length. This category includes projects with water discharge and/or waste
disposal that may degrade the environment. The EIA for this category is the
Declaration of Environmental Impact (Declaracion de Impacto Ambiental, “DIA”);
• Category II: Exploration projects that use over 20 drilling platforms and effectively
disturb an area greater than 10 ha including platforms, trenches, auxiliary
installations and accesses; and/or the construction of tunnels over 50 m in length.
The environmental assessment for this category is the EIAsd.
Exploration activities that fall under Category I or II require remediation work of disturbed
areas, including access roads, trenches and all other facilities as part of the end of the
exploration work in the area. The approval of Category I and II EIA studies also requires
previous public consultation through a public audience; details of the modalities are
presented in Ministry Resolution (Resolucion Ministerial, “RM”) 596-2002-EM/DM.
4.5.1 El Santo Property

The El Santo Property hosts the operating El Santo mine. A list of the relevant
environmental permits for the operation is presented in Table 4.5.
Table 4.5 – List of environmental permits for the El Santo Property
Type of Permit Issuing Authority Date Permit Number
Resolución Directoral
EIA DGAAM - MINEM 2010-09-30
No. 312-2010-MEM-AAM
Resolución Administrativa
No. 0180-2011-ANA/ALA
Water Use Licence ALA-Alto Apurimac-Velille 2011-11-28
ALTO APURIM AC-
VELILLE
Mining Plan Approval -

Permit to Start Mining DGM - MINEM 2012-12-18
No. 268-2012-MEM-DGM
Activities
Resolución de
Presidencia No. 1352-
Mineral Storage Permit INGEMMET 2013-04-19
2013-
INGEMMET/PCD/PM
Modifications to
Environmental
DGAAM - MINEM 2015-03-30 No. 156-2015-MEM-
Components (ITS) -
DGAAM
Waste Dump Expansion
Industrial Water
ANA - DGCRH 2015-06-04 No. 144-2015-ANA-
Discharge Approval
DGCRH
Mine Closure Plan
DGAAM - MINEM 2016-05-20 No. 160-2016-MEM-
Approval
DGAAM
Modifications to
Environmental Resolución Directoral
Components (ITS) - SENACE-MINAM 2017-12-07 No. 026-2017-SENACE-
Exploration Concession JEF/DEAR
Sandra No. 105
Certificate of Mine
DGM - MINEM 2018-01-05 No. COM: 139-2018-C
Operation
Note: ALA: Administrador Local de Agua; ANA: Administrador Nacional del Agua; DGAAM: Dirección General de Asuntos
Ambientales Mineros; DGCRH: Dirección de Gestión de Calidad de los Recursos Hídricos; DGM: Dirección General de
Minería; INGEMMET: Instituto Geológico Minero y Metalúrgico - Sector Energía y Minas; MINAM: Ministerio del Ambiente;
MINEM: Ministerio de Energía y Minas; SENACE: Servicio Nacional de Certificación Ambiental para las Inversiones
Sostenibles; SUCAMEC: Gerencia de Explosivos y Productos Pirotécnicos de Uso Civil - Dirección General de Control
de Servicios de Seguridad, Control de Armas, Munición y Explosivos de Uso Civil.
4.5.2 Suyckutambo Property

The Suyckutambo Property hosts the Ana Maria mineral processing plant. A list of the
relevant environmental permits for the plant and immediate areas is presented in Table
4.6.
Table 4.6 – List of environmental permits for the Suyckutambo Property
EIA DGAAM-MINEM 2010-09-30
No. 312-2010-MEM-AAM
Domestic Water Use
ALA-Sicuani 2010-11-09 No. 210-2010-ANA/ALA-
Permit-Camp
SICUANI
Domestic Water
DIGESA-MINSA 2010-11-19 No. 251-
Treatment-Camp
2010/DSB/DIGESA
Mining Plan Approval-

Permit to Start Mining DGM-MINEM 2012-12-06
No. 254-2012-MEM/DGM
Activities
Surface Water Use ALA-Alto Apurimac-
2013-01-11 No. 0002-2013-ANA/ALA-
Permit Velille
AAV
Title Granting and

Operating Permit- DGM-MINEM 2013-02-25
No. 050-2013-MEM-DGM
Beneficiation Plant
Septic tank approval-
Camp
2013/DSB/DIGESA/SA
Septic tank approval-
Offices
2013/DSB/DIGESA
Resolución de
Presidencia No. 3425-
Metallic Mineral Rights INGEMMET 2013-09-26
2013-
INGEMMET/PCD/PM
Resolución de Gerencia
Powder magazine
SUCAMEC 2015-02-17 No. 395-2015-
approval
SUCAMEC-GEPP
Mine Closure Plan
DGAAM-MINEM 2016-05-20 No. 160-2016-MEM-
Update
DGAAM
Resolución de Gerencia
Explosive Purchase
SUCAMEC 2018-01-19 No. 00277-2018-
Permit
SUCAMEC/GEPP
Certificate of Mine
DGM-MINEM 2018-01-10 COM No. 141-2018-C
Operation
Note: ALA: Administrador Local de Agua; DGAAM: Dirección General de Asuntos Ambientales Mineros; DGM: Dirección
General de Minería; DIGESA, Dirección General de Salud Ambiental; INGEMMET: Instituto Geológico Minero y
Metalúrgico - Sector Energía y Minas; MINAM: Ministerio del Ambiente; MINEM: Ministerio de Energía y Minas; MINSA,
Ministerio de Salud; SENACE: Servicio Nacional de Certificación Ambiental para las Inversiones Sostenibles; SUCAMEC:
Gerencia de Explosivos y Productos Pirotécnicos de Uso Civil - Dirección General de Control de Servicios de Seguridad,
Control de Armas, Munición y Explosivos de Uso Civil.
4.5.3 San Miguel Property

The San Miguel Property includes the former San Miguel and Tarucamarca mines. A list
of relevant environmental permits for the Tarucamarca area is presented in Table 4.7.
Table 4.7 – List of environmental permits for the San Miguel Property
EIA DGAAM-MINEM 2010-09-30 Resolución Directoral

No. 312-2010-MEM-
AAM
Mining Plan Update DGAAM-MINEM 2016-05-20 Resolución Directoral

Approval No. 160-2016-MEM-
DGAAM
Note: DGAAM: Dirección General de Asuntos Ambientales Mineros; MINEM: Ministerio de Energía y Minas.
According to the agreement between Brexia and IMSM under which IMSM is allowed to
mine in a specifically designated area of the San Miguel mine, ISMM is fully responsible
for any necessary environmental permitting related to their operations and is also fully
responsible for any environmental liability generated by their operations.
There is currently no ongoing exploration on the San Miguel Property, however Brexia
has obtained approval for a DIA for the property (Category I Exploration, section 4.5)
under file number 218-2018/MEM-DGAAM. The approval grants Brexia the right to drill
up to 20 holes on the property.
4.6 Environmental Status of the Properties

Environmental liabilities related to former mining activities is regulated by Law No. 28271:
Law that Regulates Environmental Liabilities from Mining Activities (Ley que Regula Los
Pasivos Ambientales de la Actividad Minera). According to this law, the MEM is
responsible for identifying environmental mining liabilities, designating the responsible
entity, and securing the financing for its remediation.
Several mining environmental liabilities were identified in the MEM inventory (June 2018)
for the Properties. Details are presented in Table 4.8. The listed liabilities within the
mining concessions of the Properties do not have a designated responsible entity.
According to article 5 of Law No. 28271, the Peruvian state will assume remediation of
those environmental liabilities for which it cannot find the responsible entity.
Table 4.8 – Environmental liabilities on the Properties (modified from the June 2018 Environmental Liabilities Inventory of the MEM, 032-2018-DGM/DTM/PAM)
INGEMMET Titleholder
Property Former Mining Unit MEM ID Component INGEMMET Name Easting Northing Liability Generator Responsible
Code *
6711 Trench 014644CHX01 SANDRA No. 105 195956 8320273
6713 Mine Opening 014644CHX01 SANDRA No. 105 195986 8320332

1*
El Santo Acumulacion Cailloma 6714 Mine Opening 014644CHX01 SANDRA No. 105 195845 8320053 Not identified Not identified
6715 Mine Opening 014644CHX01 SANDRA No. 105 195839 8320237
6716 Waste Dump 014644CHX01 SANDRA No. 105 195850 8320228
1358 Tailings 10062401 SANTA ÚRSULA No. 2 204723 8332283

2*
1367 Mine Opening 10062401 SANTA ÚRSULA No. 2 204336 8331544
1372 Waste Dump 05000072X02 AMPLIACION NUEVA

204441 8331973
CORONA 3*
1373 Waste Dump 05000072X02 AMPLIACION NUEVA

203945 8331742
CORONA
6746 Processing Plant 10062401 SANTA ÚRSULA No. 2 204392 8331842 2*
Los Andes S.A. 6747 Processing Plant 10065101 SANTA ÚRSULA No. 11 204670 8332210
Suyckutambo 3* Not identified Not identified
(Suyckutambo)
6748 Trench 05000072X02 AMPLIACION NUEVA
203958 8331743
CORONA
6749 Waste Dump 10062401 SANTA ÚRSULA No. 2 204327 8331546
6750 Waste Dump 10062401 SANTA ÚRSULA No. 2 204311 8331579 2*
6751 Waste Dump 10062401 SANTA ÚRSULA No. 2 204263 8331630
6753 Mine Residue 10065101 SANTA ÚRSULA No. 11 204675 8332244 3*
6755 Mine Opening 10062401 SANTA ÚRSULA No. 2 204318 8331576 2*
San Miguel San Miguel 1 887 Mine Opening 10049402** DELI 3 ** 197827 8334677 4* Not identified Not identified
INGEMMET Titleholder
Property Former Mining Unit MEM ID Component INGEMMET Name Easting Northing Liability Generator Responsible
Code *
6776 Undetermined 197522 8334953
6777 Trench 197538 8335043
6778 Trench 197721 8334849
6779 Trench 197530 8334751
6780 Undetermined 197475 8334786
6781 Trench 197270 8334352
6782 Mine Opening 197604 8334731
6783 Mine Opening 197672 8334602
10049402** DELI 3 **
San Miguel San Miguel 1 6784 Mine Opening 197576 8334996 4* Not identified Not identified
6785 Mine Opening 197465 8334345
6786 Oils and Fuels 197574 8334734
6787 Infrastructure 197766 8334725
6788 Tailings 197547 8334787
6789 Waste Dump 197535 8335006
6790 Waste Dump 197634 8334813
6791 Waste Dump 197264 8334352
*Note: Titleholder 1: Brexia GoldPlata Peru S.A.C; Compania Minera Arcata S.A.; Delaitre Juilland, Anne Marie; GoldPlata Resources Peru S.A.C.; Minera Bateas S.A.C. Title Holder 2: : Brexia GoldPlata Peru S.A.C.; Delaitre Juilland, Anne Marie; GoldPlata Resources Peru S.A.C.; Hancco
Chihuanhaylla, Damian Adolfo; Juilland Covrig, Paul Georges; Torres Mallma, Hilda. Titleholder 3: Brexia GoldPlata Peru S.A.C.; Delaitre Juilland, Anne Marie; GoldPlata Resources Peru S.A.C.; Hancco Chihuanhaylla, Damian Adolfo; Juilland Covrig, Paul Georges. Titleholder 4: Minera
Barrick Misquichilca S.A.
**Note: Current INGEMMET code: 010060010. Current INGEMMET concession name: Don Paul XIV.
4.7 Other significant factors
According to the General Mining Law and its regulations, concession holders must
respect archaeological or historical monuments, the national road system, oil pipelines,
military buildings, or any other constructions or infrastructure built for technical or
scientific purposes located within the boundaries of a mining concession.
BGPP possesses a Certificate of Inexistence of Archeological Remains (Certificado de
Inexistencia de Restos Arqueologicos, “CIRA”) for specific areas on the Properties.
However, an area of 1.34 ha on the Suyckutambo Property is excluded from the CIRA
as it is designated as an archeological site, specifically the remains of a chapel dating
back to the Hispanic colonial period. Details of the certificates are presented in Table
4.9.
Table 4.9 – List of CIRA certificates for the Properties
Restriction Effective
Property Area CIRA Date Area (ha)
(ha) Area (ha)
CIRA
El Santo El Santo mine 2011-05-13 99.9140 --- 99.9140
No. 176-2011
Ana Maria
CIRA
concession
Suyckutambo No. 2012- 2012-02-08 192.2804 1.3462 190.9431
and historical
045/MC
mines
CIRA
San Miguel Tarucamarca 2011-05-13 19.6554 --- 19.6554
No. 176-2011
5. ACCESSIBILITY, CLIM ATE, LOCAL RESOURCES, INFRASTRUCTURE AND
PHYSIOGRAPHY
5.1 Accessibility
The Properties are located near the town of Caylloma (Caylloma District, Caylloma
Province, Arequipa Region). The Properties are a 260-km drive from Arequipa, the
second largest city in Peru and the nearest city with an international airport. The route
from Arequipa is via highway 34A (the road to Juliaca), then north at Patahuasi onto
highway 34E until turning on highway 111 through the towns of Callalli and Sibayo to
reach a network of dirt roads that provides access to the different parts of the Properties
(Figure 5.1).
Figure 5.1 – Access to the Properties
5.2 Climate
The climate of the Caylloma District is characteristic of the steppe (semi-arid) climate,
dry during the cool months between May and October and abundant precipitation (snow
and rain) with high winds during the rainy season between November and April. The
months of January and February are characterized by strong hail and snow storms
(Segura and Tapia, 1997). Temperatures range from -20°C in the winter to over 25°C in
the summer. The average annual precipitation varies between 62.5 mm and 666.9 mm.
5.3 Local Resources and Infrastructure

The Arequipa Department has a total population of 1,218,168 (INEI), with a population
of 72,214 in the Espinar Province (INEI). The main economic activities are agriculture,
mining, tourism, farming and the wool industry. On the Properties, inhabitants are scarce
and mainly dedicated to farming and raising livestock (e.g., alpaca).
Infrastructure in the area is limited. However, there are abundant water resources that
could support mining operations.
The nearest town to the Project is Caylloma. The nearest major urban centre is the town
of Espinar (or Yauri), with 30,000 residents, located approximately 78 km north of the
Properties. Espinar is connected to the national power grid, and has services and
supplies such as food, accommodation, fuel, electro-mechanical services, etc. Major
mining operations are present near Espinar, such as the Antapaccay-Tintaya operations
(Glencore).
Arequipa to the south has an international airport and is linked by railroad to the port of
Matarani, on the Pacific coast. Mataran also has a rail connection to Juliaca on Lake
Titicaca.
5.4 Physiography
The Properties are situated in the Andean highlands at an altitude between 4,650 and
5,200 masl. The physiography of the region is dominated by intermontane valleys at
approximately 4,000 masl, flanked by uplands and mountains ranging from 4,800 to
6,000 masl. The topography is marked by incised streams and gullies that channel runoff
from the area.
Soils are poorly developed, and vegetation is generally sparse to moderate, consisting
primarily of shrubs and grasses established on exposed slopes of ridges. The vegetation
is characterized by flat pampas in portions of the valleys and grassy puna in the uplands
and plateaus.
6. HISTORY
The Properties contain four mines with historical production: El Santo (previously known
as El Diablo), Suyckutambo (including the Santa Úrsula, Potosí and El Carmen
operations), San Miguel and Tarucamarca. The mine areas are sometimes referred to
as “mine districts” in the literature. Their location is shown on the map in Figure 6.1.
Figure 6.1 – Location of mines with historical production on the El Santo,

Suyckutambo and San Miguel properties
6.1 Pre-1947
The earliest mining activities in the mine areas on the Properties were carried out by
Spanish colonizers and date back to 1620 (Brexia pers. comm.). Mining was limited to
the shallow extraction of oxidized and secondary silver ores in veins and often limited by
ground water and ventilation issues. Vestiges of an historic stone rod mill are still visible
in the banks of the Apurimac River, east-southeast of the town of Caylloma.
The first mine workings at Suyckutambo date from 1878—the year inscribed in the stone
supporting walls of one of the entrances to the Santa Úrsula Vein (Gonza Alvarez, 1967).
However, no records remain from this period and there is no explanation for the
abandonment of the workings.
From 1945 to 1947, Compañía de Minas del Peru S.A. (“CMP”) explored and mined the
deposit. CMP built a mineral processing plant with a flotation circuit near the mine and a
hydroelectric power plant. 7 km south of the mine. No production details are available for
this period.
6.2 1947-1966: Mauricio Hochschild & Cia Ltda

From 1947 to 1966, Mauricio Hochschild & Cia Ltda. (“Hochschild”) took over the
Suyckutambo mine. Hochschild mined several veins in the Suyckutambo mine area
(district), with the bulk of the mining coming from the Corona, Nueva Corona, Carmen,
Potosi, San Mateo and San Pedro veins, and to a lesser extent from Santa Úrsula.
Operations ceased when the reserves were exhausted (Des Rosiers and Kihien, 1997).
Production details for the period are presented in Table 6.1.
Table 6.1 – Mineral production for the Suyckutambo mine, 1947-1966
Company Processed Mineral Produced Concentrates
Mauricio Tonnes Ag (oz/t) Au (g/t) Tonnes Ag (oz/t) Au (g/t)

Hochschild &
Cia Ltda. 811,312 12.39 5.02 25,297.49 332.55 146.98
6.3 1966-1996: Juilland Family

In 1966, the Juilland Family claimed the Suyckutambo and San Miguel mines and
consolidated a few claims in the El Diablo mine area, currently known as El Santo (Des
Rosiers and Kihien, 1997).
In 1975, the Juilland Family began mining the El Diablo mine under the name of Tercera
Dimension S.A. (“Tercera”). This was a small-scale mine operation with small volumes
of selected ore treated in batches at the nearby Coiminas processing plant, 4 km north
of the town of Caylloma. Mining operations were intermittent and lasted until 1990.
The Suyckutambo mine remained inactive until 1979 when the Juilland Family leased
the Suyckutambo and San Miguel properties to Minera Andes S.A. (“Minera Andes”)
under the terms of a 20-year agreement. Minera Andes mined these two areas until 1989.
Production details for the period are presented in Table 6.2.
Table 6.2 – Mineral production for the Suyckutambo and San Miguel mines, 1979-
1989
Company Processed Mineral Concentrates Produced
Operation Tonnes Ag (oz/t) Au (g/t) Tonnes Ag (oz/t) Au (g/t)
Minera Los Suyckutambo 130,712 7.29 2.32 3,907 199.89 46.62

Andes S.A.
San Miguel 223,242 10.26 --- * --- ** --- ** --- **
Note: * Au values not reported; ** Not available
In 1988, Ingenieros Consultores Ltda, a consulting firm for Tercera, issued a feasibility
study for the El Santo mine (then known as El Diablo) that estimated resource of
101,512 tons at an average grade of 2.9 g/t Au, 1.82 oz/t Ag, 3.53% Pb and 3.87% Zn.
6.4 1996-2006: Juilland Family – Ace Development

In 1996, a Juilland Family company, Ace Development, acquired the Condoroma,
El Santo, Suyckutambo and San Miguel properties from Juil del Oro S.A., a Panama
company owned by the Juilland Family) (Pickett, 1997).
Prior to the acquisition, Pickett (1997) evaluated the Condoroma, Suyckutambo–
San Miguel and El Diablo properties and conducted rock sampling over selected areas.
Four (4) samples from different structures at Suyckutambo returned up to 56.9 oz/t Ag
and 0.26 g/t Au, while nine (9) samples from the San Miguel area returned up to 1.36 g/t
Au and 19.7 oz/Ag. About 15 samples were collected in the Tarucamarca mine area,
yielding up to 6.93 g/t Au and 56.6 oz/t Ag.
In 1997, Pan American Silver (“Pan American”) evaluated the Suyckutambo and San
Miguel mines (Des Rosiers and Kihien, 1997). At Suyckutambo, Pan American described
two conjugated structurally controlled mineralized systems. The NE-trending vein system
includes the San Manuel, Santa Ines, San Pablo, San Pedro, Potosi, Animas and Corona
veins. Most of the ore mined by Hochschild came from this vein system. The veins are
described as 100 m to 200 m long and 0.5 to 2.3 m wide. The system is 280 m across.
Pan American also described a NW-trending fault and vein system, which includes the
El Carmen Vein and its extension, Santa Úrsula. The system measured up to 5 m across.
Mineras Andes had mined the Santa Úrsula vein system for its gold. Grab samples
collected by Pan American returned up to 4.685 g/t Au.
The San Miguel mine was described by Pan American as a group of conjugate veins.
The NW-trending system includes the Condoroma, Condoromilla, Santa Maria, La Nina,
Misti, Bonanza, El Rey, La Reyna, Canada and America de Sur veins, among others.
The NE-trending system includes the Portuguesa, Napoles and Venecia veins. Pan
American considered the latter to be richer in gold.
Pan American compiled reserves for the two mine areas, the details of which are
presented in Table 6.3. However, despite finding mineralization in both areas, Pan
American did not consider the projects to be aligned with the objectives of the company
and did not pursue the negotiations.
Table 6.3 – Reserves reported for the Suyckutambo and San Miguel mine areas
Area Category * Tonnes Ag oz/t Au g/t
Proven (above +40 level) 25,000
Suyckutambo 15 4
Proven (below -40 level) 100,000
San Miguel Proven and Probable 920,000 10 2
* Note: Historical data not compliant with NI 43-101.
By 2002, the mining concessions of the San Miguel area had been allowed to expire,
however those in the Tarucamarca mine area were kept.
In 2003, Hochschild optioned the Tarucamarca concession in the current San Miguel
Property, conducting surface exploration and drilling one hole (222.9 m) on the
Tarucamarca vein. Drill core samples returned 10.17 oz/t Ag and 0.3 g/t Au over 2.9 m
for the mineralized structure. Hochschild also conducted exploration in the Suyckutambo
mine area, with three holes drilled on the Santa Úrsula and Chila veins for a total of
932.6 m. However, no further details are available.
6.5 2002-2008: Barrick Misquichilca S.A.

In 2002, Barrick Misquichilca S.A. (“Barrick”) acquired the San Miguel Property and
conducted mineral exploration in the property. Details about this exploration period are
not available. However, Barrick conducted surface geological mapping and geochemical
sampling. The company also used ASTER images to help identify diagnostic
hydrothermal alteration minerals (i.e., illite, alunite, kaolinite and silica). Other than vein
mineralization, Barrick delineated areas with potential for disseminated epithermal
mineralization (Brexia personal communication).
In 2008, the property was optioned by Minera Bateas S.A.C. (“Minera Bateas”), a
subsidiary of Fortuna Silver Mines Inc., as well as the Tarucamarca Property (then owned
by GoldPlata). Minera Bateas conducted systematic sampling in the San Miguel Property
area, and considered the main structures to be La Reyna, Corona Baja and Condoroma
(Rojas, 2008). Trenches on La Reyna returned values between 0.1 and 3.215 oz/t Ag
and between 0.02 and 2.3 g/t Au. Minera Bateas also collected 158 channel samples on
the Tarucamarca Vein along 520 m of the structure, with best results of 3.21 oz/t Ag and
2.99 g/t Au. However, Minera Bateas estimated that the remaining unmined resources
in the San Miguel area were of no interest to the company.
6.6 2006-2011: GoldPlata Resources Peru S.A.C

In 2006, the Juilland Family assets were transferred to GoldPlata, which was owned 94%
by the Juilland Family (Chadwick, 2008).
In 2006, GoldPlata began exploration and rehabilitation work in the El Santo mine with
the aim of starting a small-scale mining operation.
In 2007, GoldPlata drilled five (5) holes on the Potosí mineralized vein system in the
Suyckutambo mine area for a total of 1604.5 m (Sanchez Romero et al., 2009). Details
of the drilling results are presented in Table 6.4.
Table 6.4 – Results for the 2007 Suyckutambo drilling campaign
Mineralized Intervals
Length
Drill Hole Length Gold Silver
(m) From To
(m) (g/t Au) (oz/t Ag)
DDH-01-07 300 47.1 49.1 2 0.078 2.98
113.4 114.8 1.4 2.814 15.47
DDH-02-07 300 159.2 160.55 1.35 1.222 5.11
231.5 232 0.5 3.578 3.68
DDH-03-07 260 No significant grades
169.3 171.3 2 0.197 0.73
DDH-04-07 350
171.3 173 1.7 0.124 0.62
DDH-05-07 394.5 88.3 89.6 1.3 0.161 0.44
In 2007, GoldPlata issued an internal mineral inventory for the Santa Úrsula and Carmen
veins of the Suyckutambo mine. The inventory was based on 447 surface and
underground samples collected during the 2006 work program. Details are presented in
Table 6.5.
Table 6.5 – 2007 internal mineral inventory for the Santa Úrsula and Carmen veins
of the Suyckutambo mine
Width Gold Silver Short tons
Reserves
(m) (g/t Au) (oz/t Ag) (t)
Proven 2.37 1.97 4.98 114,516.98
Probable 2.15 1.78 4.47 21,465.25
Total 2.34 1.94 4.90 135,982.23
In 2007, GoldPlata also issued an internal estimate of potential resources for the
northwestern parts of the Suyckutambo mine. The estimate included the Potosí–San
Mateo, Corona and Carmen veins. Details are presented in Table 6.6.
Table 6.6 – 2007 estimate of potential resources for the northwestern part of the
Suyckutambo mine
Potential Short Width Silver Gold
Vein
tons (t) (m) (oz/t Ag) (g/t Au)
Potosi-San Mateo 236,477.00 0.92 5.25 1.57
Corona 269,000.00 0.99 8.50 4.94
Carmen 131,712.00 0.98 9.52 3.53
Total 637,189.00 0.96 7.56 3.45
In 2008, GoldPlata began surface exploration on the Tarucamarca Property and then
reclaimed the San Miguel Property in 2009 after Barrick allowed the concessions to
lapse.
In 2009, GoldPlata issued an internal mineral inventory for the Suyckutambo mine area
(Sanchez Romero et al., 2009). The mineral inventory is not compliant with NI-43-101.
Details are presented in Table 6.7.
Table 6.7 – 2009 internal mineral inventory for the Suyckutambo mine
Resource Short tons Silver Contained Tonnage Gold Contained
Vein
Category (t) (oz/t Ag) Ounces (t) (g/t Au) Grams
Measured 161,397 10.63 1,716,020.0 154,162 3.46 533,199.9
Chila
Inferred 134,487 8.66 1,164,266.7 141,314 2.66 376,463.3
Measured 61,831 10.73 663,354.8 54,613 3.31 180,633.6
Carmen
Inferred 38,650 8.57 331,167.1 38,463 2.46 94,636.2
Measured 103,891 14.96 1,554,244.0 88,424 4.67 412,738.9
Nueva Corona
Inferred 15,808 6.79 107,357.2 10,635 3.21 34,102.0
Measured 122,887 11.2 1,375,910.2 114,341 4.8 549,400.6
Corona
Inferred 42,907 7.53 323,070.2 36,216 3.87 140,147.0
Measured 163,486 9.94 1,625,447.2 148,988 4.47 665,472.3
Veta Potosi
Inferred 101,285 10.09 1,021,511.2 112,835 3.35 377,673.0
Measured 153,925 9.29 1,430,214.7 110,484 2.84 314,059.9
San Mateo
Inferred 214,623 8.17 1,754,480.6 185,933 1.57 292,486.8
Measured 104,710 21.58 2,259,768.7 91,926 6.53 600,042.1
Potosi 1 & 2
Inferred 16,404 4.03 66,063.9 17,593 1.64 28,894.1
Measured 117,352 15.73 1,845,785.9 115,027 6.1 701,602.4
San Jose
Inferred 91,653 12.72 1,166,213.9 102,155 4.77 487,405.4
Measured 93,573 12.71 1,189,097.7 92,540 4.95 458,439.8
San Pedro
Inferred 38,287 6.2 237,328.3 38,287 2.55 97,477.8
Measured 20,150 10.64 214,398.9 19,856 4.14 82,193.8
San Pablo
Inferred 18,850 7.79 146,769.6 18,832 1.93 36,283.7
Measured 97,226 4.31 419,221.6 78,289 1.61 126,291.7
Santa Úrsula
Inferred 105,464 3.3 348,390.1 119,497 1.49 177,691.8
Measured 1,200,426 11.91 14,293,463.5 1,068,650 4.33 4,624,075.0
Total
Inferred 818,418 8.14 6,666,618.7 821,761 2.61 2,143,261.0
In 2010, GoldPlata issued an internal mineral inventory for the San Miguel mine area
(Sanchez Romero et al., 2010). The mineral inventory is not compliant with NI-43-101.
Details are presented in Table 6.8.
Table 6.8 – 2010 internal mineral inventory for the San Miguel mine area
Resource Short tons Silver Contained
Vein
Category (t) (oz/t Ag) Ounces
Measured 72,927 9.17 668,830.0
Reyna
Inferred 26,827 9.33 250,324.9
Measured 81,327 15.76 1,281,903.1
Miriam
Inferred 21,062 23.77 500,557.2
Measured 120,262 19.96 2,400,396.2
Condoroma
Inferred 56,599 20.28 1,147,758.9
Measured 8,700 11.33 98,605.6
Silvia
Inferred 6,307 11.64 73,393.2
Measured 11,035 20.46 225,742.5
Soledad
Inferred 14,455 21.37 308,878.7
Measured 20,041 13.88 278,243.7
Victoria
Inferred 9,999 12.16 121,589.4
Measured 314,292 15.76 4,953,721.0
Total
Inferred 135,250 17.76 2,402,502.4
In 2011, GoldPlata conducted systematic surface sampling on the Santa Úrsula and
Carmen vein systems, as well as the ore dumps of the mine. There are no further details
regarding this sampling program.
6.7 2011 to Present: Brexia GoldPlata Peru S.A.C

In mid-2011, GoldPlata and Brexia Resources S.A.S. (a company belonging to the
Tribeca Group) formed Brexia GoldPlata Peru S.A.C. (“Brexia” or the “issuer”). The
Tribeca Group retained 55% ownership in Brexia.
In 2012, GoldPlata generated an internal mineral inventory for the El Santo mine
(Cubicacion de Reservas; Brexia internal report, 2012). Until details of the calculation
are audited, they should be considered as non-compliant with NI 43-101. Details are
presented in Table 6.9.
Table 6.9 – 2011 internal mineral inventory for the El Santo mine
Mining
Tonnage Silver Gold Pb Cu Zn
Mineral Reserves Width
(t) (oz/t Ag) (g/t Au) (%) (%) (%)
(m)
Proven 46534 1.45 2.89 1.70 3.04 0.26 3.83
Probable 36355 1.39 2.34 1.4 2.98 0.22 3.62
Total Reserves 82,889 1.42 2.65 1.57 3.01 0.24 3.74
Mining
Tonnage Silver Gold Pb Cu Zn
Mineral Resources Width
(t) (oz/t Ag) (g/t Au) (%) (%) (%)
(m)
Measured 41099 1.39 2.32 1.42 2.96 0.23 3.52
Indicated 32511 1.29 2.14 1.21 2.71 0.21 3.29
Inferred 26345 1.21 2.06 1.15 2.61 0.2 3.05
Total Resources * 99,954 1.31 2.19 1.28 2.79 0.21 3.32
* Note: Resources are additional to declared reserves
In February 2013, commercial operations commenced at the El Santo mine, with a ramp
sunk at Level 0 and development on the El Diablo and El Santo veins. Also in 2013, the
Ana Maria processing plant on the Suyckutambo Property became operational.
Operations ceased at El Santo in February 2014 but resumed in October of the same
year. During this period, the resources were re-evaluated, and a new low-tonnage mining
plan was established. Mine production was steady for 2015-2016, with 4,500 to 5,000 t
of ore produced monthly. In mid-2016, the ramp reached level -95, the deepest level
mined at the time, and production increased to approximately 9,000 t of ore monthly.
In 2017, Brexia resumed mineral exploration on the San Miguel Property and conducted
geological mapping and sampling over 866 ha. A total of 941 samples were collected on
the different veins, and the geochemical survey included QA/QC protocols. A
geophysical survey was also conducted on the San Miguel Property. The IP survey
identified several linear structures, probably coincident with vein-style mineralization, as
well as a chargeability area starting at 100 m, possibly linked to disseminated
mineralization (Arce and Arce, 2017). The survey partially covered the property and
Brexia planned additional geophysical coverage for 2018 to follow up on some of the
anomalies.
7. GEOLOGICAL SETTING AND MINERALIZATION
INGEMMET has conducted extensive geological work in the region since the 1980s.
Geological maps are available for download on the INGEMMET website
(www.ingemmet.gob.pe). The Properties are covered by regional geological map sheet
31-s Caylloma at 1:100,000 scale, as well as more detailed geological maps sheets 31-s
I to IV at 1:50,000 scale. The 31-s map sheet is accompanied by a geological report by
INGEMMET (Davila, 1988).
7.1 Geology of Southern Peru

Peru forms part of the Central Andes, a mountain range formed by the subduction of the
Nazca oceanic plate under the South American continental plate, a process that has
lasted since approximately 200 Ma. The following summary was obtained from
Echavarria et al., 2006, Perello et al., 2003, and Simons et al., 2013.
Mid-Mesozoic rifting along the western margin of Gondwana (now western South
America) marked the beginning of the Andean orogen. Steep subduction under the
western margin of Gondwana caused the westward retreat of the trench allowing for the
formation of intra-arc and back-arc rifts over Paleozoic volcano-sedimentary deposits
and Precambrian metamorphic units. Rifting and basin development continued into the
Early Cretaceous and basins were filled by mafic volcanics and continental-marine
sedimentary deposits topped by carbonate sequences in the easternmost basin.
The Late Cretaceous marked a major tectonic and magmatic shift throughout the Andes,
coincident with the opening of the south Atlantic Ocean. This period was characterized
by compression (Peruvian phase 84-79 Ma) and the development of a magmatic arc
towards the northeast. Jurassic-Cretaceous marine volcanic flows and sediments were
thrust over continental sediments and magmatism continued into the Paleocene. Major
economic porphyry mineralization (Toquepala, Quellaveco, Cuajone, etc.; Perello et al.,
2003) occurred during this period in Southern Peru.
During the Eocene-Oligocene an episode of compression (Incaic phase 59-22 Ma)
resulted in flat-slab subduction and migration of the calc-alkaline magmatic arc further
inland towards the northeast. This was followed by a period of quiescence until renewed
magmatism at around 31-32 Ma, represented in the region of the Properties by the
extrusive Tacaza Group and the emplacement of a large calc-alkaline batholith
(Andahuaylas-Yauri) to the north, which intruded clastic and carbonates sequences of
Jurassic to Cretaceous age (Yura Group and Ferrobamba Formation). The batholith
hosts several porphyry-skarn deposits (Tintaya, Antapaccay, Quechua, etc.; Perello et
al., 2003) grouped in clusters and is referred to in the literature as the Andahuaylas-Yauri
Belt. The southern edge of this belt is located approximately 30-35 km north of the
Properties.
In the Neogene, a new episode of contraction and crustal thickening took place
(Quechua phase ~17 Ma to 1.6 Ma). This tectonic episode was accompanied by faulting,
hydrothermal activity and associated mineralization (e.g., Caylloma epithermal vein
district). Volcanic activity was episodic with locally superimposed volcanic centres or
calderas (i.e., Palca, Sillacapa and Barroso groups, Echavarria et al., 2006).
The Peruvian Andean range has been divided into 13 geotectonic domains or zones
(Figure 7.1). These domains are generally oriented NW-SE and separated by large
structures that in many cases have been active multiple times during the Andean
orogeny. These geotectonic domains have also been used to define metallogenetic
domains.
From west to east, in the geotectonic domains of Southern Peru are:
• Coastal Zone: Domains I (Atico-Moliendo-Tacna) and II (Pisco-Chala)

• Occidental Cordillera: Domains VI and X (Alto Condoroma-Caylloma)
• Altiplano Zone: Domains IV (Altiplano Oriental) and V (Altiplano Occidental)
• Oriental Cordillera: Domain III
• Sub-Andean Zone: Domain VIII
• Amazonian Plain: Domain IX
Figure 7.1 – Geotectonic domains of Peru (INGEMMET, 2016) and approximate
location of the El Santo mine
7.2 Regional Geology

The Properties lie in geotectonic domain VI of the Occidental Cordillera (Figure 7.1). This
domain is characterized by the presence a prominent Neogene volcanic belt (Echavarria
et al., 2006) that contains large, locally superimposed calderas of early Miocene to
Pliocene age. The belt is composed of calc-alkaline andesitic to rhyolitic flows,
ignimbrites, laharic deposits and volcanic domes that unconformably overlie a folded
marine sequence of quartzite, shale and limestone of the Mesozoic basement.
Calderas: 1 = Ccarhuarazo, 2 = Pampa Galeras, 3 = Parinacocha, 4 = Tumiri, 5 = Teton, 6 = San Martín, 7 = Esquillay, 8
= Chonta, 9 = Caylloma, and 10 = Coropuna. Bold dashed lines = political boundaries (“regions”, formerly “departments”’;
Echavarria et al., 2006).
Figure 7.2 – Principal Neogene calderas of the region and epithermal deposits
7.3 Local Geology

The Properties are situated near two caldera complexes of the Neogene volcanic arc.
The El Santo Property lies northwest of the Caylloma Caldera Complex near the town of
Caylloma, and the Suyckutambo and San Miguel properties are east-northeast of the
Chonta Caldera Complex (Figure 7.2 and Figure 7.3).
Figure 7.3 – Local geological map of the Project area: El Santo, Suyckutambo
and San Miguel properties
The Caylloma caldera stage began with the folding of the basement and Miocene
volcanic rocks (Tacaza Group, Figure 7.4) during the Quechua deformation phase along
a NW-SE orientation. As deformation increased, shear faults developed along the
margins of the anticline. Faulting was followed by a period of volcanism characterized by
pyroclastic activity that formed thick packages of rhyolitic ash-flow tuff with quartz and
sanidine phenocrysts that are included in the Sencca Volcanics. Other early to middle
Miocene volcanic rocks in the Caylloma area belong to the Tacaza Group and are
considered to be a pre-caldera event (Davila, 1988).
Following the pyroclastic activity, an extensional phase resulted in the collapse of the
caldera and the formation of a lake. Post-caldera events resulted in the deposition of flat-
lying flows of the Pusa Formation. This was later followed by andesite flows related to
modern volcanoes and assigned to the Pliocene-Pleistocene Barroso Group that erupted
and partially covered the caldera depression (Echavarria et al., 2006; Navarro et al.,
2008; and Davila, 1988). Several other andesitic flows, also assigned to the Barroso
Group, formed small volcanic edifices that are not related to the Caylloma caldera.
The Chonta caldera contains thick rhyolitic welded ash-flow tuffs and post caldera rocks,
including dacite and andesite flows and dacite domes assigned to the Tacaza Group.
Several epithermal deposits, including Suyckutambo and San Miguel, are considered to
be genetically related to the Chonta caldera (Echevarria et al., 2006).
Pleistocene glacio-lacustrine and recent alluvial deposits complete the sequence.
Recent deposits include volcanic scorias of the Andagua Group (Davila, 1988). Both
calderas are considered younger than the mineralization of the Caylloma district
(Echavarria et al., 2006). The sections below describe the lithostratigraphic units forming
the stratigraphic sequence of the calderas.
7.3.1 Stratigraphy
The stratigraphy of the Caylloma caldera and its surroundings (Figure 7.4) comprises
(from base to summit): Yura Group, Tacaza Group, Sencca Volcanics, Pusa Formation,
Barroso Group, Pleistocene deposits and Recent deposits. As well, there are several
intrusive phases that crosscut the volcano-sedimentary units.
7.3.1.1 Yura Group

The Yura Group is the basement of the younger volcanic units. It comprises the Cachios,
Labra, Gramadal and Hualhuani formations.
The Cachios Formation is at the base of the sequence and is estimated to be 400 m
thick. It consists of intercalations of dark limonite and carbonaceous pellets.
The Labra Formation overlies the Cachios Formation and is estimated to be 1,200 m
thick. It is correlated with its homonym that appears near Arequipa and is assigned an
age of Upper Jurassic–Lower Cretaceous (Titonian-Berriasian). The Labra Formation
crops out in the margins of the Santiago River (Huayllacho Camp) and consists of
intercalations of grey to dark grey and medium- to fine-grained sand. Weathered
surfaces are light brown.
The Gramadal Formation overlies the Labra Formation and is estimated to be 200 m
thick, consisting of thinly layered, greyish to brownish siltstones.
The Hualhuani Formation is at the top of the basement sequence. It is estimated to be
250 m thick and is exposed in the vicinity of the Cacerio Huarajo (Cuchilladas mine, west
of the El Santo mine), forming a stratigraphic window surrounded by volcanic rocks of
the Tacaza Group. It consists of 2 to 3 m thick beds of fine- to medium-grained white
quartzite. Cross-bedded units have high iron content, and weathered surfaces are
reddish yellow.
Figure 7.4 – Stratigraphic column for the Caylloma area (district)
7.3.1.2 Tacaza Group
The volcanic rocks of the Tacaza Group form a sequence of andesite and basalt lava
flows intercalated with lapilli tuffs and agglomerate pyroclastic rocks, often vesicular,
locally porphyritic, with only trace amounts of sulphides. The Tacaza Group is the host
rock to the mineralization of the Puquio-Caylloma Au-Ag belt. The Miocene age of the
group was determined by K-Ar radiometric dating that indicated an age of 18.9 Ma for
rocks from the Orcopampa mine (Noble et al. 1974) and 17.2 Ma for rocks of the
Caylloma mine (Noble, pers. comm.).
Orcopampa Formation
The Orcopampa Formation is observed in the Caylloma area, distinguished by a
conspicuous stratification of sandstones, greyish green and violet lavas, as well as
tuffaceous matrix and 1,000-m thick bands of andesitic and porphyritic lavas.
The formation is separated from the underlying Mesozoic formations by an angular
disconformity and from the overlying Ichocollo Formation by a parallel unconformity.
Ichocollo Formation
The Ichocollo Formation is the last stage of Tacaza volcanism, represented by a
sequence of rhyolite and dacitic domes at the base, followed by andesites and dark grey
basaltic andesites, aphanitic and porphyritic in the upper part, within which are layers of
sandstones and andesitic breccias.
The andesite has a trachytic porphyritic texture, with euhedral biotite and some quartz in
the microlithic groundmass. The rhyolite has porphyritic texture and fluidal groundmass,
with plagioclase and subhedral biotite, and interstitial quartz in cavities. The groundmass
is microlithic, with plagioclase and potassic feldspars.
The Ichocollo Formation overlies the Orcopampa Formation along a parallel
unconformity and is separated from the underlying Sencca Formation by an angular
unconformity. It is estimated to be 800 m thick.
7.3.1.3 Sencca Volcanic

The Sencca Volcanic unit is of regional extent in the volcanic belt of the Occidental
Cordillera. It constitutes a wide plateau dissected by Pleistocene erosion and is related
to collapse structures of the Caldera Complex.
The unit is composed of a series of tuffs of dacitic to rhyolitic composition, from white to
creamy yellowish colours, with pyroclastic and crystallographic textures. They are of an
explosive and fluid type, interspersed with horizons of clastic material and lava-tuff levels.
Stratification is subhorizontal, locally dipping 10º to 15º to the southwest.
It lies in angular discordance over the Tacaza Group and underlies the Barroso Group
and the Pusa formation. It is between 30 and 200 m thick.
7.3.1.4 Pusa Formation

The Pusa Formation rises in the vicinity of Caylloma, particularly in the zones of Pusa
and Pillune. It consists of a thin intercalation of fine sandstone with tuffaceous matrix and
yellowish-white limonite of lacustrine origin. Conglomerate beds are observed in the
Pillune and Angostura zones.
It unconformably overlies the Sencca tuffaceous unit and unconformably underlies the
Barroso Group lavas. It is estimated to be 100 m and of Plio-Pleistocene age. It is
correlated with the Capillune Formation of Southern Peru.
7.3.1.5 Barroso Group

Composed of pyroxene andesitic lavas at the base, with distinctive laminations (slabs)
and porphyritic micro-lithic matrix, amphibole and pyroxene towards the top of the flows.
Due to the mode of emplacement, it has been typified as a stratovolcano, lava dome or
dome, among others.
Based on stratigraphic correlations, the Barroso Group is considered to be of Pleistocene
age, dated in the Chila volcano (K-Ar 2.35 Ma; Laharie, 1973).
7.3.1.6 Pleistocene Deposits

The Pleistocene deposits are of glacial origin and composed of moraines and
fluvioglacial deposits, their distribution controlled by the Caylloma depression. They
consist of gravels, sands and unconsolidated silts, predominantly angular volcanic
materials and poorly classified silty sand matrix.
Between the Trinidad and Michihuasi drainage systems is a deposit 20 to 60 m thick
consisting of a Pre-Pleistocene unit of recent landslide and alluvial material.
7.3.1.7 Recent Deposits

The Recent deposits are composed of alluvial deposits, ejection cones and landslide
materials. The alluvial deposits are located in the river beds and composed of gravel,
sand and silt in weakly stratified layers. Some terrace levels are present in the Angostura
zone. The landslide material accumulates in the flanks of the valleys.
7.3.1.8 Intrusive Rocks

A few subvolcanic (hypabyssal) intrusions of rhyolitic and andesitic composition are
present in the Caylloma area. The intrusive units have structural features that differ from
those of the pre-existing rocks of the volcanic sequence. These subvolcanic units are
interpreted to be of Middle Tertiary and Early-Middle Pleistocene age.
7.3.1.8.1 Rhyolite Porphyry

Rhyolite porphyry crops out to the northeast of the El Santo mine. It is greyish-white with
variable quartz, plagioclase and amphibole crystals hosted in an aphanitic and vitreous
matrix with vertical banding.
7.3.1.8.2 Andesitic Dykes

Andesitic dykes appear as discordant structures that follow the orientation of the
predominant fracturing. To the south of the El Santo mine is a dark grey andesitic dyke
with greenish to violet shades due to the presence of chlorite and red jasper. It appears
porphyritic with a trachytic matrix.
7.4 El Santo Property Geology
Several units of the Caylloma Caldera Complex crop out in the El Santo Property area
(Figure 7.5). The geology of the property is dominated by volcanic rocks of the Tacaza
Group.
Figure 7.5 – El Santo Property geology map (Chapman and Gutierrez, 2016)
The property is also characterized by a number of mineralized veins and structures

oriented NE-SW in a similar orientation to other mineral structures of the area (district).
7.4.1 Structural Geology

During the Quechua deformation phase, the volcanics of the Tacaza Group were
subjected to ductile deformation followed by brittle deformation. The latter generated
conjugated shearing, fracturing, and tension fractures. These structures favoured the
circulation and deposition of mineralizing fluids.
There are at least four recognized generations of structures in the Caylloma district. The
district is delimited by a set of first order regional faults (Figure 7.6) oriented NW-SE and
with a sinistral movement. The structure to the north is named the Trinidad Fault and the
one to the south the Santiago Fault. The Trinidad Fault passes just north of the El Santo
Property. A set of second order structures developed in an NNE-SSW trend and third
order tensional structures developed within this structural framework with an ENE-WSW
orientation. Fourth order structures were developed as splays off the third order
structures with NE-SW orientation.
Post-mineral faulting occurred during the Pliocene and affects the El Santo
Property with major fault structures developed subparallel to certain veins and a N50
orientation.
Figure 7.6 – Caylloma district structural model (Echavarria et al., 2006)
7.4.2 Mineralization
The El Santo Property hosts several veins of intermediate sulphidation mineralization
(Figure 7.7). Vein mineralization is mainly hosted by Miocene andesitic volcanics and
volcanoclastic rocks (i.e., lithological control), with minor ore present in the underlying
folded Jurassic sedimentary basement.
Veins on the El Santo Property developed in response to tensional stresses created by
the development of two structures located to the north and south of the concessions—
the San Cristóbal and Ánimas veins—whose sinistral movement generated a series of
tensional structures. Mineralization on the property is mainly hosted in the El Diablo, El
Santo and Gianina veins on the Sandra 105 concession and by the Nancy vein on the
Sandra 104 concession. These structures have an approximate E-W orientation and
subvertical dip. Other tensional mineralized structures occur in between, such as El
Angel, Sheila, Yuliana.
Figure 7.7 – Vein systems of the El Santo Property
Most veins occupy dextral normal faults (45°-70° SE) and extension fractures
(70°-90° SE), and are 1 to 25 m wide and as much as several kilometers long. The veins
display complex and multi-episodic filling with textures characteristic of open-space
precipitation, such as crustiform banding, symmetric banding, vugs, breccias, and
cockade and comb textures.
The mineralization of the veins consists of sulphides, hosted by quartz, rhodochrosite
and rhodonite. The sulphide mineralization consists of galena, tetrahedrite, sphalerite
and chalcopyrite. Rhodonite in veins is associated with base metal mineralization (i.e.,
mineralogical control). The veins present a banded or crustiform structure with a certain
parallelism to the host rock. Dating with the 40Ar/39Ar method yielded a hydrothermal
alteration age of 18.35 ± 0.17 Ma (adularia in vein wall rock).
Ore grade is discontinuous, with high-grade zones having strike lengths of tens to
hundreds of metres and extending about 300 m down dip. Ore shoots in fault-hosted
veins occur in narrow subvertical zones, separated by lower-grade ore zones. Ore shoots
in extension fractures are shorter down dip and more continuous horizontally.
Mineral composition and metal content are zoned horizontally and vertically; silver, base
metals, calcite and manganese minerals increase in abundance to the northeast and
downward. Shallower levels of the hydrothermal system are exposed to the west and
southwest in the district. Details of individual veins are presented below.
7.4.2.1 El Diablo Vein

The El Diablo Vein has an average strike of N75°E, a subvertical depth, and a width of
up to 2.0 m. It displays banding, with parallel veins of quartz, rhodonite and a central
zone of Pb, Ag and Zn sulphides. It has been worked on seven mine levels (-95, -50, -15,
0, 20, 40, 50). Its geometry defines rosary-type veining. Branches are locally present,
forming narrow sections of economic grades. The vein can be followed at surface across
a 200 m outcrop, with an average width of 1.5 m, with sulphides such as galena,
sphalerite, and chalcopyrite, and gangue of rhodonite, quartz, pyrite and oxides. There
are several branches, such as Ramal Sur 1 and Ramal Sur 2, whose width and grades
tend to decrease away from the main vein.
7.4.2.2 El Santo Vein

The El Santo Vein is exposed as a continuous 400-m outcrop with an average E-W strike,
2.0 m thickness and subvertical dip. The vein is characterized by strongly leached
oxides. It has a banded structure of quartz and rhodonite. In the oxidized zone, the vein
displays fractured quartz with limonite, Mn oxides, goethite, hematite, and Jarosite.
7.4.2.3 Gianina Vein

The Gianina Vein is poorly exposed at surface but has been verified in mine levels
0, -15, -30 and -50. It is 1.1 m wide, has an average strike of N80°E and dips 65°SE.
Minerals include galena, sphalerite, marmatite, pyrite, rhodonite, quartz and
rhodochrosite, with weak argillic alteration. It is hosted by moderately silicified porphyritic
andesitic rock, and occasionally cuts across bands of dacitic rock carrying disseminated
pyrite.
7.4.2.4 El Angel Vein

The El Angel Vein has a banded texture with a mineral composition of quartz,
sulphides, up to 1% iron-oxides (limonite) and 0.2% Mn oxides. It is hosted by dacitic
rock with subtle propylitic alteration. It is subparallel to the El Diablo Vein and has
been traced for 220 m with an average width of 2.2 m. It strikes S65°W and dips
85°NW. It has been developed on levels 0, -15 and -50.
7.4.2.5 Sheila Vein

The Sheila Vein is a tensional structure between the El Diablo and El Ángel veins,
partially recognized in levels 0 and -15. It has an average strike of N70°E and dips 60°SE.
It has been traced in underground workings only, over a length of 120 m and a width
1.3 m. Minerals includes galena, sphalerite, rhodonite, rhodochrosite and quartz, with
argillic alteration. Average grades are 0.54 g/t Au, 3.96 oz/t Ag, 0.42% Cu, 5.73% Pb and
8.55% Zn.
7.4.2.6 Yuliana Vein

The Yuliana Vein is located near the limit of the Sandra No. 105 claim, in the southwest
part of the property, possibly as a tensional vein of Ánimas Vein. It was identified on
surface and has a branch named Ramal Yuliana. Mining was initiated but cancelled for
unknown reasons. In 2017, a surface exploration program exposed the vein at surface
over a width of 2.42 m. Sample ES-GX-051 from the vein returned 243 ppm Ag (7.8 oz/t),
18.8% Zn, 0.71% Cu and more than 20% Pb.
7.4.2.7 Nancy Vein
The Nancy quartz vein strikes N70°E and dips 72°SW on an outcrop 30 m across.
Fortuna Silver had documented the vein as having an approximate strike length of
1,500 m across Fortuna Silver’s Brexia concessions. It is brecciated at surface and
covered by Quaternary material, with an average width of 1.2 m. It is composed of grey-
milky quartz with moderate pyrite and dark sulphides. It has a banded texture, drusy
quartz crystals and abundant iron oxidation.
This vein is accompanied by the adjacent Nancy Ramal and Yohanna veins, and
collectively they are called the Nancy system.
7.5 Suyckutambo Property Geology

The Suyckutambo Property is located north of the Caylloma Caldera in the area of
influence of the Chonta Caldera. The property is entirely underlain by the Tacaza Group
and the Sencca Formation. The lithostratigraphic units comprise intercalations of
pyroclastic, andesite flows and volcanic tuffs of the Orcopampa, Ichocollo and Sencca
formations (Sanchez Romero et al., 2009).
Figure 7.8 – Suyckutambo Property geology map
The property is also characterized by a number of mineralized veins and structures with
two preferential orientations, northwest and northeast.

During the Quechua deformation phase the volcanics of the Tacaza Group were
subjected to two deformation stages, ductile deformation followed by brittle deformation.
The last stage generated conjugated tearing, fracturing and tension fractures. These
structures favoured the circulation and deposition of mineralizing fluids.
Structure development in the Suyckutambo mine area are controlled by first order
regional faults with a sinistral movement (Figure 7.9) following a Riedel model. The main
regional structure is oriented NW-SE and is represented in the property by the Chila–
Santa Úrsula Fault. Second order tensional structures developed within this envelope
and are oriented NE-SW (Sanchez Romero et al., 2009).
Figure 7.9 – Suyckutambo mine area structural model (modified after Davila,
1988)
The Suyckutambo mine area hosts several veins of low to intermediate sulphidation
mineralization (Figure 7.9). Several structural systems that control mineralization have
been identified trending NW-SE, E-W, NE-SW and N-S (Sanchez Romero et al., 2009).
The NW-SE structural system is controlled by the Chila–Santa Úrsula Fault (first order
structure). The Santa Úrsula, Carmen and Chila mineralized veins belong to this system.
The Chila Fault is considered to be a normal strike-slip fault, with vertical and horizontal
displacement. It has a general orientation of N60°W/75°SW and has a 10-15° SE dip.
The shear zone is approximately 20 m thick and characterized by joint generation. The
Santa Úrsula Fault is the continuation of the Chila Fault and hosts the Santa Úrsula Vein
along its entire length. This fault system is considered to be the main control on the
mineralization of the Suyckutambo deposit. The orientation of Santa Úrsula Fault is N
65°W/70°SW.
The NE-SW system is a transcurrent normal system that controlled most of the fault-
filling mineralized veins. Mineralization is related to post-faulting events with an apparent
zonation transitioning from intermediate sulphidation closer to the Chila Fault to low-
sulphidation away from the fault.
Figure 7.10 – Veins systems of the Suyckutambo Property
The E-W system is characterized by a transcurrent fault system that transects the Chila
Fault, displacing and bending the Santa Úrsula Vein. This system has an approximated
length of 7 Km, it is a normal system that controls the zonation of the mine area by
separating Au-Ag dominant mineralization to the north and polymetallic mineralization to
the south of the structure.
The N-S system is a late event associated with post-caldera movements.
The major Au-Ag bearing veins are associated with the NE-SW system and are earlier
than veins associated with the NW-SE system. The veins of the Suyckutambo mine are
composed of banded white-grey hyaline quartz, amethyst and disseminated pyrite. The
occurrence of quartz-adularia correlates with Au-Ag mineralization; Ag mineralization is
associated with quartz whereas an increase in calcite content generally indicates a
decrease in Ag.
7.5.2.1 Santa Úrsula Vein

Regionally, the Santa Úrsula Vein has a NW-SE strike and is parallel to subparallel to
the Chila Fault. The vein has been traced for 750 m in underground workings and for
2,300 m at surface. Gold and silver mineralization is mainly associated with two ore
shoots: the first one towards the NE at the intersection of the Santa Úrsula Vein and the
San José, San Pedro, Potosí and Carmen veins; and the second one in the middle of
the vein at its intersection with the Veta Blanca, Veta Blanca I and Veta Negra veins and
their respective splits, next to a transcurrent fault that “twists” the vein. The plunge is
vertical, which suggests a continuity of the mineralization at depth.
The outcrops of the vein show banded milky quartz with irregularly distributed
mineralization. The textures and mineralization are not homogenous, which is an
indication that the vein formed following several geologic processes. Initially, faulting
generated a tectonic breccia followed by hydrothermal quartz emplaced in openings
generated by faulting, and finally the injection of Au-Ag mineralization together with
quartz and adularia to form the mineralized bands of the Santa Úrsula Vein.
7.5.2.2 Corona Vein

The Corona Vein has an approximated length of 300 m, with a NE-SW strike and
subvertical dip to the south. Towards the northeast, it intersects the Nueva Corona Vein,
and towards the southwest, the Potosí Vein. According to the historical information
available, this vein had the best production records in the early stage of the mine.
7.5.2.3 Potosí Vein

The Potosí Vein had the most mine workings, with four different levels separated by 40 m
each. The vein has a variable strike, affected mainly by NW-SE faults that post-date vein
emplacement. Near the intersection with the Corona vein, the strike of the Potosí Vein is
NE-SW, whereas in the central part the strike changes to E-W, and to NE-SW towards
the west.
7.5.2.4 San Mateo Vein

The San Mateo Vein has a consistent NE-SW strike along its known distance. The dip
of this vein varies from vertical to subvertical with a gentle dip to the south. The main ore
shoot has been mined towards the NE end of the vein, near its intersection with the
Potosí and San Pedro veins.
7.5.2.5 San Jose Vein

The San José Vein has a NE-SW strike and could be considered the SE continuation of
the Potosí system. It has 350 m of proven length according to underground workings,
and a subvertical dip to the south. The distribution of mineralization within this vein is
very homogeneous (Au, Ag), and ore shoots project towards the intersection with the
San Mateo and Potosí veins.
7.5.2.6 San Pedro Vein

The San Pedro Vein could be considered the extension of the San Mateo Vein. It has a
NE-SW strike and a proven length of 300 m in underground workings. It intercepts the
Chila Fault towards the northeast, and the San Mateo–Potosí and San José veins
towards the southwest. Mineralization is distributed fairly homogeneously along the vein,
with high grades of gold and silver towards the top.
7.5.2.7 San Pablo Vein

The San Pablo Vein is a small vein, 80 m long, intercepted in level -120 of the
underground workings. The vein has a NE-SW strike and probably a subvertical to
vertical dip to the north.
7.5.2.8 Nueva Corona Vein
The Nueva Corona Vein has an E-W orientation and a gentle dip to the north. This vein
has been traced for at least 300 m along strike.
7.5.2.9 Esperanza Vein

The Esperanza Vein, with a predominant NE strike, is associated with an andesitic
hypabyssal dyke. An alteration zone extends 50 m into the andesitic host rock,
characterized by moderate to weak silicification grading into argillic alteration. Hyaline
grey quartz veinlets occur in the host rock.
7.5.2.10 Chila Vein

The Chila Vein has a NW-SE orientation and is composed of hyaline and milky quartz
and chalcedony in bands, locally with a clast-supported breccia, weakly oxidized. The
structure is 5-8 m wide, with several 0.20-0.50 m wide splits.
7.5.2.11 Carmen Vein

The Carmen Vein has a NW-SE orientation and is one of the most important veins in the
district, with an approximate length of 6.0 km. It is associated with a normal fault with
slight sinistral displacement, with an average strike of N32W / 75 SE, and mineralization
in the ore shoots. Locally it is covered by Quaternary deposits. It was identified by drilling
in 2007 and showed evidence in drill holes of mineralization and continuity.
7.5.2.12 Fatima Vein

The Fatima Vein strikes NE and has been followed for 400 m along strike, possibly more
based on alteration. It is associated with the emplacement of a dacitic porphyry body.
This vein was intersected in the 2007 drilling campaign, with grades up to 2.814 g/t Au
and 15.47 oz/t Ag. Fatima has been described as a grey hyaline milky quartz vein, with
mylonitic textures and disseminated sulphides. Mineralization is mainly related to ore
shoots.
7.5.2.13 Veta Blanca Vein

The Veta Blanca Vein is composed of quartz-adularia and has a strike length of 2,300 m.
The vein is composed by grey hyaline quartz and druses, with moderate to strong
argillization in the host wall, hence the name. A breccia with quartz clasts is present
within the vein, and silver anomalies occur in surface outcrops.
7.6 San Miguel Property Geology

The San Miguel Property is located in the area of influence of the Chonta caldera, north
of the Caylloma caldera. The property is mostly covered by Miocene volcanic deposits
of the Tacaza Group, but subvolcanic intrusive rocks have also been mapped in the
property area (Figure 7.11). The lithostratigraphic units on the property include dacitic
ignimbrites, andesitic agglomerates, volcano-sedimentary deposits and hydrothermal
breccias. Areas with advanced argillic alteration and vuggy silica have been reported
(Manrique Oviedo and Sacsi, 2013).
Figure 7.11 – San Miguel property geology map
The property is also characterized by a number of mineralized veins and structures with
two preferential orientations (see below), much like the Suyckutambo Property.

The two types of mineralized structures with two preferential orientations on the San
Miguel Property are NW-SE shear structures and NE-SW shear-tension structures.
There are no further details regarding structural models for this property.
There are two mine areas on the San Miguel Property: San Miguel and Tarucamarca.
Both areas host several veins with low to intermediate sulphidation mineralization (Figure
7.12). Most of the mineralized structures are hosted by dacitic ignimbrites. Three
structural systems that control and affect the mineralization trend NW-SE, NE-SW and
E-W (Manrique Oviedo and Sacsi, 2013).
Figure 7.12 – Vein systems of the San Miguel Property
The NW-SE system comprises most of the veins of the San Miguel and Tarucamarca
mine areas. They are shear veins and strike N50W to N80W, dipping 70-85°. These are
very well-defined structures having sharp contacts with the host rock. They average 1 m
wide but can reach up to 1.4 m. Mineralized shoots have a lenticular shape and are of
variable dimensions. High-grade ore in certain veins is though to be due to changing
conditions in the fluids favoured by vein emplacement in the more permeable facies of
the host rocks (i.e., pressure release or fluid mixing). This structural system includes the
following veins: Santa Maria, La Nina, Misti, Corona, Condoroma, Condoromilla,
Bonanza, El Rey, La Reina, Canada, America del Sur and America Norte, as well as
several smaller structures.
The NE-SW system is divided into shear and tension veins. The shear veins strike N45 to
60 and dip northwest. They have sharp contacts with the host rock and regular widths of
approximately 1 m. Veins of this structural system have high-grade Au-Ag ore shoots.
The veins of this vein system include Portuguesa, Napoles and Venecia. Tension veins
have low economic interest due to their limited strike lengths. They generally splay from
higher order vein systems and are oriented almost E-W. Examples of splays from this
system are the Santa Eugenia and Ocho de Agosto veins.
The E-W system (N80E) is represented by late post-mineral faulting that displaces the
mineralized veins with a sinistral movement.
Vein mineralization in the San Miguel and Tarucamarca mine areas is silver and gold
rich, with mineralization hosted by crystalline quartz veins carrying argentite, tetrahedrite
and auriferous pyrite. Gangue vein minerals also include rhodonite and rhodochrosite.
Other than vein mineralization, the property hosts areas of advanced argillic alteration
and vuggy silica with potential for disseminated mineralization. These areas were
interpreted by Brexia personnel as potentially related to subvolcanic or hypabyssal
intrusions (Manrique Oviedo and Sacsi, 2013). The alteration areas are located on the
Don Paul XXII, Don Paul XXVIII and Don Paul XXX concessions. The mineralization in
some of these areas has been described as contained by a quartz veinlet stockwork (2-
4% veinlets) with limonite after boxwork textures. Another alteration area in a dacitic
intrusive carries 3-4% disseminated pyrite. Sampling in these areas returned economic
silver grades up to 24 g/t Ag, as well as anomalous values of up to 204 ppm Cu, up to
511 ppm Pb, and up to 109 ppm Zn.
7.6.2.1 La Reina Vein

The La Reina Vein is one of the oldest worked structures of the San Miguel mine area.
Up to 3 m wide in parts, it has a strike length of approximately 700 m, a strike of N60W
and a dip of 75°SW. The vein is dislocated by an E-W sinistral fault. Surface sampling
by Minera Bateas S.A.C. returned up to 0.61 oz/t Ag and 0.07 oz/t Au.
7.6.2.2 Condoroma and Condoromilla veins

The Condoroma Vein has a strike of N55W, with a N50W splay vein named
Condoromilla. Both structures dip to the southwest. The Condoroma vein is wider than
1 m at parts, while the Condoromilla vein is less than 0.5 m wide. The Condoroma Vein
is dislocated by a fault with a sinistral movement and is approximately 635 m.
7.6.2.3 Corona Baja and Bonanza veins

The Corona Baja Vein strikes N45W and dips 75°W, with a strike length of 255 m. It is
hosted by dacitic rocks and has a splay named Bonanza. Assay values for a 1 m sample
collected near the junction with the splay returned 7.4 oz/t Ag and 0.04 oz Au.
7.6.2.4 El Rey Vein
The El Rey Vein strikes from N50-60W and dips to the NE, with a maximum width of 1 m.
Mineralization consists of galena, pyrite and chalcopyrite. A grab sample from this vein
returned 26.4 oz/t Ag and 0.06 oz/t Au.
7.6.2.5 America del Sur vein

The America del Sur Vein strikes N75W and dips 82°SW, and has strike length of 800 m.
The mineralized structure is a quartz vein with argentite. Historical sampling of a mine
dump for this vein returned assay values of up to 5.8 oz/t Ag and 0.02 oz/t Au.
7.6.2.6 América del Norte and Canadá veins

Parallel to the America del Sur Vein, the America del Norte Vein has a strike length of at
least 500 m. The Canada Vein is considered the eastward extension of this vein.
Historical sampling of the America del Norte structure returned 20 oz/t Ag and 0.04 oz
Au over 0.25 m, and the Canada Vein returned 10 oz/t Ag and 0.16 oz/t Au over 0.25 m.
7.6.2.7 Portuguesa vein

The Portuguesa Vein strikes N43E, dips 73°SE and is up to 1 m wide. It has sharp
contacts with the host rock and mineralization consists of galena and pyrite hosted by a
quartz vein.
7.6.2.8 El Peru group of veins

The El Peru group of veins comprises the Misti, Santa Rosa and Rio Santa structures.
These veins strike N25W and dip 80° to the NE. They are milky quartz veins that intruded
flow breccias. They contain sub economic gold and silver values.
7.6.2.9 Colon group of veins

The Colon group of veins comprises the Santa Maria, La Nina, San Salvador and La
Pinta structures. They are located in the northern half of the San Miguel mine. These
veins are transversal to the Peru group. They contain milky quartz and intrude a
chloritized and brecciated tuff. Disseminated mineralization consisting of pyrite and
chalcopyrite is observed in the host rock. Historical sampling of a mine dump from these
structures returned 1.6 oz/t Ag and 0.08 oz/t Au.
7.6.2.10 Danubio group of veins

The Danubio group of veins is west of the Colon group and comprises the Bucarest,
Belgrado and Viena structures. Historical sampling yielded assay values of 2.8 oz/t Ag
and 0.08 oz/Au.
7.6.2.11 Tarucamarca vein

The Tarucamarca Vein is up to 2 m wide, strikes S60-70 and dips 75-80°W, and can be
traced over a strike length of 300 m. The structure is formed by silicified and argillized
host rock, with a slightly brecciated footwall. The structure was emplaced near a dacitic
stock that was has also been affected by hydrothermal alteration. Quartz veinlets have
been documented with fine pyrite and galena. Historical sampling for the structure
returned 6.58 oz/t Ag and 0.4 ppm Au over 2.05 m near the mine adit, as well as
10.32 oz/t Ag and 0.937 ppm Au for the centre of the structure.
7.6.2.12 Potosí Vein

The Potosí Vein is reported as a porphyry-style vein (Sanchez Romero et al., 2010)
emplaced at the contact of dacitic intrusive and the Tacaza Group volcanic rocks.
Chalcopyrite, galena and disseminated pyrite are reported for the vein and the stock.
Historical sampling returned 4 oz/t Ag for the vein and 0.8 oz/t Ag for the stock.
7.6.2.13 Other veins

Other veins include Myriam, Silvia, Soledad, Victoria, for which high values zones of
≥ 30 oz Ag /t have been reported. There is little information on the geology of these high-
grade shoots.
8. MINERAL DEPOSIT TYPES
The mineralization found on the El Santo, Suyckutambo and San Miguel properties is
typical of low-sulfidation epithermal deposits. The ore deposits are characteristic of the
metallogenic province in which the Properties are located. Some areas on the San Miguel
Property with potential for disseminated mineralization have characteristics of a high-
sulfidation epithermal environment.
8.1 Epithermal deposit

Epithermal precious and base metal deposits are formed at shallow depth, from surface
to as deep as 1 to 2 km (Figure 8.1), in areas of active volcanism around the continental
margins (White et al. 1995, Sillitoe 1999, Corbett 2013). Epithermal deposits occur in
association with porphyry-related lithocaps. Epithermal deposits are formed by
hydrothermal fluids ranging in temperature from <150 °C to ~300 °C. Two (2) styles
epithermal mineralization with contrasting chemistry are recognized: low-sulphidation
and high-sulphidation. In the low-sulphidation environment, near-neutral pH fluids form
low-sulphidation state sulphide minerals at depth. In contrast, high-sulphidation systems
and their relatively high-sulphidation state sulphide minerals are associated with acidic
and oxidized fluids formed in the magmatic hydrothermal environment adjacent to
volcanic edifices closer to surface. The mechanism for deposition of ores in the low-
sulphidation system is mainly by fluid boiling caused by a drop in the confining pressure
of the ascending fluids. Low-sulphidation deposits are developed in structures and
alteration is for the most confined to the proximity of the vein. The veins are usually well
banded with alternating silica and carbonates and often show brecciation as open space
filling. Bladed calcite replaced by silica is indicative of the boiling environment. When
hydrothermal fluids reach the surface, the fluids cool down and drop silica out of the
solutions forming silica sinters which is another feature of the low-sulphidation epithermal
environment. High-sulphidation deposit form in two stages. At first, hot acid hydrothermal
fluids (or sometimes vapor) derived directly from the intrusion aggressively interact with
the host rock resulting in alteration areas where white clays are abundant. With increased
intensity alunite and jarosite are coincident with residual silica (also called vuggy quartz).
The second stage is the arrival of the mineralizing fluids that precipitate metals as the
fluids cool down or are diluted by meteoric waters. The mineralization is disseminated in
nature and confined to the alteration zone but can also produce breccias. Calcite is
missing from the high-sulphidation environment, which reflects the different fluid
chemistry. Ore minerals assemblages are different in the two cases, low-sulphidation
sulphide assemblages are commonly characterized by sphalerite and galena with a
higher ratio of silver to gold. Contrastingly, high-sulphidation sulphide assemblages have
commonly higher copper content such as enargite or covellite and higher gold to silver
ratios. A third term is also used for transitional mineralization in the low-sulphidation
environment namely intermediate-sulphidation. This term is rather a reclassification and
refers to the carbonate-base metals precious metals systems as a sub-type. Several
examples of low-sulphidation mineralization are present in the Caylloma mine area,
located 3km to the south of the El Santo mine. High-sulphidation deposits have not yet
been identified on the Caylloma area, however large alteration zones with diagnostic
textures and minerals such as advanced argillic alteration and vuggy silica coincident
with chargeability zones have been described in the San Miguel Property.
Figure 8.1 – Conceptual model for epithermal Au-Ag mineralization styles
developed in subduction-related magmatic arc–back arc settings (Corbett et al.
1998)
9. EXPLORATION
The issuer contracted Geomain Ingenieros (“Geomain”) to perform a magnetometry and

induced polarization survey on the San Miguel Property from May 20 to September 4,
2018. The 2018 survey was an extension of the 2017 geophysical survey on the same
property and included the reinterpretation of previously identified anomalies. The
information in this item was compiled from the 2018 Geomain report (Velasquez and
Polanco, 2018). Except for resource drilling on the El Santo Property, this survey is the
only recent exploration work on the Properties.
9.1 Magnetometry
The Mag survey was used to assist the geological mapping of the San Miguel Property,
define alteration areas, discriminate lithological units, and detect concentrations of
ferromagnetic minerals such as magnetite or pyrrhotite.
The survey was conducted on a grid consisting of 28 lines oriented NE-SW with a
spacing of 200 m. The survey was done using two magnetometers. One instrument was
mobile, used in the field, and the other fixed at a base to record the diurnal variations of
the local magnetic field. The mobile magnetometer recorded the data in continuous mode
at 2-second intervals along the lines. Following the Mag survey, a large area of magnetic
lows was noted at the centre of the grid (Figure 9.1).
Figure 9.1 Total magnetic field map at 1:10,000 scale, San Miguel Property
(Velasquez and Polanco, 2018)
9.2 Induced polarization (IP)
The IP survey was used to detect the possible presence of sulphides and alteration. The
chargeability data was interpreted as direct indications of sulphides as they distort the
distribution of the electrical potential around the electrical source. The resistivity was also
measured as it increases proportionally to silica content and decreases according to
sulphide content.
The survey used the same grid as the magnetometry study and covered an approximate
depth of 500 m below the surface (Velasquez and Polanco, 2018). Interpretations were
made using a 3D inversion of the data collected along the measured lines.
Several IP anomalies were identified, mainly within the area of magnetic lows, consisting
of high-chargeability (IP-1 to IP-11) and high-resistivity areas (Figure 9.2).Geomain
recommended drill-testing the high-chargeability anomalies since the higher the
response, the higher the likelihood for sulphide mineralization.
Figure 9.2 Chargeability (left) and resistivity (right) at a depth of 300 m, San
Miguel Property (Velasquez and Polanco, 2018)
10. DRILLING
This item presents information on the drilling program carried out by Brexia in the El
Santo mine between December 2016 and September 2018 (the “2016-2018 Program”).
The 2016-2018 Program is an infill drilling program designed by Brexia geologists to test
the continuity of the mineralization being mined underground. More specifically, the
program aimed to test the continuity of vein mineralization at depth and laterally on a grid
with 25-m spacing. The targets were the El Santo, El Diablo, El Angel, Gianina and
Vanessa zones, which are the subject of the 2019 MRE presented in Item 14. None of
the other mineralized structures at El Santo were targeted by the drilling program. Figure
10.1 shows the location of all drill holes from the program with respect to the five
mineralized zones.
10.1 Drilling Methodology

The drilling program was performed entirely by local companies. Three companies
participated in the 2016-2018 Program: Performin, Consorcio JM S.A.C. and Xplomine
S.A.C. Most of the underground drilling was performed by Xplomine using an MAQpower
H400 drill rig capable of drilling up to 400 m in HQ caliber (63.5 mm core diameter) and
700 m in NQ caliber (47.6 mm core diameter).
Diamond drill holes for the 2016-2018 Program were planned using vertical cross
sections and plan views with the aim of improving the accuracy of the intersection angle
in mineralized zones. The software was Datamine. The coordinate system for planning
and positioning the drill holes was WGS84 Zone 19 South.
Drill hole collars were implanted by a surveyor using a LEICA TS06 PLUS 5 total station.
Every underground drill hole was executed from a chamber inside the mine. Prior to
drilling from surface, drill rigs were aligned using a compass and validated with the total
station. Underground rigs were aligned using wooden front sight and back sight stakes
that were placed by a surveyor using the total station.
Before starting a drill hole, a Brexia geologist would visit the site to verify the drill
alignment and the inclination of the drill rig. Once satisfied, the geologist approved the
commencement of drilling and assigned a drill hole number. Brexia used the following
naming convention:
• Hole type-Project-Year-Hole#
For example, drill hole DDHS-ES-18-013 is a surface drill hole (DDHS) at the El Santo
project (ES) that was drilled in 2018 (18) and it was the 13th consecutive drill hole of that
year (013).The geologist determines when a hole is completed by evaluating whether
the target depth had been reached and whether the mineralized vein structures had been
intersected completely. The geologist decides how many metres will be drilled past the
zone depending on the alteration and mineralization in the rock. Drill holes typically
extend 30-50 m past the target. When shutdown is confirmed, the drill contractors
systematically grout every hole and then perform a site clean-up followed by a site
inspection by the geologist. The environmental, geology and security departments are
all involved in assuring the proper reclamation of drill sites. Underground drill holes are
grouted with cement whereas surface drill holes are capped and identified with a cement
plaque with engraved information about the collar.
• The Sheila, Yuliana, Triunfo, Esperanza, Soledad and Kerly mineralized vein structures are not shown on the current image to simplify the visualization of zones subject
to the mineral resource estimation
Figure 10.1 – 2016-2018 El Santo Drilling Program
Immediately after drilling, a REFLEX EZ-TRAC™ instrument was used to conduct
deviation surveys every 25 m when the rods were being pulled out. The instrument was
handled by the drilling contractor who sent the data to the Brexia geology department in
both paper and digital format. The data collected during the deviation surveys include
the operator company, the date, the downhole depth at which each test is made, the
inclination, the magnetic field strength and the temperature. There were no cases of bad
readings caused by strong magnetic field during 2017-2018 Program.
After drilling, collars were inspected and validated by Brexia geologists and resurveyed
by the surveyor.
10.2 Core logging

According to standard procedure at the mine, the driller retrieves the core using standard
3 m rods and core-barrels and places it in polypropylene boxes designed for that
purpose. Each box typically contains just under 3 m of core. Boxes are identified with the
hole number, and the sequential number of the box beginning at 1. The drill contractors
will put a wooden block which serves as a meterage tag at the end of every last piece of
rock coming out of a 3 m tube. Once a box is full, it is closed with wrapping straps and
stored. At the end of the shift, all full boxes are delivered to the geology department at
the mine.
Upon receipt, the geologists open the boxes to do a preliminary log. The boxes are then
sent to the core shack in the town of Caylloma.
Core logging in Caylloma begins with photographing all the boxes and laying them out
on the logging tables in ascending order from left to right. The final meterage is validated,
and the core is examined to see if wooden blocks are mixed up or if pieces of core are
upside down. Geotechnical data such as percent recovery and RQD are calculated and
entered into Excel.
Recovery is calculated by measuring the true core length between two distance markers,
dividing it by 3 m (or whatever the difference is between the distance markers) and
multiplying it by 100 to obtain the percent recovery. Drill conditions can sometimes cause
core loss but at El Santo, recovery is good and generally over 90%.
RQD is a quantitative and qualitative measure that provides information about the
stability of the rock which is used in mine design. RQD is calculated by measuring and
adding all pieces of solid continuous core of over 10 cm in length between two distance
markers and dividing it by the full core length between the same markers, multiplied by
100. Mechanical fractures made by the driller to make the core fit into a row of the box
are considered as if the core was continuous; only natural breaks are considered as true
discontinuities.
Geological logging, like geotechnical logging, is first recorded on a physical paper strip
log format before being digitized as an Excel file and transferred into the Access
database and then onto the Brexia server. The first part of logging consists of filling in
the header table which contains the name of the logger, the start and end date of the
hole, the logging date, collar information and the mine level. The geologist then produces
a detailed description and drawing of the lithology, alteration, sulphide mineralization and
structural features observed in the drill hole. Once the features of the rock are well
described, the geologist selects the intervals that will be sampled and assayed by
marking them on the core and drawing the line along the core axis to serve as a guide
for core saw splitting.
The samples determined and marked clearly on the core by the geologists are first split
in half by geotechnicians using a rock saw equipped with a diamond circular blade
adapted to the right type of rock. Half the core is placed back into the box and the other
half goes into a plastic bag with a sample tag. The bags are then put into larger rice bags
containing approximately 15 samples each with a maximum weight of 25 kg.
All core boxes are stored at the Caylloma core shack.
10.3 2016-2018 Program

The 2016-2018 Program amounted to 160 drill holes for a total of 22,400 m drilled.
Drilling was conducted in two separate phases. The first phase consisted of 7
underground holes drilled between December 2016 and May 2017. The second phase
consisted of 17 surface and 137 underground holes drilled between February 2018 and
September 2018. Table 10.1 presents a summary of the 2016-2018 Program.
Table 10.1 – Summary of the 2016-2018 Program

Number of
Year-Type Total Length (m)
DDH
2016-underground 1 109.70
2017-underground 5 633.80
2018-surface 17 3,420.80
2018-underground 137 18,061.10
Total 161 22,344.95
Drilling has been performed on a continuous basis since the close-out date of the
database used for the current MRE (November 14, 2018). An additional 21 holes have
been drilled from November 2018 until the end of the year, and the program is still
ongoing at the time of writing this report. All recent drilling has been underground.
Table 10.2 presents the drill holes of the 2016-2018 Program with their coordinates and
respective targets.
Table 10.2 – Location and targets for all drill holes of the 2016-2018 Program
Final
Hole-ID Easting Northing Elevation Azimuth Dip Target Type
Length (m)
DDH-ES-
196185 8320377 4630 109.7 166.7 -23.4 Gianina Underground
16-001
DDH-ES-
17-001
DDH-ES-
196185 8320377 4631 126.5 167.9 0.0 Gianina Underground
17-002
DDH-ES- 196185 8320377 4630 180.3 167.2 -43.6 Gianina Underground
Final
Length (m)
17-003
DDH-ES-
17-004
DDH-ES-
196185 8320440 4630 52.8 345.29 -14.7 Underground
17-005
DDH-ES- Vanessa
196304 8320480 4651 157.3 181.1 0.2 Underground
18-001 Gianina
Sheila
DDH-ES-
18-002
El Santo
Sheila
DDH-ES-
18-003
El Santo
DDH-ES-
195903 8319703 4635 169.5 177.6 0.9 Yuliana Underground
18-004
DDH-ES-
195902 8319782 4633 205.7 159.7 -24.8 Yuliana Underground
18-005
DDH-ES-
196123 8320371 4583 122.0 358.5 -35.7 El Angel Underground
18-006
DDH-ES-
18-007
DDH-ES-
18-008
DDH-ES-
18-009
DDH-ES-
18-010
DDH-ES- Sheila
195782 8320191 4584 173.9 5.5 -29.6 Underground
18-011 El Diablo
DDH-ES- Sheila
195780 8320191 4584 152.8 334.9 -19.9 Underground
18-012 El Diablo
DDH-ES- Sheila
195782 8320191 4584 158.3 2.3 -20.2 Underground
18-013 El Diablo
DDH-ES-
18-014
DDH-ES- Sheila
195781 8320191 4585 135.4 342.6 -9.3 Underground
18-015 El Diablo
DDH-ES- Sheila
195783 8320191 4585 145.7 20.2 -7.7 Underground
18-016 El Diablo
DDH-ES-
18-017
DDH-ES- Sheila
195783 8320191 4584 173.3 31.0 -15.2 Underground
18-018 El Diablo
DDH-ES- Sheila
195780 8320191 4584 175.0 318.0 -28.5 Underground
18-019 El Diablo
Final
Length (m)
DDH-ES- Sheila
195780 8320191 4585 130.3 318.3 -8.1 Underground
18-020 El Diablo
DDH-ES-
195866 8320140 4629 168.5 218.5 -27.7 El Santo Underground
18-021
DDH-ES-
18-022
DDH-ES-
18-023
DDH-ES-
18-024
DDH-ES-
18-025
DDH-ES-
18-026
DDH-ES-
18-027
DDH-ES-
18-028
DDH-ES-
18-029
DDH-ES-
18-030
DDH-ES-
18-031
DDH-ES-
18-032
DDH-ES-
18-033
DDH-ES-
18-034
DDH-ES-
18-035
DDH-ES-
18-036
DDH-ES-
18-037
DDH-ES-
18-038
DDH-ES-
18-039
DDH-ES-
18-040
DDH-ES-
18-041
DDH-ES- 196022 8320137 4607 105.0 162.8 -36.1 El Santo Underground
Final
Length (m)
18-042
DDH-ES-
18-043
DDH-ES-
18-044
DDH-ES-
18-045
DDH-ES-
18-046
DDH-ES-
18-047
DDH-ES-
18-048
DDH-ES-
18-049
DDH-ES-
18-050
DDH-ES-
18-051
DDH-ES-
18-052
DDH-ES-
18-053
DDH-ES-
18-054
DDH-ES-
18-055
DDH-ES-
18-056
DDH-ES-
18-057
DDH-ES-
18-058
DDH-ES-
18-059
DDH-ES-
18-060
DDH-ES-
195814 8320235 4733 140.1 282.5 -5.3 Diablo Underground
18-061
DDH-ES-
196126 8320345 4583 160.4 304.7 -24.9 Diablo Underground
18-062
DDH-ES-
18-063
DDH-ES-
18-064
Final
Length (m)
DDH-ES-
18-065
DDH-ES-
18-066
DDH-ES-
18-067
DDH-ES-
195813 8320236 4733 145.5 299.8 -7.1 El Diablo Underground
18-068
DDH-ES-
18-069
DDH-ES-
18-070
DDH-ES-
18-071
DDH-ES-
18-072
DDH-ES-
18-073
DDH-ES-
18-074
DDH-ES-
18-075
DDH-ES-
18-076
DDH-ES-
18-077
DDH-ES-
18-078
DDH-ES-
18-079
DDH-ES-
18-080
DDH-ES-
18-081
DDH-ES-
18-082
DDH-ES-
18-083
DDH-ES-
18-084
DDH-ES-
18-085
DDH-ES- Sheila
195782 8320191 4585 116.9 356.5 -9.0 Underground
18-086 El Diablo
DDH-ES- 195870 8320139 4628 122.3 160.7 -26.8 El Santo Underground
Final
Length (m)
18-087
DDH-ES-
18-088
DDH-ES-
18-089
DDH-ES-
18-090
DDH-ES-
18-091
DDH-ES-
18-092
DDH-ES-
18-093
DDH-ES-
18-094
DDH-ES-
18-095
DDH-ES-
18-096
DDH-ES-
18-097
DDH-ES-
18-098
DDH-ES-
18-099
DDH-ES-
18-100
DDH-ES-
18-101
DDH-ES-
18-102
DDH-ES-
18-103
DDH-ES-
18-104
DDH-ES-
18-105
DDH-ES-
18-106
DDH-ES-
18-107
DDH-ES-
18-108
DDH-ES-
18-109
Final
Length (m)
DDH-ES-
18-110
DDH-ES- Sheila
195783 8320191 4584 145.1 12.2 -18.4 Underground
18-111 El Diablo
DDH-ES-
18-112
DDH-ES-
18-113
DDH-ES-
18-114
DDH-ES-
18-115
DDH-ES-
18-116
DDH-ES-
18-117
DDH-ES-
18-118
DDH-ES-
18-119
DDH-ES-
18-120
DDH-ES-
18-121
DDH-ES-
18-122
DDH-ES-
18-123
DDH-ES-
18-124
DDH-ES-
18-125
DDH-ES-
18-126
DDH-ES-
18-127
DDH-ES-
18-128
DDH-ES-
18-129
DDH-ES-
18-130
DDH-ES- Sheila
195780 8320191 4585 161.7 306.9 -6.9 Underground
18-131 El Diablo
DDH-ES- 196260 8320410 4584 185.3 3.0 -40.0 El Angel Underground
Final
Length (m)
18-132
DDH-ES-
18-133
DDH-ES-
18-134
DDH-ES- El Angel
195780 8320191 4584 184.7 305.5 -15.2 Underground
18-135 El Diablo
DDH-ES-
18-136
DDH-ES-
18-137
DDHS-
ES-18- 196057 8319692 4649 120.0 109.2 -70.1 Yuliana Surface
001
DDHS-
002
DDHS-
003
Triunfo
DDHS-
Esperanz
ES-18- 195599 8319785 4756 200.0 356.5 -43.6 Surface
a
004
El Santo
El Santo
DDHS-
Gianina
ES-18- 195478 8319970 4810 188.2 359.4 -44.6 Surface
Sheila
005
El Diablo
DDHS-
006
DDHS-
007
DDHS-
ES-18- 195442 8320132 4834 163.6 323.1 -60.3 Diablo Surface
008
DDHS-
Soledad
ES-18- 195690 8320401 4719 248.9 353.4 -45.3 Surface
Silvia
009
DDHS-
Soledad
ES-18- 195690 8320400 4719 328.6 353.6 -59.7 Surface
Silvia
010
Triunfo
DDHS-
Esperanz
ES-18- 195468 8319791 4761 169.2 3.6 -51.9 Surface
a
011
El Santo
Final
Length (m)
DDHS-
Soledad
ES-18- 195692 8320561 4704 205.8 130.0 -45.0 Surface
Silvia
012
DDHS- El Diablo
ES-18- 195270 8320122 4832 323.0 357.7 -56.3 Kerly Surface
013 Soledad
DDHS-
El Santo
ES-18- 195330 8319927 4780 158.7 0.2 -47.8 Surface
Gianina
014
DDHS-
El Santo
ES-18- 195330 8319926 4780 266.7 357.8 -65.1 Surface
Gianina
015
DDHS-
Soledad
ES-18- 195693 8320400 4719 293.1 298.9 -45.8 Surface
Silvia
016
DDHS- El Diablo
ES-18- 195270 8320122 4832 247.1 357.7 -45.9 Kerly Surface
017 Soledad
11. SAMPLE PREPARATION, ANALYSES AND SECURITY
This item describes the sample preparation, analysis and security procedures for the
2016-2018 Program on the El Santo Property. The information was provided by the
issuer’s geology team. InnovExplo reviewed the QA/QC procedures and results for this
program, except for five (5) drill holes from the first phase of drilling between December
2016 and May 2017. The results of this review (the « 2018 QA/QC Review » are
presented below.
11.1 Core Handling, Sampling and Security

The drill core is boxed and sealed at the drill rigs and transported by the drillers to the
underground station of the El Santo mine, where Brexia personnel take over the core
handling. The core is washed, examined for missing or inverted pieces, logged and
marked. The unique ID for core samples and QA/QC samples are written in the center
of the sample on the separating walls between the rows of the core boxes by qualified
geologists. Core sample length varies from 0.1 to 1.0 m within mineralized zones. Each
marked sample is sawed in half by Brexia technicians. One half of the core is placed in
a plastic bag with the matching unique sample tag while the other half is replaced in the
core box and stored for future reference. Individual sample bags are placed in a box
designed for this purpose along with the list of samples indicating the proper codes for
the preparation and analytical methods. The samples are brought to the laboratory by
truck in batches of variable number of samples.
All QA/QC samples are added to the batches at the core shack according to the
geologist’s instructions. The appropriate type of QA/QC sample is added to the batches.
The samples are shipped to the SGS sample preparation facility in Arequipa.
11.2 Laboratories Accreditation and Certification

The International Organization for Standardization (“ISO”) and the International
Electrotechnical Commission (“IEC”) form the specialized system for worldwide
standardization. ISO/IEC 17025 General Requirements for the Competence of Testing
and Calibration Laboratories sets out the criteria for laboratories wishing to demonstrate
that they are technically competent, operating an effective quality system, and able to
generate technically valid calibration and test results. The standard forms the basis for
the accreditation of competence of laboratories by accreditation bodies. ISO 9001
applies to management support, procedures, internal audits and corrective actions. It
provides a framework for existing quality functions and procedures.
The first six (6) drill holes of the 2016-2018 Program were prepared and assayed on site.
For the rest of the 2016-2018 program, all samples were prepared at the SGS-Peru
(“SGS”) preparation facility in Arequipa and then sent to another SGS facility in the city
of Lima for assaying. Both facilities received ISO/IEC 17025 accreditation through the
National Institute for the Defense of Competition and the Protection of Intellectual
Property (El Instituto Nacional de Defensa de la Competencia y de la Protección de la
Propiedad Intelectual, “INDECOPI”), the Peruvian regulatory organization. SGS is a
commercial laboratory independent of Brexia and has no interest in the Properties or
Project.
11.3 Laboratory Preparation and Assays
• Samples are dried at 100°C, followed by primary and secondary crushing to 90%
passing -10 mesh and split to 250 g using a rotary divider. The sub-sample is
pulverized to +95% passing -200 mesh.
• Samples are analyzed for gold (Au) by fire assay (FA) with atomic absorption
spectroscopy (AAS) from 30 g pulps. Results are reported in ppb and the lower
detection limit is 5 ppb Au and the upper detection limit is 10,000 ppb Au.
• Samples are analyzed for a 36-element suite by 4-acid digestion (ICP-AES/ICP-MS).
Results are reported either in ppm or in % depending on the element; detection limits
vary according to the element.
• When gold assay results are higher than 10 g/t Au, core sample pulps are re-assayed
by FA with gravimetric finish.
• When Ag, Cu, Pb or Zn assay results are higher than their detection limits
(100 ppm Ag or 10,000 ppm Cu, Pb or Zn), the samples are reassayed by AAS and
reported in percent.
• When AAS Pb or Zn assay results are higher than the 20% upper detection limit, the
samples are reassayed with a volumetric titration method.
• Assay results are provided as Excel spreadsheets as well as the official certificate in
PDF format.
11.4 Quality Control and Quality Assurance

The issuer’s quality assurance and quality control (“QA/QC”) program for drill core
includes the insertion of blanks, standards and field duplicates in the flow stream of core
samples. For each group of 20 samples, the issuer inserted one (1) analytical blank and
one (1) certified material reference (“CRM”) standard and one (1) field duplicate. The
issuer’s QA/QC program does not include coarse or pulp duplicate samples.
Regardless of the number of samples per shipment, the laboratory prepares a 188-
sample batch composed of the issuer’s samples (180) and eight (8) SGS QA/QC
samples (8 pulp duplicates), bringing the batch to a total of 188.
The discussion below details the results of the blanks and standards inserted as part of
the issuer’s QA/QC program and the external laboratory’s check with pulp duplicates.
11.4.1 Standards
Accuracy and precision of the assaying was monitored by inserting CRM standards at
the rate of one every 20 samples. Standards are used to detect assaying problems with
specific sample batches and long-term biases in the overall dataset. The definition of a
QA/QC failure is when assays for a standard are outside three standard deviations
(“3SD”). Outliers are excluded from the calculation of the standard deviation. The
assigned grades for the 13 CRM standards used for the drilling program include values
for Au, Ag, Cu, Pb and Zn. These values cover a low-grade, medium-grade and high-
grade range for all five elements.
After a detailed analysis of the graph of each CRM for each element over time,
InnovExplo concludes that there is a very observable shift in the accuracy of the CRM
assay value population between surface and underground drill holes. Figure 11.1 shows
the graph of CRM PLSUL-01-Ag as an example of a very observable shift.
Figure 11.1 – Chart of assay values for CRM PLSUL-01-Ag
InnovExplo considers that the surface drill hole CRM results exhibit poor accuracy and,
combined with an uncertainty regarding collar location and survey data, they were
rejected from the current mineral resource estimation, as discussed in Item 14. This
group of excluded data points affects 17 drill holes (DDHS-ES-18-001 to DDHS-ES-18-
017).
A detailed summary of the CRM assay results obtained during the 2018 drilling program
for the remaining 137 underground drill holes in the 2019 MRE, are presented in Table
11.1. They include a total of 305 CRM samples yielding 1,420 assay values. The overall
success rate was 99%, with 17 failed. For each failed standard, the issuer’s QA/QC
protocol stipulates that a reassay must be conducted on the three (3) samples before
and the three (3) samples after the failed standard.
Table 11.1 – Detailed results from standards used in 2018 by Brexia during the
drilling program and by InnovExplo for the 2019 MRE
Passing
Certified Number of Average Accuracy Precision Gross
CRM Element Outliers QA/QC
Value Assays Value (%) (%) Outliers
(%)
AUOX-
Au ppb 81 1 86 0 100
01
AUOX-
Au ppb 936 3 960 0 100
04
AUOX-
Au ppm 1.31 1 1.34 0 100
09
Ag ppm 349 1 348 0 100
Passing
(%)
AUSU-
Au ppb 418 3 430 0 100
03
PLSUL-
Ag ppm 14.2 36 13.8 -3.1 1.6 0 100
01
Cu ppm 794 36 800 0.8 0.9 0 100
Pb ppm 3485 36 3536 1.5 1.1 1 97.2
Zn ppm 1395 36 1436 2.9 2.4 0 100
PLSUL-
Ag ppm 6.70 6 6.45 -3.7 1.9 0 100
04
Cu % 0.237 6 0.241 1.5 1.7 0 100
Pb % 0.087 6 0.083 -4.2 0.4 0 100
Zn % 0.225 6 0.229 1.9 3.2 0 100
PLSUL-
Ag ppm 30.3 7 28.91 -4.6 1.7 0 100
06
Cu % 0.208 7 0.211 1.5 1.6 0 100
Pb % 1.94 7 1.88 -2.9 3.5 0 100
Zn % 1.6 7 1.56 -2.8 1.1 0 100
PLSUL-
Ag ppm 248 25 249 0.5 1.2 1 1 96.0
08
Cu % 0.983 25 0.996 1.3 1.2 1 0 100
Pb % 12.46 25 12.36 -0.8 1.8 1 0 100
Zn % 12.54 25 12.43 -0.9 2.0 1 0 100
PLSUL-
Au ppb 118 32 121 2.8 4.9 1 96.9
10
Ag ppm 85.0 32 83.7 -1.5 1.6 0 100
Cu ppm 6080 32 6103 0.4 1.0 0 100
Pb % 5.70 32 5.49 -3.7 0.8 5 84.4
Zn % 5.39 32 5.27 -2.2 1.1 0 100
PLSUL-
Au ppb 109 46 109 0.1 4.1 0 100
15
Ag ppm 22.70 46 22.42 -1.2 3.4 0 100
Cu ppm 410 46 414 1.0 1.9 0 100
Pb ppm 6000 46 5893 -1.8 1.8 0 100
Zn ppm 9700 46 9259 -4.5 1.0 0 100
PLSUL-
Au ppb 932 49 928 -0.4 2.0 1 98.0
20
Ag ppm 54.60 49 54.51 -0.2 1.3 0 100
Cu ppm 1711 49 1670 -2.4 1.1 0 100
Pb % 1.370 49 1.352 -1.3 1.1 1 98.0
Passing
(%)
Zn % 2.190 49 2.159 -1.4 1.3 5 89.8
PLSUL-
Au ppb 8980 47 9133 1.7 1.7 0 100
21
Ag ppm 268 47 270 0.7 2.3 0 100
Cu ppm 1758 47 1804 2.6 1.6 0 100
Pb % 6.830 47 6.815 -0.2 1.2 0 100
Zn % 6.950 47 6.896 -0.8 1.1 0 100
STRT-
Au ppb 328 49 324 -1.2 3.2 2 95.9
01
Ag ppm 11.00 49 10.70 -2.7 2.6 0 100
Cu ppm 8490 49 8623 1.6 0.8 0 100
Pb ppm 2429 49 2280 -6.2 2.4 0 100
Zn ppm 1460 49 1491 2.1 2.1 0 100
TOTAL 1420 4 17 99.0
The accuracy of the standards ranges from -6.2% to 2.9% with an average of -0.7%.
CRM precision ranges from 0.4% to 4.9% with an average of 1.8%. Overall, the results
are typical of the industry and considered acceptable by InnovExplo.
For every standard and every element, a graph of the values was plotted according to
process order showing ±3DS lines, accuracy (%), and cumulative accuracy (%). The
majority of those graphs show characteristic features of analytic bias and a significant
proportion show signs of instrumental drift to various degrees. Figure 11.2 shows the
accuracy graph of standard PLSUL-01-Ag to illustrate an example of probable analytic
bias, and Figure 11.3 shows the accuracy graph of standard PLSUL-15-Ag to illustrate
an example of probable instrumental drift.
Probable analytical bias illustrated by the fact that all points are located below the green dashed line representing the
certified reference value (0% accuracy)
Figure 11.2 – Accuracy and cumulative accuracy chart for PLSUL-01-Ag
Probable instrumental drifting illustrated by the positive trend in the cumulative accuracy curve (orange dotted line)
Figure 11.3 – Accuracy and cumulative accuracy chart for PLSUL-15-Ag
In the case of PLSUL-10-Pb, a series of documented discussions between Brexia and

SGS addressed the fact that assay values were underestimated before October 27 due
to flawed methodology in the AAS method on samples assaying greater than 1% Cu, Pb
or Zn or greater than 100 ppm Ag. The methodology was corrected between October 23
and October 27, 2018 (Brexia internal memos, 2018).
All standards were plotted as cumulative accuracy curves for each element (e.g., Ag in
Figure 11.4) to give a perspective of the full timeline of CRM usage. A non-biased
cumulative accuracy curve should gently oscillate around the 0% green dashed line
(Rafini, 2015). It is clear in the Ag example that all curves exhibit positive or negative
trends and, for the most part, they shift away from the center. These observations hold
true throughout the timeline and InnovExplo cannot conclude that any particular period
is more or less biased than another. Moreover, the bias is not constant as it is positive
for certain standards and negative for others, with an overall accuracy average towards
the centre. The individual biases are also mostly contained within the acceptable ±5%
control lines.
In light of those results, InnovExplo concludes that the commercial standards do not
provide the best estimation of laboratory performance for El Santo mineralization. To
better monitor the accuracy and precision of the laboratory, InnovExplo is of the opinion
that an in-house standard should be produced using material from the Project.
Figure 11.4 – Cumulative accuracy over time for all Ag standards
11.4.2 Blank samples
The blanks for the 2016-2018 Program are composed of certified reference materials
(“CRM”) with two types of matrix: silica and limestone. Two types of blanks were
prepared based on granulometry: fine and coarse. The insertion sequence was as
follows: mineralized sample, followed by a fine blank, followed by a coarse blank. Each
blank was placed into a plastic sample bag and given a sample identification number.
Blanks were inserted at the rate of once every 20 samples.
A total of 225 coarse blanks and 225 fine blanks were added to the batches for the 2016-
2018 Program. The issuer’s QA/QC protocol stipulates that if any blank yields a value
above 2 ppm Ag, 50 ppb Au, 20 ppm Cu, 20 ppm Pb or 20 ppm Zn, all samples from the
batch of 20 samples should be re-analyzed. Table 11.2 presents a detailed summary of
the blank assay results. A total of 19 blanks (2 fine and 17 coarse) failed the QA/QC
protocol and 99.2% of assays passed successfully. The insertion sequence allows
contamination to be monitored because in the event a coarse blank fail, but the fine blank
does not, it is highly probable that contamination occurred during the preparation phase
because the fine blank is not subjected to this phase. This was the case for all 17 failed
coarse blanks. The batches with failed blanks were not reassayed because the level of
contamination was deemed to be small (less than 1%) compared to the relatively high
values of the regular assays in the batches in question. The percent passing QA/QC was
high enough to affirm an acceptable contamination level that falls within typical industry
standards.
Table 11.2 – Detailed summary of blank assays during the 2016-2018 Program
Percent
Number
Blank Type Element Threshold Total Assays Passing
of Outliers
QA/QC
Fine
Ag 2 ppm 225 0 100
Blanks
Au 50ppb 225 0 100
Cu 20 ppm 225 0 100
Pb 20 ppm 225 0 100
Zn 20 ppm 225 2 99.1
Coarse
Ag 2 ppm 225 0 100
Blanks
Au 50ppb 225 0 100
Cu 20 ppm 225 1 99.6
Pb 20 ppm 225 5 97.8
Percent
Number
Blank Type Element Threshold Total Assays Passing
of Outliers
QA/QC
Zn 20 ppm 225 11 95.1
TOTAL 19 99.2
11.4.3 Field duplicates

As part of the issuer’s QA/QC program, one (1) field duplicate was inserted every 20
samples. Field duplicates consisted of the remaining half-core after the original half-core
sample was sent as a regular sample. Rejects of the field duplicates are stored as
witness samples.
For the 2016-2018 Program, 43 outliers were identified among the 758 field duplicate
results. Samples with a ratio of 300% or more (original: duplicate) were identified as
outliers and filtered out. For this analysis, only assay values equal to or greater than 10x
the detection limit was retained, for a total of 715 pairs. Table 11.3 presents a summary
of the results of duplicate pairs for all five elements. The estimation of the precision error
is represented as absolute relative difference (“ARD”) according to the following
equation:
|𝑑𝑢𝑝 − 𝑜𝑟𝑖𝑔𝑖𝑛𝑎𝑙|
𝐴𝐷𝑅 = 100 ∙
(𝑑𝑢𝑝 + 𝑜𝑟𝑖𝑔𝑖𝑛𝑎𝑙)/2
Table 11.3 – Detailed summary of field duplicate results

Number of Average
Element Minimum Grade Outliers
Filtered Values ARD (%)
Ag 2 ppm 3 61 29.6
Au 50ppb 2 6 40.4
Cu 20 ppm 4 198 22.2
Pb 20 ppm 21 208 35.2
Zn 20 ppm 13 242 27.5
TOTAL 43 715
Weighted Average 28.6
All the average ARD values exceed 20%, which reflects the high primary heterogeneity
of the rock itself at the scale of the sample. This is to be expected of epithermal deposits
which are known to have a high primary error; as an example, Stanley (2007) found an
average of 34.19% for Au when using half-core duplicates on 2-m-long NQ core samples.
Therefore, InnovExplo concludes that the field duplicate values obtained during the
2016-2018 Program are reliable and are within expected range.
11.5 Conclusion of the QA/QC Review

The validation of the statistical analysis of the QA/QC data provided by Brexia for the
2016-2018 Program did not identify any significant analytical issues. InnovExplo believes
the sample preparation, analysis, QA/QC and security protocols used for the El Santo
Property follow generally accepted industry standards and that the data is valid and of
sufficient quality to be used for mineral resource estimation. However, a few corrections
could be made to improve the QA/QC program. Below is a list of InnovExplo’s
recommendations:
1. Most of the standards react sub-optimally to the analytical methods; a homemade

standard should be produced using mineralized material from the El Santo mine to
better estimate the accuracy and precision of the assaying process. The homemade
standard should be made according to industry best practices and independently
validated;
2. Add pulp and coarse duplicates to the protocol to allow a sequential estimation of the
errors and to identify the principal sources of variance; and
3. Avoid sampling on samples less than 0.3 m long.
12. DATA VERIFICATION
Gustavo Durieux, P.Geo., of InnovExplo visited the Properties from November 29 to

December 3, 2018. The field visit included the El Santo mine, the former Suyckutambo
mine and nearby mineralized areas, and several mineralized areas on the San Miguel
Property.
Field data verification included a review of surface drill pads, underground workings, an
underground drilling bay and drill rig at the El Santo mine, as well as the core shack and
core storage area in the town of Caylloma. The author reviewed drill collar locations,
selected core intervals, sampling assays, the QA/QC program, down hole surveys, the
description of lithologies, alteration and mineralization. The author also conducted a
review and assessment of the mineralization styles, alteration and geological setting for
the Suyckutambo and San Miguel properties.
Technical information concerning the Properties was reviewed in the field with Brexia
personnel and in InnovExplo’s offices prior to and following the visit using available
historical information.
12.1 Drilling and Drill Hole Locations

The procedures for selecting, positioning and aligning the drill holes, as well as for drilling
and handling the core, were reviewed and discussed with Brexia personnel during the
site visit. The procedures were also reviewed and discussed in InnovExplo’s offices and
were determined to be accurate and in line with industry best practices. The author
validated the location of surface drill hole collars during the field visit using a hand-held
GPS, and it was confirmed that drill hole collars were marked by a cement pad and
properly identified (Figure 12.1). Underground drill holes were also properly tagged and
easy to identify.
Figure 12.1 – Drill hole collar and location marker at surface
12.2 Diamond drill hole databases
The drill hole database was reviewed by InnovExplo. A visual check was performed to
verify the position of every collar with respect to surface topography and underground
mine chambers, and to detect anomalies in the deviation, if present.
The collar, survey, geochemistry, lithology, structure tables of the database were all
checked for overlapping intervals and differences in final lengths. A few minor errors in
the survey table were detected and corrected.
12.3 Logging, Sampling and Assaying Procedures

The procedures for core logging, sampling, the QA/QC program and core storage were
discussed with Brexia personnel during the site visit. Several sections of mineralized
core were reviewed while visiting the core logging and storage facilities (Figure 12.2). All
core boxes were labelled and properly stored in a roofed garage area. Sample tags were
still present in the boxes and it was possible to validate sample numbers and confirm the
presence of mineralization in reference half-core samples from the mineralized zones.
Brexia has established QA/QC protocols, including the insertion of standards, blanks and
field duplicates. InnovExplo is of opinion that the protocols in place are adequate.
A) Properly labelled drill core boxes; B) Logging facility at the core shack; C) Sawing facilities; D) Core storage facility
Figure 12.2 – Core logging and storage facilities
12.4 Assays
The drill hole assay database was reviewed by InnovExplo. A few differences were
observed between the original certificates and the database. The differences only
represent 0.18% to 1.11% of the values, therefore the differences were judged
acceptable.
12.4.1 Core samples

A total of 27 core samples from El Santo were collected during the site visit, comprising
fourteen (14) samples from the El Santo Vein in three drill holes, one (1) sample from
the El Diablo Vein, four (4) samples from the Gianina Vein in a single drill hole, and eight
(8) samples from the El Angel Vein in two (2) drill holes.
The samples were collected in plastic bags, tagged and sealed in the presence of the
author. The samples were kept in a secured area until transported by the author to the
city of Arequipa where they were submitted for analysis to the laboratory of SGS del Peru
S.A.C. The samples were analyzed for multiple elements by ICP analysis (36 element
suite, multi-acid digestion/ICP-OES, code ICP40B) and for gold by FA (Au 30 g AAS,
method FAA313). Multi-element values above the maximum detection limit of the
ICP40B analytical method are re-assayed for absolute values by AA (code AAS41B) and
by volumetric concentrations if the analytical values exceed the second analytical
method. For samples with Au values exceeding the analytical limits of the
FAA313analytical method, the samples are re-assayed by FA with gravimetric finish
(code FAG303). Table 12.1 presents the analytical results for the collected core samples
and the analytical certificates are presented in Appendix 1. The analytical results confirm
the presence of mineralization; ore grade is of the same order of magnitude as the MRE
database, and grade variations are expected due to the short sample lengths samples
as well as the analytical uncertainty.
Table 12.1 – Analytical results for core samples collected on November 30, 2018
Resampling assay results Database assays
Sample DDH From To Length Vein
Au (g/t) Ag (g/t) Cu (%) Pb (%) Zn (%) Au (g/t) Ag (g/t) Cu (%) Pb (%) Zn (%)
W035951 DDH-ES-18-22 123.7 124.3 0.6 El Santo 0.20 9.60 0.02 0.39 5.39 0.21 9.10 0.02 0.37 6.52
W035952 DDH-ES-18-22 124.3 124.5 0.2 El Santo 0.06 4.50 0.01 0.14 1.68 0.04 3.40 0.01 0.08 0.52
W035953 DDH-ES-18-22 124.5 125.1 0.6 El Santo 0.09 32.20 0.03 1.33 15.77 0.11 16.00 0.03 0.64 16.94
W035954 DDH-ES-18-22 125.1 125.8 0.7 El Santo 0.44 27.00 0.03 1.08 18.33 0.83 46.50 0.03 2.06 25.72
W035955 DDH-ES-18-22 125.8 126.3 0.5 El Santo 0.02 1.30 0.01 0.01 0.19 0.01 1.40 0.01 0.01 0.08
W035956 DDH-ES-18-52 110.7 111.2 0.5 El Santo 0.02 0.80 <0.01 0.01 0.05 0.02 0.60 0.00 0.02 0.04
W035957 DDH-ES-18-52 111.2 111.9 0.7 El Santo 0.06 3.60 0.02 0.24 2.82 0.04 4.70 0.03 0.21 2.31
W035958 DDH-ES-18-52 111.9 112.4 0.5 El Santo 0.02 21.10 0.16 0.71 5.02 0.02 19.30 0.14 0.78 8.07
W035959 DDH-ES-18-52 112.4 112.9 0.5 El Santo 0.02 35.30 0.24 1.50 8.50 0.03 24.90 0.20 0.73 6.99
W035961 DDH-ES-18-52 113.35 113.8 0.45 El Santo 0.06 14.70 0.10 0.09 12.43 0.06 21.00 0.13 0.16 13.28
W035962 DDH-ES-18-52 113.8 114.4 0.6 El Santo 0.02 0.20 <0.01 0.04 0.14 0.02 0.90 <0.01 0.03 0.09
W035963 DDH-ES-18-62 118.45 119 0.55 El Santo 0.03 1.80 0.01 0.08 0.16 0.02 1.90 0.01 0.05 0.10
W035964 DDH-ES-18-62 119 119.3 0.3 El Santo 0.06 0.70 <0.01 0.01 0.02 0.09 1.30 <0.01 0.01 0.01
W035965 DDH-ES-18-13 266.2 267.15 0.95 El Diablo 0.01 4.90 0.01 0.16 0.35 N/A N/A N/A N/A N/A
W035966 DDH-ES-18-104 90.2 90.65 0.45 Gianina 0.02 4.10 0.02 0.15 0.34 0.02 5.60 0.02 0.24 0.31
W035967 DDH-ES-18-104 90.65 91.2 0.55 Gianina 0.01 38.00 0.05 2.87 4.79 0.02 23.40 0.04 1.93 2.90
W035968 DDH-ES-18-104 91.2 91.45 0.25 Gianina 0.02 21.40 0.05 1.19 0.09 0.03 15.70 0.13 0.34 0.44
W035969 DDH-ES-18-104 91.45 91.65 0.2 Gianina 0.04 90.60 0.10 9.06 5.88 0.03 66.70 0.09 6.97 3.47
W035970 DDH-ES-18-79 136.85 137.8 0.95 El Angel 0.32 86.30 0.11 0.63 2.21 0.23 94.50 0.08 0.44 1.33
W035971 DDH-ES-18-79 137.8 138.4 0.6 El Angel 0.04 34.50 0.08 2.58 4.82 0.03 27.00 0.14 1.60 2.28
W035972 DDH-ES-18-79 138.4 138.7 0.3 El Angel 0.06 67.00 0.49 6.38 36.33 0.03 101.00 0.66 9.78 37.17
W035973 DDH-ES-18-79 138.7 139.55 0.85 El Angel 0.04 43.20 0.36 3.51 10.68 0.05 47.70 0.55 3.25 12.60
W035974 DDH-ES-18-79 139.55 140.05 0.5 El Angel 0.05 32.10 0.25 2.06 5.56 0.04 46.40 0.30 2.86 8.09
W035975 DDH-ES-18-79 140.05 140.65 0.6 El Angel 0.96 83.10 1.69 1.94 3.09 0.89 70.50 1.30 2.52 4.55
W035976 DDH-ES-18-51 81.2 81.8 0.6 El Angel 0.07 177.00 2.21 13.53 13.95 0.06 181.00 1.25 17.45 11.56
W035977 DDH-ES-18-51 81.8 82.05 0.25 El Angel 0.01 4.40 0.07 0.17 0.71 0.01 8.20 0.04 0.54 1.58
W035978 DDH-ES-18-52 112.9 113.35 0.45 El Santo 0.01 8.50 0.01 0.02 0.60 0.01 4.30 0.01 0.01 0.24
12.4.2 Grab samples
A total of 10 grab samples were collected from the San Miguel and Suyckutambo areas
during the site visit. At San Miguel, two (2) samples were collected from the Canada
Vein, two (2) from the Potosí Vein and two (2) from the Virgen de la Asuncion mineralized
area. At Suyckutambo, two (2) samples were collected from the Santa Úrsula Vein, one
(1) from the San Mateo Vein and one (1) from the Blanca Vein. Table 12.2 presents the
analytical results for these samples and the analytical certificates are presented in
Annexe 1. The analytical data demonstrate the presence of mineralization.
Table 12.2 – Analytical results for grab samples collected on December 1, 2018
Au Ag Cu Pb Zn
Sample UTM-X UTM-Y Vein/Area Property
(g/t) (g/t) (%) (%) (%)
W035980 196920 8334174 Canada San Miguel 1.51 663.0 0.01 0.05 0.09
W035981 196903 8334187 Canada Vein San Miguel 0.10 2074.0 0.01 0.10 0.04
W035982 197350 8333085 Potosí San Miguel 0.07 168.0 0.00 0.06 0.02
W035983 197350 8333085 Potosí Vein San Miguel 0.05 156.0 0.01 0.04 0.01
Virgen de la
W035984 196025 8332320 San Miguel 0.03 2.0 <0.01 0.05 <0.01
Asuncion
Virgen de la
W035985 196006 8332393 San Miguel 0.02 2.9 <0.01 0.04 <0.01
Asuncion
W035997 203635 8331280 San Mateo Suyckutambo 21.47 4310.0 0.18 0.59 0.98
W035998 204401 8331077 Santa Úrsula Suyckutambo 2.30 148.0 0.01 0.05 0.07
W035999 204632 8331024 Blanca Vein Suyckutambo 0.45 334.0 <0.01 0.09 0.12
W036000 204763 8331343 Santa Úrsula Suyckutambo 2.17 25.3 <0.01 0.01 0.01
12.5 Conclusion
Overall, InnovExplo is of the opinion that the data verification process demonstrates the
validity of the data and protocols for the El Santo Property 2016-2018 Program.
InnovExplo considers the database to be valid and of sufficient quality to be used for the
mineral resource estimate herein. It also confirms that the observed mineralization for
the different areas of the Property correspond to the mineralization styles and grades
described in the available literature.
13. MINERAL PROCESSING AND METALLURGICAL TESTING
This section is not relevant to the present report.
14. MINERAL RESOURCE ESTIMATE
The mineral resource estimate herein for the El Santo mine (the “2019 MRE” or the
“Project”) was prepared by Harold Brisson, P.Eng., and Claude Savard, P.Geo., using
all available information.
The 2019 MRE covers the five mineralized zones that can be accessed from the
underground mine:
4. El Santo
5. Gianina
6. Vanesa
7. El Diablo
8. El Angel
The information on these mineralized zones was updated using the results of the 2016-
2018 Program.
The mineral resources herein are not mineral reserves as they do not have demonstrated
economic viability. The 2019 MRE includes Measured, Indicated and Inferred resources
and is based on the assumption that the deposit will be potentially developed and mined
using underground methods.
The close-out date of the database is November 14, 2018 and the effective date of the
estimate is February 22, 2019.
14.1 Methodology
The resource area measures 1,260 m along strike, 510 m wide and 520 m deep. The
resource estimate is based on a compilation of recent diamond drill holes (“DDH”) and
the wireframed mineralized zones constructed by Brexia (the “issuer”) and modified by
InnovExplo.
The 2019 MRE was prepared using Leapfrog GEO v.4.4 (“Leapfrog”) and GEOVIA
GEMS v.6.8.2 (“GEMS”) software. Leapfrog was used to model and adjust the
mineralized zones. GEMS was used for the grade estimation. Statistical studies were
done in Snowden Supervisor v.8.6 (“Supervisor”) and Microsoft Excel. Capping and
several validations were done in Microsoft Excel and Microsoft Access 2016.
The main steps in the methodology were as follows:
• Database compilation and validation for the DDH used in the mineral resource
estimate;
• Modelling of mineralized zones based on lithological information and metal content;
• Generation of DDH intercepts for each mineralized zone;
• Grade compositing;
• Capping study;
• Spatial statistics;
• Block model creation;
• Grade interpolations;
• Validation of grade interpolations
• Resource categorization;
• Cut-off grade evaluation;
• Final volumetric and official resource estimate table.
14.2 Drill Hole Database

The database provided by the issuer contains 17 surface DDH, 123 surface channel
holes, 159 underground DDH and 14,266 underground chip samples. Only surface and
underground DDH data had been compiled and validated at the time of the estimate
Figure 14.1.
For the purpose of the current MRE, all surface holes and underground chip samples
were excluded because they lacked vital information (survey data, assay certificates and
standards).
The resulting GEMS database used for the current MRE contains 139 underground DDH
for 18,149 m of drill core, and 5,873 sampled intervals for 3,032 m of sampled material.
The GEMS database covers the strike-length of the Project at drill spacings ranging from
20 m to 65 m.
In addition to the basic tables of raw data, the GEMS database includes several tables
of the calculated drill hole composites and wireframe solid intersections required for
statistical evaluation and resource block modelling.
Figure 14.1 ─ Surface plan view of the validated diamond drill holes used for the
2019 MRE
14.3 Geological Model

The current MRE considers the geological models for the five mineralized zones
provided by Brexia. The mineralized zones were constructed by Brexia as geological
models in Leapfrog. The individual veins were built as explicit wireframes using interval
selection of assay data. Extents were modified for resource purposes to reflect drilling
and underground workings. The modelled veins are shown in Figure 14.2.
The consistency of the solids was evaluated by InnovExplo to ensure that they are closed
and would not generate issues when used in the estimation. It was determined that some
adjustments to the solids were necessary. Construction lines were built by InnovExplo
and snapped to drill hole intercepts using a minimum true thickness of 0.9 m to produce
valid solids with a reasonable minimum mining width for underground extraction. After
adjustments by InnovExplo, the resulting mineralized solids (coded 101, 102, 200, 201
and 202) honour the GEMS database (Table 14-13).
Overlaps were handled by the GEMS precedence system for coding the block model.
Domains are generally steeply dipping with an E-W strike and mineralized material is
concentrated in veins.
Figure 14.2 – Wireframes for the five mineralized zones (veins) in the El Santo
mine
The topography surface was provided by Brexia. A waste solid was also created
corresponding to the block model limits.
Table 14-1 shows the volume corresponding to each mineralized zone modelled by
Brexia and modified by InnovExplo (minimum thickness).
Table 14-1 ─ Wireframe volume by mineralized zone

Block
Vein Volume (m3) Volume (%)
code
El Diablo 100 380,143 24%
El Angel 200 297,833 19%
El Santo 202 397,811 26%
Gianina 201 290,460 19%
Vanesa 101 190,633 12%
Total 1,556,880 100%
14.4 Voids Model

The 3D mining voids wireframe (ramp, drifts, stopes) was provided by Brexia (Figure
14.2). However, the wireframe contained construction errors and could not be used to
properly encode the mined-out volume. To eliminate construction errors, a wireframe
with a buffer of 1 m was created in Leapfrog and used to code the voids attribute in the
block model.
Figure 14.3 ─ Plan view (A) and cross-section looking west (B) of the mineralized
zones showing the underground ramp (grey)
14.5 Basic Statistics and Compositing
The assays of all drill hole intervals intersecting an interpreted mineralized zone were
automatically assigned a code based on the name of the 3D solid, and these coded
intercepts were used to analyze the sample length and generate statistics for high-grade
capping and compositing.
Basic univariate statistics, probability plots and histograms were generated on raw assay
datasets for each zone. The length of the assay samples (809) ranges from 0.10 m to
1.30 m, averaging 0.46 m.
Basic univariate statistics were performed on datasets of assay composites for each
metal of interest (zinc, silver, lead, gold and copper) for each zone.
Erreur ! Source du renvoi introuvable. summarizes the statistical analysis on the raw a
ssays for each zone.
Table 14-2 ─ Summary statistics for the raw assays by dataset

Uncut
Block No. of Max Median
Zone mean SD COV
code samples Ag ppm Ag ppm
Ag ppm
El Diablo 100 144 33.53 361 10.40 58.06 1.73
Vanesa 101 81 22.55 182 6.90 32.37 1.44
El Angel 200 279 57.98 1327 22.00 117.91 2.03
Gianina 201 94 32.09 358 4.80 61.63 1.92
El Santo 202 211 23.55 440 5.40 51.47 2.19
Uncut
Zone mean SD COV
code samples Au ppm Au ppm
Au ppm
El Diablo 100 144 2.98 231.05 0.03 21.01 7.04
Vanesa 101 81 0.03 0.313 0.02 0.05 1.36
El Angel 200 279 0.39 87.7 0.03 5.24 13.41
Gianina 201 94 0.50 10.28 0.02 1.46 2.91
El Santo 202 211 0.36 41.62 0.03 2.97 8.21
Uncut
Zone mean SD COV
code samples Cu % Cu %
Cu %
El Diablo 100 144 0.09 0.84 0.04 0.13 1.50
Vanesa 101 81 0.26 1.63 0.06 0.35 1.34
El Angel 200 279 0.33 2.48 0.15 0.44 1.35
Gianina 201 94 0.04 0.22 0.02 0.05 1.27
El Santo 202 211 0.12 2.14 0.02 0.27 2.29
Uncut
Zone mean SD COV
code samples Pb % Pb %
Pb %
El Diablo 100 144 2.54 39.33 0.48 5.68 2.24
Vanesa 101 81 1.41 19.72 0.13 3.15 2.23
El Angel 200 279 3.67 49.58 0.75 7.25 1.97
Gianina 201 94 1.79 23.09 0.12 3.78 2.12
El Santo 202 211 0.70 18.91 0.06 2.18 3.11
Uncut
Zone mean SD COV
code samples Zn % Zn %
Zn %
El Diablo 100 144 5.97 35.53 1.38 8.95 1.50
Vanesa 101 81 3.09 22.84 0.24 4.98 1.61
El Angel 200 279 4.95 37.17 1.44 7.02 1.42
Gianina 201 94 2.37 19.71 0.17 4.08 1.72
El Santo 202 211 3.41 33.74 0.56 5.39 1.58
14.6 Compositing
In order to minimize any bias introduced by the variable sample lengths, the DDH assays
were composited to 0.5 m with allowable length adjustments within all intervals that
define a mineralized zone.
A grade of 0.00 g/t Au was assigned to missing sample intervals.
The total number of composites in the DDH dataset is 811 and the sample length varies
between 0.42 m and 0.61 m, averaging 0.50 m.
Table 14-3 presents the summary statistics for the 0.5 m composites for each zone.
Table 14-3 ─ Summary statistics for 0.5m composites

High-
Uncut No. of Cut %
Block No. of Max grade
Zone mean Ag cut mean SD COV metal
code samples Ag ppm capping
ppm samples Ag ppm loss
Ag ppm
El Diablo 100 138 29.28 226 110 12 26.16 34.24 1.31 11
Vanesa 101 80 19.86 155.17 30 22 13.82 12.40 0.90 31
El Angel 200 281 58.95 1206.08 270 6 51.03 61.70 1.21 13
Gianina 201 101 18.98 279.12 30 20 10.44 11.90 1.14 44
El Santo 202 211 20.5 305 105 7 17.17 24.65 1.44 15
High-
Uncut No. of Cut %
code samples Au ppm capping
ppm samples Au ppm loss
Au ppm
El Diablo 100 138 2 144.98 4 7 0.37 0.94 2.54 81
Vanesa 101 80 0.03 0.22 1 0 0.03 0.04 1.30 0
El Angel 200 281 0.21 35.25 0.8 3 0.08 0.13 1.69 62
Gianina 201 101 0.29 4.27 2.4 2 0.26 0.56 2.13 10
El Santo 202 211 0.28 19.44 1.3 4 0.1 0.24 2.45 66
High-
Uncut No. of Cut %
code samples Cu % capping
ppm samples Ag ppm loss
Cu %
El Diablo 100 138 0.08 0.69 0.7 0 0.08 0.12 1.46 0
Vanesa 101 80 0.23 1.32 1.4 0 0.23 0.28 1.24 0
El Angel 200 281 0.34 2.46 1.5 5 0.33 0.37 1.10 3
Gianina 201 101 0.02 0.17 0.18 0 0.02 0.03 1.42 0
El Santo 202 211 0.1 1.54 1 4 0.1 0.19 1.95 5
High-
Uncut No. of Cut %
code samples Pb % capping
ppm samples Pb % loss
Pb %
El Diablo 100 138 2.31 20.6 13 7 2.15 3.63 1.69 7
Vanesa 101 80 1.25 16.81 6 4 1.08 1.74 1.61 15
El Angel 200 281 3.33 30.92 25 3 3.29 5.13 1.56 1
Gianina 201 101 1.02 11.67 7 2 0.97 1.68 1.73 5
El Santo 202 211 0.6 15.75 4 7 0.46 0.90 1.96 23
High-
Uncut No. of Cut %
code samples Zn % capping
ppm samples Zn % loss
Zn %
El Diablo 100 138 5.34 35.19 20 8 4.86 6.39 1.32 9
Vanesa 101 80 2.58 13.82 7 9 2.18 2.56 1.17 16
El Angel 200 281 4.8 32.07 25 3 4.76 5.88 1.23 1
Gianina 201 101 1.46 13.75 7 6 1.35 2.14 1.59 8
El Santo 202 211 3.01 25.72 12 9 2.66 3.49 1.31 11
14.7 High-grade Capping

High-grade capping was evaluated on composites.
To determine if high-grade capping was necessary and to select the high-grade
threshold, InnovExplo used a combination of decile analysis, probability plots and log
normal distribution. Of the 811 composites, 51 (6%) were capped. Figure 14.4 and Figure
14.5 show graphed examples supporting the capping threshold decisions.
Figure 14.4 ─ Different graphs supporting a capping grade of 25% Zn for the El
Angel mineralized zone (200)
Figure 14.5 ─ Different graphs supporting a capping grade of 270 g/t Ag for the El
Angel mineralized zone (200)
14.8 Density
Brexia developed a specific gravity (density) campaign with the objective of updating the
values for each vein.
Specific gravity (“SG”) was measured at the SGS laboratory in Lima, using a standard
method of weight in air and weight in water with wax. A total of 202 SG measurements
were taken in sulphide zones. There is a strong linear relationship between lead, zinc,
silver and copper content and SG. Figure 2 shows the relationship of lead, zinc and iron
content to SG. The following formula, validated by InnovExplo, was used to estimate
block density based on lead, zinc, silver and copper contents:
𝐷𝑒𝑛𝑠𝑖𝑡𝑦 = 0.03((0.77 × 𝑍𝑛 %) + (0.91 × 𝑃𝑏 %) + (0.84 × 𝐶𝑢 %) + (0.97 × 𝐴𝑔 𝑜𝑧)) + 2.71
A density value was calculated for each assayed interval. Compositing of the density
was then performed on 0.5-m lengths to obtain the density of each composite. Density
was interpolated using OK and the same parameters used for the mineralized zones. A
density of 2.71 g/cm3 was used for the waste as per the formula.
Table 14-4 ─ Compilation of density data for zones in the grade model interpolation
Block
Dataset Count Minimum Maximum Average Median
code
El Diablo 100 144 2.71 4.27 2.95 2.77

Vanesa 101 81 2.71 3.51 2.85 2.73
El Angel 200 280 2.71 4.62 2.98 2.80
Gianina 201 94 2.71 3.87 2.84 2.72
El Santo 202 211 2.71 4.12 2.83 2.74
Waste 999 5003 2.71 4.22 2.73 2.71
14.9 Block Model

A block model was established for the five mineralized zones. The block model covers
an area sufficiently large to enclose all the zones and has been pushed down to 440 m
below surface. The block model was rotated 15° counter-clockwise (Y-axis oriented
along N015° Az). Block dimensions reflect the sizes of mineralized zones and plausible
mining methods. Table 14-5 presents the properties of the block model.
Table 14-5 ─ Block model properties

Properties X (Columns) Y (Rows) Z (Levels)
Number of blocks 315 510 125
Block size (m) 4 1 4
Block extent (m) 1,260 510 500
Rotation 15
The block model is a multi-folder percent model. All blocks with more than 0.001% of
their volume falling within a selected solid were assigned the corresponding solid block
code in their respective folder. The percent block model reflects the proportion of each
block inside every solid (each individual mineralized zone, underground voids).
Precedence was respected during the process.
Table 14-6 provides details about the naming convention for the corresponding GEMS
solids, as well as the rock codes and block codes assigned to each individual solid. The
resulting multi-folder percent block model was used in the mineral resource estimation.
Table 14-6 ─ Block model naming convention and codes
GEMS Solid GEMS Solid GEMS Solid
Folder Rock code Block code Precedence
Name 1 Name 2 Name 3
El Diablo 100 El Diablo 100 20190502 100
A
Vanesa 101 Vanesa 101 20190502 101
El Angel 200 El Angel 200 20190502 200
B Gianina 201 Gianina 201 20190502 201
El Santo 202 El Santo 202 20190502 202
Waste Waste 999 Waste 999 20190130 999
Voids Voids 8 Voids Buffer1m Leapfrog 8
14.9.1 Variography
Three-dimensional directional variography was performed on capped composites for all
zones. The study was carried out in Supervisor.
Using the geological knowledge of the deposit and the QA/QC information, the main
steps in the variography process are:
• Examine the strike and dip of the mineralized zones to determine axes with better
grade continuity;
• Estimate the nugget effect (C0) based on the downhole variogram;
• Model the major, semi-major and minor axes of continuity.
The best experimental variograms were obtained for El Angel (Zn) and El Santo (Ag).
Those zones have the most composites and the best spatial distribution of data. The
variography parameters determined for El Angel using Zn were applied to El Diablo,
Vanesa and Gianina. The variography parameters for El Santo were determined using
Ag.
Table 14-7details the variogram model parameters of each zone, and Figure 14.6 shows
examples of the continuity model using El Angel (Zn and Ag).
Table 14-7 ─ Variogram model parameters for each group of mineralized zones
Variography Components
First Structure Second Structure
Block
Dataset Model Range Range Range Range Range Range
code Nugget
Type Sill X Y Z Sill X Y Z
(m) (m) (m) (m) (m) (m)
El Diablo 100
Vanesa 101
0.29 19 20 4 0.61 60 40 10
El Angel 200 0.1 Spherical
Gianina 201
El Santo 202 0.59 28 32 4 0.31 54 54 5
Figure 14.6 ─ Continuity models for the El Angel mineralized zone (200)
14.9.2 Search ellipsoid

Sets of search ellipsoids were built for each of the five zones using the ranges and
orientation of the best fit variogram model. For each zone, this best-fit model was
adjusted to fit the mean orientation of each mineralized zone.
The ranges of the search ellipsoids for the first interpolation pass correspond to the full
variography ranges, the second pass to 1.5x the ranges, and the third pass to 2x the
ranges (Figure 14.7).
Table 14-8 summarizes the parameters of the final search ellipsoids used for composite
selection and the respective weights for grade interpolation.
Table 14-8 ─ Search ellipsoid parameters

Orientation Ranges
Intermediat
e azimuth.
Azimuth
Dip
Zone Block code Search Ellipse X Y

Z (m)
(m) (m)
A D A
100_P1 (Au,Ag,Cu,Pb,Zn) 60 40 10
El Diablo 100 100_P2 (Au,Ag,Cu,Pb,Zn) 90 60 15
100_P3 (Au,Ag,Cu,Pb,Zn) 120 80 20
70 -19 100
101_P1 (Au,Ag,Cu,Pb,Zn) 60 40 10
Vanesa 101 101_P2 (Au,Ag,Cu,Pb,Zn) 90 60 15
101_P3 (Au,Ag,Cu,Pb,Zn) 120 80 20
El Angel 200 200_P1 (Au,Ag,Cu,Pb,Zn) 60 -19 100 60 40 10
Orientation Ranges
Intermediat
e azimuth.
Azimuth
Dip
Zone Block code Search Ellipse X Y
Z (m)
(m) (m)
A D A
200_P2 (Au,Ag,Cu,Pb,Zn) 90 60 15
200_P3 (Au,Ag,Cu,Pb,Zn) 120 80 20
201_P1 (Au,Ag,Cu,Pb,Zn) 60 40 10
Gianina 201 201_P2 (Au,Ag,Cu,Pb,Zn) 80 -19 20 90 60 15
201_P3 (Au,Ag,Cu,Pb,Zn) 120 80 20
202_P1 (Au,Ag,Cu,Pb,Zn) 54 54 5
El Santo 202 202_P2 (Au,Ag,Cu,Pb,Zn) 170 -85 80 81 81 7.5
202_P3 (Au,Ag,Cu,Pb,Zn) 108 108 10
Figure 14.7 ─ Isometric view of the search ellipsoid used for the El Angel (200)
mineralized zone
14.10 Grade Interpolation

In order to produce the best possible grade estimate for the Project, the geostatistical
variography results were used to interpolate the grade from the set of points providing X,
Y, Z locations and the grades extracted from the 0.5-m composites.
The composite points were assigned rock codes and block codes corresponding to the
mineralized zone in which they occur. The interpolation profiles specify a single
composite block code for each mineralized zone solid, thus establishing hard boundaries
between the mineralized zones and preventing block grades from being estimated using
sample points with different block codes than the block being estimated.
Ordinary kriging (“OK”) was used to estimate grades within the mineralized zones.
Interpolation by inverse squared distance (“ID2”) and nearest neighbour (“NN”) were also
performed for validation purposes.
The strategy and parameters used for the grade estimation are summarized in Table
14-9.
Table 14-9 ─ Interpolation strategy for all zones

Composites
Pass Max Per
Min Max
hole
1 5 10 3
2 3 10 3
No max per
3 2 10
hole
Figure 14.8 illustrate grade distribution examples on longitudinal and cross-section

views.
Figure 14.8 ─ Longitudinal and cross-section views of the zinc grade distribution
for the El Angel mineralized zone (200)
14.11 Block Model Validation
14.11.1 Visual validation

Block model grades, composite grades and assays were visually compared on sections,
plans and longitudinal views for both densely and sparsely drilled areas. No significant
differences were observed and a generally good match was noted in the grade
distribution without excessive smoothing in the block model.
14.11.2 Statistical validation

Table 14-10 compares the global block model mean for three (3) interpolation scenarios
and the composite grades for each mineralized zone at zero cut-off for inferred and
indicated blocks.
Cases in which the composite mean is higher than the block mean are often a
consequence of clustered drilling patterns in high-grade areas.
Table 14-10 ─ Comparison of the block and composite mean grades at zero cut-
off for Inferred, Indicated and measured blocks
Block Number of Composite Number OK Model ID2 Model NN Model
Zone
code composites grade Zn (%) of blocks Zn (%) Zn (%) Zn (%)
El Diablo 100 138 4.86 26,010 3.83 3.77 3.64
Vanesa 101 80 2.18 14,605 1.76 1.89 1.37
El Angel 200 281 4.76 29,648 4.28 4.04 4.66
Gianina 201 101 1.35 35,593 0.93 0.95 0.79
El Santo 202 211 2.66 26,296 2.66 2.68 2.61
The comparison between composite and block grade distribution did not identify
significant issues. As expected, block grades are generally lower than composite grades.
Figure 14.9 shows an example of a cross-section swath plot used to compare the block
model and composite grades. In general, the model correctly reflects the trends shown
by the composites with the expected smoothing effect.
Figure 14.9 ─ Swath plot for El Angel (200)
14.12 Cut-off Parameters

The cut-off value used for reporting the 2019 MRE is based on the average operating
costs for 2018 as determined by Brexia’s planning and operations departments.
The cut-off value was performed on the value of the net smelter return (“NSR”) royalty.
The NSR calculation is based on the formula below:
𝑁𝑆𝑅
∑ 𝑁𝑆𝑅 𝑓𝑎𝑐𝑡𝑜𝑟𝑖 × ℎ𝑒𝑎𝑑 𝑔𝑟𝑎𝑑𝑒𝑖 , where
=
𝑁𝑆𝑅 𝑓𝑎𝑐𝑡𝑜𝑟𝑖 = [ ]
{ 𝑀𝑒𝑡𝑎𝑙 𝑐𝑜𝑛𝑡𝑒𝑛𝑡𝑖 𝑖𝑛 𝐶𝑜𝑛𝑐𝑗
The commodity prices are 15.25 USD/oz Ag, 1,300 USD/oz Au, 2,028 USD/t Pb and
2,646 USD/t Zn. Metallurgic recovery is 94.51% for lead, 78.07% for silver, 77.29% for
gold and 89.12% for zinc.
The NSR cut-off was calculated for a conventional underground mining scenario,
reflecting the current mining method used at the El Santo mine. The marginal NSR cut-
off of 80 USD/t includes a mining cost of 58.75 USD/t, a processing cost of 15,84 USD/t
and a marginal G&A cost of 5.41 USD/t (Table 14-11). The economic NSR cut-off
includes a total G&A cost of 39.55 USD/t, for a total of 114.14 USD/t.
The marginal cut-off NSR of 80 USD/t was selected for the Project because it takes into
account the marginal NSR material being developed with the current conventional mining
method used at the mine.
Table 14-11 ─ Breakdown of the underground NSR cut-off estimate

Value
Input parameters
(USD/t)
Mining cost 58.75
Milling cost 15.84
Marginal G&A cost 5.41
Total G&A cost 39.55
Marginal NSR cut-off 80.00
Economic NSR cut-off 114.14
The calculation of the NSR factors (or NSR metal contributions) are presented in (Table
14-12). The NSR formula is applied to the blocks; i.e., only blocks with NSR equal or
greater to 80 USD/t are included in the resource tonnage.
Table 14-12 ─ Parameters used for the NSR factors (NSR metal contributions)
NSR factor (NSR metal contributions) Unit value
((2,028 𝑈𝑆$/𝑡 × 95%𝑃𝑎𝑦𝑎𝑏𝑙𝑒) − 147.49𝑈𝑆$/𝑡) × 94.51% 𝑅𝑒𝑐

𝑃𝑏 = 15.91 Pb
60.58% 𝑃𝑏 𝑖𝑛 𝑃𝑏 𝑐𝑜𝑛𝑐𝑒𝑛𝑡𝑟𝑎𝑡𝑒 USD %/t
= 15.91
((15.25 𝑈𝑆$/𝑜𝑧 × 95%𝑃𝑎𝑦𝑎𝑏𝑙𝑒) − 54.16𝑈𝑆$/𝑡) × 78.07% 𝑅𝑒𝑐
𝐴𝑔 = 9.84 Ag
29.7 𝑜𝑧⁄𝑡 𝐴𝑔 𝑖𝑛 𝑃𝑏 𝑐𝑜𝑛𝑐𝑒𝑛𝑡𝑟𝑎𝑡𝑒 USD oz/t
= 9.84
((2,646 𝑈𝑆$/𝑡 × 85%𝑃𝑎𝑦𝑎𝑏𝑙𝑒) − 284.35𝑈𝑆$/𝑡) × 89.12% 𝑅𝑒𝑐
𝑍𝑛 = 15.01 Zn
51.59% 𝑍𝑛 𝑖𝑛 𝑍𝑛 𝑐𝑜𝑛𝑐𝑒𝑛𝑡𝑟𝑎𝑡𝑒 USD %/t
= 15.01
((1,300 𝑈𝑆$/𝑜𝑧 × 95%𝑃𝑎𝑦𝑎𝑏𝑙𝑒) − 50.52𝑈𝑆$/𝑡) × 77.29% 𝑅𝑒𝑐
𝐴𝑢 = 25.54 Au
60.58 𝑔⁄𝑡 𝐴𝑢 𝑖𝑛 𝑃𝑏 𝑐𝑜𝑛𝑐𝑒𝑛𝑡𝑟𝑎𝑡𝑒 USD g/t
= 25.54
14.13 Mineral Resource Classification
14.13.1 Mineral resource definitions

The resource definitions used for this report are those published by the Canadian
Institute of Mining, Metallurgy and Petroleum in their document “CIM Definition
Standards on Mineral Resources and Reserves” in 2014 (“CIM Definition Standards”).
Measured Mineral Resource: that part of a Mineral Resource for which quantity, grade
or quality, densities, shape and physical characteristics are estimated with confidence
sufficient to allow the application of Modifying Factors to support detailed mine planning
and final evaluation of the economic viability of the deposit.
Geological evidence is derived from detailed and reliable exploration, sampling and
testing and is sufficient to confirm geological and grade or quality continuity between
points of observation.
Indicated Mineral Resource: that part of a Mineral Resource for which quantity, grade
or quality, densities, shape and physical characteristics are estimated with sufficient
confidence to allow the application of Modifying Factors in sufficient detail to support
mine planning and evaluation of the economic viability of the deposit.
Geological evidence is derived from adequately detailed and reliable exploration,
sampling and testing and is sufficient to assume geological and grade or quality
continuity between points of observation.
An Indicated Mineral Resource has a lower level of confidence than that applying to a
Measured Mineral Resource and may only be converted to a Probable Mineral Reserve.
Inferred Mineral Resource: that part of a Mineral Resource for which quantity and grade
or quality are estimated on the basis of limited geological evidence and sampling.
Geological evidence is sufficient to imply but not verify geological and grade or quality
continuity.
An Inferred Mineral Resource has a lower level of confidence than that applying to an
Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is
reasonably expected that the majority of Inferred Mineral Resources could be upgraded
to Indicated Mineral Resources with continued exploration.
14.13.2 Mineral resource classification

Resource classification to either the Inferred, Indicated or Measured category was done
using a series of outline rings (clipping boundaries) and taking into account the following
criteria as detailed in the text below:
• Interpolation pass;
• Distance to closest information;
• Number of drill holes used in the estimation of the grade block;
• Proximity to mine development.
Measured resources were defined for blocks estimated in the first pass with a minimum
of 3 DDH within 15 m of a drill hole and considering the proximity to mine openings.
Indicated resources were defined for blocks estimated in the first pass with a minimum
of 3 DDH within 30 m of a drill hole and considering the proximity to measured domain
<15m.
Inferred resources were defined for blocks informed by at least 2 DDH and within 60 m
of a drill hole.
The traces of the resource category boundaries take into account that a significant
cluster of blocks is necessary to delineate a resource domain. In some cases, blocks
that did not meet the criteria of a category were upgraded to homogenize and avoid
isolating blocks of a lower category within the classification domain. InnovExplo is of the
opinion that these blocks had a sufficient level of confidence to be upgraded. In other
cases, blocks that did not meet the criteria of a category were downgraded to
homogenize and avoid isolating blocks of a higher category within the classification
domain.
14.14 Mineral Resource Estimate

InnovExplo is of the opinion that the current mineral resource estimate can be
categorized as Measured, Indicated and Inferred resources based on data density,
search ellipse criteria, drill hole spacing, and interpolation parameters. InnovExplo
considers the 2019 MRE to be reliable and based on quality data, reasonable
hypotheses and parameters that follow CIM Definition Standards.
Table 14-13 presents the mineral resource estimates for the 2019 MRE for the Project
at an NSR cut-off of 80 USD/t.
Table 14-13 ─ El Santo Project Mineral Resource Estimate at NSR cut-off of 80 USD per tonne
Category Vein Tonnage (t) NSR (USD) Au (g/t) Ag (g/t) Cu (%) Pb (%) Zn (%) Contained Au (oz) Contained Ag (oz) Contained Cu (lbs) Contained Pb (lbs) Contained Zn (lbs)
El Diablo 14,600 197 1.00 34.34 0.08 2.37 8.15 470 16,100 26,300 762,800 2,621,900
Measured El Angel 34,200 185 0.08 62.21 0.46 4.63 5.93 90 68,400 344,300 3,488,000 4,470,700
El Santo 6,300 140 0.04 55.07 0.40 1.80 6.15 10 11,200 56,100 250,500 854,800
Vanesa 1,600 101 0.05 21.35 0.43 1.76 4.29 0 1,100 15,300 62,200 151,300
Total Measured Resources 56,700 181 0.31 53.10 0.35 3.65 6.48 570 96,800 442,000 4,563,500 8,098,700
El Diablo 54,200 165 0.50 31.58 0.09 2.61 6.71 870 55,000 108,100 3,117,400 8,012,000
El Angel 149,100 191 0.08 64.80 0.43 4.51 6.42 370 310,600 1,423,500 14,833,800 21,103,300
Indicated El Santo 31,400 118 0.12 36.36 0.23 1.27 5.48 130 36,700 156,500 878,600 3,794,000
Gianina 1,100 97 0.56 21.26 0.06 1.92 3.03 20 800 1,400 46,500 73,600
Vanesa 3,500 90 0.04 20.71 0.30 1.84 3.51 0 2,300 22,900 142,100 270,900
Total Indicated Resources 239,300 174 0.18 52.69 0.32 3.60 6.30 1,390 405,400 1,712,400 19,018,400 33,253,800
Total Measured + Indicated 296,000 175 0.21 52.77 0.33 3.61 6.34 1,960 502,200 2,154,400 23,581,900 41,352,500
El Diablo 35,300 170 0.41 39.61 0.13 3.83 5.69 460 45,000 103,700 2,979,000 4,426,100
El Angel 122,900 161 0.08 72.92 0.36 3.97 4.79 330 288,100 980,600 10,754,000 12,985,600
Inferred El Santo 15,100 113 0.05 43.65 0.27 1.29 5.11 30 21,200 91,200 429,700 1,702,500
Gianina 8,800 103 0.72 20.76 0.04 2.32 2.74 200 5,900 8,300 450,400 531,400
Vanesa 5,400 95 0.03 19.04 0.33 1.87 3.88 10 3,300 39,500 223,000 461,900
Total Inferred Resources 187,500 154 0.17 60.30 0.30 3.59 4.86 1,030 363,500 1,223,300 14,836,100 20,107,500
Notes:
1. The independent and qualified persons for the mineral resource estimates, as defined by NI 43-101, are Harold Brisson, P.Eng. and Claude Savard, P.Geo. (InnovExplo), and the effective date of the estimate is February 22, 2019.
2. These mineral resources are not mineral reserves as they do not have demonstrated economic viability.
3. The estimate follows CIM definitions and guidelines for mineral resources.
4. Results are presented in situ and undiluted and considered to have reasonable prospects for economic extraction. No PEA, PFS or FS has been completed to support economic viability and technical feasibility of exploiting any portion of the mineral resource.
5. The El Santo resource estimate encompasses five (5) zones with a minimum true thickness of 0.9 m using the grade of the adjacent material when assayed or a value of zero when not assayed. High-grade capping was done on 0.5-m composites and established for each metal on a per
zone basis: from 30 to 270 g/t Ag for silver; from 0.8 to 2.4 g/t Au for gold; from 0.7 to 1.5% Cu for copper; from 4 to 25% Pb for lead, and from 7 to 25% Zn for zinc. The ordinary kriging interpolation method was used for silver, gold, copper, lead, zinc and density based on 0.5-m composites
and a block size of 4 m x 1 m x 4 m.
6. Measured resources were estimated using a minimum three (3) drill holes, extrapolated up to 15 m above and below drifts opened within the mineralized zone. Indicated resources were estimated from drill hole results using a minimum of three (3) drill holes, with a maximum closest distance
of 30 m or extrapolated up to 15 m above and below the Measured resources. The Inferred resources were estimated from drill hole results using a minimum of two (2) drill holes, with a maximum closest distance of 60 m.
7. The estimate is reported for a conventional underground mining scenario, reflecting the current mining method used at the El Santo mine. The estimate is based on a marginal NSR cut-off of 80 USD/t, which includes a mining cost of 58.75 USD/t, a processing cost of 15,84 USD/t and a
marginal G&A cost of 5.41 USD/t. The economic NSR cut-off would include a total G&A cost of 39.55 USD/t for a total of 114.14 USD/t. The marginal cut-off NSR was chosen to consider the marginal NSR material being developed with the conventional mining method used on site.
8. The NSR calculation is based on the following formula:
𝑁𝑆𝑅 = ∑ 𝑁𝑆𝑅 𝑓𝑎𝑐𝑡𝑜𝑟𝑖 × ℎ𝑒𝑎𝑑 𝑔𝑟𝑎𝑑𝑒𝑖 , where 𝑁𝑆𝑅 𝑓𝑎𝑐𝑡𝑜𝑟𝑖 = [ ]
𝑀𝑒𝑡𝑎𝑙 𝑐𝑜𝑛𝑡𝑒𝑛𝑡𝑖 𝑖𝑛 𝐶𝑜𝑛𝑐𝑗
9. The commodity prices are 15.25 USD/oz Ag, 1,300 USD/oz Au, 2,028 USD/t Pb and 2,646 USD/t Zn. The metallurgic recoveries are 94.51% for lead, 78.07% for silver, 77.29% for gold and 89.12% for zinc.
10. The tonnage (metric tons) and contained silver (ounces), copper (pounds), lead (pounds) and zinc (pounds) were rounded to the nearest hundred; contained gold (ounces) was rounded to the nearest ten. Any discrepancies in the totals are due to rounding effects.
11. The cut-off NSR should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rate, mining cost, etc.).
12. InnovExplo is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues, or any other relevant issue that could materially affect the mineral resource estimate.
Table 14-14 displays the sensitivity of the 2019 MRE at different cut-off grades for an
underground scenario. The reader should be cautioned that the figures provided in Table
14-14 should not be interpreted as a mineral resource statement. The reported quantities
and grade estimates at different cut-off grades are presented for the sole purpose of
demonstrating the sensitivity of the resource model to the selection of a reporting cut-off
grade.
Table 14-14 ─ Cut-off grade sensitivity analysis
Measured Resources
Cut-off grade Tonnage Grade Contained Grade Ag Contained Grade Cu Contained Grade Pb Contained Grade Contained
NSR ($)
(t) Au (g/t) Au (oz) (g/t) Ag (oz) (%) Cu (lb) (%) Pb (lb) Zn (%) Zn (lb)
>80$ NSR 56,700 181 0.31 570 53.10 96,800 0.35 442,000 3.65 4,563,500 6.48 8,098,700
>100$ NSR 50,200 193 0.34 549 55.75 89,900 0.36 402,200 3.91 4,329,000 6.88 7,604,400
>115$ NSR 44,900 202 0.36 523 58.20 84,100 0.38 373,300 4.15 4,109,900 7.19 7,123,600
>125$ NSR 41,800 209 0.38 505 59.70 80,200 0.38 353,000 4.31 3,969,300 7.38 6,799,900
>150$ NSR 33,600 226 0.42 455 63.38 68,600 0.40 294,500 4.74 3,517,300 7.92 5,872,100
>175$ NSR 27,100 241 0.46 404 66.82 58,200 0.41 247,100 5.19 3,101,200 8.33 4,975,300
>200$ NSR 20,800 258 0.50 335 71.38 47,800 0.43 199,700 5.75 2,638,500 8.66 3,975,200
Indicated Resources
Cut-off grade Tonnage Grade Contained Grade Ag Contained Grade Cu Contained Grade Pb Contained Grade Contained
NSR ($)
(t) Au (g/t) Au (oz) (g/t) Ag (oz) (%) Cu (lb) (%) Pb (lb) Zn (%) Zn (lb)
>80$ NSR 239,300 174 0.18 1,390 52.69 405,400 0.32 1,712,400 3.60 19,018,400 6.30 33,253,800
>100$ NSR 205,000 188 0.19 1,253 57.09 376,200 0.35 1,579,900 3.96 17,914,400 6.75 30,510,100
>115$ NSR 182,400 198 0.19 1,127 59.94 351,600 0.37 1,477,400 4.23 17,001,600 7.07 28,441,100
>125$ NSR 165,200 206 0.20 1,048 62.03 329,500 0.38 1,384,200 4.43 16,144,600 7.34 26,743,400
>150$ NSR 127,500 227 0.21 868 67.35 276,100 0.41 1,154,100 4.96 13,937,300 8.00 22,499,300
>175$ NSR 97,300 247 0.23 735 71.43 223,400 0.43 917,900 5.48 11,758,800 8.65 18,551,500
>200$ NSR 75,500 264 0.26 642 75.10 182,300 0.45 746,300 5.91 9,831,800 9.22 15,349,600
15. MINERAL RESERVE ESTIMATE
16. MINING METHODS
17. RECOVERY METHOD
18. PROJECT INFRASTRUCTURE
19. M ARKET STUDIES AND CONTRACTS
20. ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY

IMPACT
21. CAPITAL AND OPERATING COSTS
22. ECONOMIC ANALYSIS
23. ADJACENT PROPERTIES
The Properties are located in a historic mining district with considerable exploration and
ongoing mining activity, as well as substantial mineral production. Several mining
companies are actively working in this area.
InnovExplo did not verify the information obtained from public sources for the adjacent
properties. The presence of significant mineralization on these properties is not
necessarily indicative of similar mineralization on the Properties held by Brexia.
Moreover, InnovExplo did not review the technical and economic parameters used to
produce the mineral resource estimates for these adjacent properties.
Table 23.1 provides the details of nearby mines and properties, and Figure 23.1 shows
their location.
Table 23.1 – Adjacent properties (mines and deposits)

NAME COMPANY DEPOSIT TYPE DETAILS
Resources: 857 kt @
Intermediate-
ARCATA Hochschild Mining PLC 357 g/t Ag and 1.1 g/t
Sulphidation
Au1
Reserves (P&P): 844 kt

@ 183 g/t Ag and
5.9 g/t Au;
ARES Hochschild Mining PLC Low-Sulphidation
Resource (M+I): 868 kt
@ 192 g/t Ag and
6.2 g/t Au2
M&I Resources
(oxides): 512 kt @
97 g/t Ag, 0.45 g/t Au,
0.99% Pb and 1.59%
Zn
M&I Resources
Fortuna Silver Mines Inc. (sulphides): 3.598 M t
CAYLLOMA Low-Sulphidation
(Minera Bateas) @ 113 g/t Ag, 0.34 g/t
Au, 2.21%Pb and
3.48%Zn
P&P Reserves:
1.979 M t @ 121 g/t Ag,
0.3 g/t Au, 2.83% Pb
and 3.55% Zn3
Proven Reserves:
539 kt @ 41.23 g/t Ag
Compañía de Minas and 13.78 g/t Au
CHIPMO High-Sulphidation
Buenaventura S.A.A. Probable Reserves:
312 kt @ 33.06 g/t Ag
and 15.18 g/t Au4
P&P Reserves: 649Kt

Compañía Minera Max
MAX PALA Low-Sulphidation @ 1.85 oz/t Ag and
Pala S.A.C.
0.3 g/t Au5
Compañía de Minas Resources: 76,000 oz

ORCOPAMPA Low-Sulphidation
Buenaventura S.A.A. Au
NAME COMPANY DEPOSIT TYPE DETAILS
Reserves: 391,000 oz
Au6
(Inactive) Resources:
Compañía de Minas
PORACOTA High-Sulphidation 255,325 oz Au @
Buenaventura S.A.A.
7.54 g/t Au 7
SAUSA Minera Apogeo S.A.C. Low-Sulphidation ND8
Closed tailings,
Compañía de Minas reprocessing estimate:
SHILA-PAULA Low-Sulphidation
Buenaventura S.A.A. 1.37 M t @ 1.06 oz/t Ag
and 0.025 oz/t Au7
Resources: 126,000 oz
Compañía de Minas Polymetallic Low- Au
TAMBOMAYO
Buenaventura S.A.A. Sulphidation Reserves: 535,000 oz
Au6
Note
1
Hochschild website, resources as of December 31, 2017.
2
2008 Hochschild corporate presentation, reserves and resources as of December 31, 2007.
3
Fortuna Silver Mines Inc. resources and reserves as of December 31, 2015: NI-43-101 Technical Report, August 31,
2016, amended January 30, 2017.
4
Orcopampa (Chipmo) online mining data, reserves as of December 31, 2017.
5
Data from unpublished Master’s thesis by Saraya Mendoza, 2016.
6
Buenaventura website, resources and reserves as of December 31, 2017.
7
Alliance Mining Corp. Corporate presentation, March 2015.
8
No data.
Figure 23.1 – Adjacent properties
24. OTHER RELEVANT DATA AND INFORMATION
24.1 Mine Production

The only mine currently in operation on the Properties is the El Santo mine on the
El Santo Property. The mine has several levels, the uppermost being level 0 at
4674 masl. El Santo produces between 4,000 and 9,000 tonnes per month and is mined
using shrinkage stoping and cut-and-fill methods.
24.2 Mining Method

The 2018 mine plan and production schedule are based on three mining methods, as
follows:
• shrinkage stoping;
• conventional cut-and-fill (using a slusher); and
• semi-mechanized cut-and-fill.
In the conventional cut-and-fill method, drilling is done by a jack leg and the mucking is
done by a slusher. In the semi-mechanized cut-and-fill method, the mucking is performed
by a scoop instead of a conventional slusher.
Given the vertical arrangement of the mineralized veins in the orebody, it would be worth
testing the long hole mining method due its proven efficiency with steeply dipping
structures. This method could be beneficial at El Santo under the right conditions.
24.2.1 Shrinkage stoping

Shrinkage stoping is a labour-intensive method with low productivity. It consists of
opening a sill drift over a pillar, at the bottom of the stope, over the main drift. Inside the
stope, two raises are excavated from bottom to top. These raises will for ventilation,
passage ways for miners and, if necessary, waste passes. In between the sill and the
main drift, several cones are drilled and opened in order to connect the sill drift to the
main drift. Wooden drawpoints are built every 5 m to muck out the ore, as shown in
Figure 24.1.
Figure 24.1 – Example of a typical shrinkage stoping mining method
The ore is blasted and accumulated on the floor of the stope. A portion is mucked from
under the drawpoints and the rest remains in place, allowing workers to mine up to the
next bench, standing on top of the remaining muck in the stope. Where the ore zones
are narrow, dilution increases due to the amount of waste included in the muck to ensure
sufficient working space for the miners.
When large amounts of waste are present in the stope, the waste can be excavated
through the raise to avoid diluting the ore. When this situation occurs, the floor of the
stope (accumulated ore) is protected with wood. The blasted waste falls on top of the
wood and is then slushed to a mill hole or a timbered raise.
24.2.2 Conventional cut-and-fill

Conventional cut-and-fill is the main mining method at the El Santo mine. The stope
dimensions are approximately 60 m long by 50 m high.
The method requires developing the main drift more than 60 m below the top of the stope
and excavating two 50-m raises (one on each side of the stope), each timbered with two
(2) compartments. One compartment holds ladders for workers to travel, while the other
consists of a waste chute to fill the stope. A sub-level is excavated approximately 3 m
over the main drift, leaving a sill pillar in between. A central raise connects the main drift
to the sub-level, through the sill pillar. This raise also has two (2) compartments: the first
for workers to travel and the second to transport the ore towards an ore chute below
where a slusher is in operation. One side is in blasting mode while the other is in fill
mode. The base case is shown in Figure 24.2.
Figure 24.2 – Example of a typical conventional cut-and-fill mining method
24.2.3 Semi-mechanized cut-and-fill

The semi-mechanized cut-and-fill method is also used in the El Santo mine. This method
differs slightly from the conventional method by the development of a ramp system
through the stope to allow several ore drawpoints, and the use of a scoop to carry the
rock, as shown in Figure 24.3. The ore and waste are then extracted in the same way as
the conventional cut-and-fill method.
Figure 24.3 – Example of a typical semi-mechanized cut-and-fill mining method
24.2.4 Long hole mining method
The long hole mining method, which is not currently used at El Santo, consists of driving
an excavation above and below the mineralized bodies, and mining it out using long hole
blasting between levels. This method can be used in steep narrow veins. In the case of
the El Santo mine, this method could be beneficial where veins are about 1 m wide and
show continuity along strike, using a maximum distance of 12 m of drilling between
levels. Hole diameters would be between 2.25 and 2.5 in. A conceptual layout is shown
in Figure 24.4. The use of this method would require a thorough geotechnical study,
including the option of leaving open stopes with rock pillars or setting up a cement rock
fill (“CRF”) plant.
Figure 24.4 – Example of a typical long hole mining method
24.3 Backfill
For the cut-and-fill mining methods at the El Santo mine, waste rock is used to backfill
the stope on current levels before mining the levels above.
A small crushing unit with a CRF plant could be installed underground to create a slurry
paste with the waste material. A slurry pumping system could then be used to backfill the
stope much closer to the back, allowing for horizontal drilling instead of up-hole drilling.
24.4 Mine Power
Two (2) 500 kVA generators supply the mine site. These generators are leased. The
mine’s peak demand is currently estimated at 630 kW.
The mine power supply will need to be reassessed in the event of any future mine
expansion that requires more power for fans or mobile equipment (e.g., jumbos or long
hole production drills). A project is underway to connect the mine to the national power
grid.
24.5 Compressed Air

Compressed air is provided underground by two 160 kW compressors that supply a
189 dm3 volume.
24.6 Permanent Mine Pumping Network

Underground water is pumped from level -95 m to level -30 m using a 50 hp submersible
pump. From level -30, water is pump using a 30 hp submersible pump to the surface and
into the main pond.
Water arriving from underground is treated with lime, aluminium sulfate and a flocculant.
Water decants into two ponds. Water needed for equipment is taken from these ponds
and routed down the mine by the piping system. Two emergency ponds are present on
the site in case of heavy rain. These ponds are also used during maintenance work on
the two primary ponds. All four ponds are linked by a piping network. Water overflow
runs freely into the surrounding environment. The National Water Authority (Autoridad
Nacional del Agua, “ANA”) and the Directorate of Water Resource Quality Management
(Dirección de Gestión de Calidad de los Recursos Hídricos, “DGCRH”) issued a permit
for industrial water discharge approval (permit No. 144-2015-ANA-DGCRH).
24.7 Ventilation Network

Ventilation shafts and portals from previous mining operations are present on the
property. These openings are found on the El Santo mine site and in several places in
the valley. Ventilation in the mine is natural; there is no main ventilator system to either
push or pull air into the mine. Small 20 hp and 30 hp fans are installed at strategic places
in the mine to force air to reach the working areas.
24.8 Mine Design

As the development of the mine eventually progresses deeper and onto the adjacent
property, another approach might be considered. A combination of track and trackless
operation could be adapted for development and mining, but further analysis is required.
24.9 Underground Mine Equipment

Most of the mine fleet is leased. The underground equipment list is as follows:
• 1 Jumbo (1 Boom);
• 5 standard 10-wheeler trucks;
• 1 scoop of 2.5 yd3;
• 2 scoops of 4 yd3;
• 1 mine truck CAT413; and
• 2 pickup trucks.
A smaller truck is used to bring material into the mine. Approximately 18 jack legs are
working underground per shift.
Additional equipment could be added to increase the efficiency and safety of the working
areas. These include:
• Scissor lifts;
• Tractors;
• Long tom to replace the jack leg drilling;
• Raise drilling system;
• Shotcrete machine.
24.10 Mine Personnel

There are approximately 230 employees at the El Santo mine, including mining and
drilling (DDH) contractors. The breakdown is as follows:
• Brexia mine operation: 59%

• Mining contractor: 34%
• Drilling (DDH) contractor: 7%
24.11 Project Infrastructure

The El Santo mine site is accessible by a paved road from the town of Caylloma. The
main infrastructure consists of an access road, tailings storage facilities, mine waste
storage facilities, mine ore stockpiles (in the Suyckutambo mine), camp facilities, and
communication systems. The following infrastructure components have been identified
on the surface plans of the mine site, as shown in Figure 24.5:
1) Camp for workers (3,000 m2);
5) Electric welding workshop (1,400 m2);
6) Workshops, carpentry and tool stores;
7) Water supply system (collection basin, pumping line and a storage tank of 220 m3);
8) Septic tank system; and
10) Parking lot for heavy and light equipment;
Figure 24.5 – Current and planned surface infrastructures of the El Santo mine
Additional planned surface infrastructure components:

1) Enlarged camp area (15,240 m2) with recreational areas;
2) New (modernized) offices (400 m2);
3) Logistics warehouse (480 m2);
4) Fuel supply system;
9) Residual water treatment plant for disposal of sewage and grey water; and
11) Shotcrete plants and aggregate warehouse.
24.12 Potable Water Distribution

Fresh water is supplied to the site by a well located lower in the valley in front of the
camp. Water is pumped into a reservoir higher up the mountain, above the camp. The
water is delivered by gravity for general consumption.
24.13 Description of the Ana Maria Plant Processing Facility

The ore from the El Santo mine is processed at the Ana Maria plant on the Suyckutambo
Property. The resulting product of the process is a bulk flotation concentrate (Pb-Ag-Au-
Cu) and a zinc flotation concentrate.
24.13.1 Crushing Circuit
The ore is hauled from the El Santo mine using 30 t trucks and dumped on the plant
stockpile where it is classified according to the zinc content of the ore: A (>6% Zn), B (4-
6% Zn) or C (<4% Zn). The plant feed is initially dumped on a heavy-duty grizzly, where
ore over 6" is put aside.
The ore is stored in a hopper where it will feed another grizzly with 2" apertures to sort
the ore. The oversized material (2" to 6") will feed the jaw crusher at a rate of 120 tph
and the undersized material will go to the next sorting stage. The crushed ore and the
grizzly undersize will feed a vibrating screen that sends the -½" fraction to the fine ore
silos. The +½" fraction is sent to the cone crusher and the crushed product will go to
another vibrating screen where the undersized product will go to the fine (-½") ore bins
while the oversized goes back to the cone.
The plant has three (3) silos for fine ore, each with a 30 t capacity. The silos feed the
grinding circuit from a system of conveyors at a rate of 15 tph.
24.13.2 Grinding Circuit

The grinding circuit is composed of a primary Hardinge (8 ft x 36 in) mill and one ball mill
(6 ft x 6 ft). The Hardinge mill operates as an open circuit: lime (pH control) and flotation
reagents for the bulk flotation are added to the mill feed. Currently, the ball mill is set up
to deliver both mill discharges to the same cyclone.
The first ball mill will operate in a closed circuit with the existing cyclone cluster, which is
composed of two cyclones (10" diameter), with one unit in operation and one on standby.
The underflow is sent back to the ball mill. The cyclone overflow will feed the primary cell
unit of the bulk flotation circuit.
24.13.3 Bulk and Zinc flotation Circuits

The ore material runs through the two circuits in series. Bulk flotation (Pb-Ag-Au-Cu) is
carried out in the bulk circuit. The second circuit separates the zinc minerals.
The pulp coming from the overflow of the hydro cyclone feeds an 8" x 8" WS cell. The
concentrate from the primary cell is sent directly to the bulk concentrate thickening and
filtration circuit. The primary tails will feed the DR-100 cell and the tails of this cell are
sent by a vertical pump to the bulk scavenger circuit (DR-200 3 cells bank). The
concentrates from the DR-100 cell and the bulk scavenger band are sent to the bulk
cleaner circuit (second reagents addition point), which is composed of two cell banks.
The concentrate from the bulk cleaner circuit is sent to the thickening and filtration circuit,
as cleaner circuit tails will be recirculated to the scavenger circuit. The tailings from the
bulk scavenger circuit are pumped (copper sulphate addition point) to the zinc flotation
circuit.
The zinc flotation circuit starts with two primary roughers (WS 8" x 8" cells) (collector
addition point). The concentrate from these cells is sent directly to the zinc thickening
and filtration circuit and the primary rougher tails are sent to the rougher zinc four-cell
bank. The rougher bank tail is sent to the zinc scavenger 2 cells bank. The concentrates
from the rougher and scavenger circuit go to the zinc cleaner circuit (second reagent
addition point), which consists of two cell banks. The zinc scavenger circuit tails
correspond to the final tail of the plant.
24.13.4 Thickening and Filtration
The concentrate coming from the bulk flotation circuit (Pb-Ag-Au) is received in a
sedimentation cone where the bulk concentrate is thickened to a density of 1,700 g/L. It
is then pumped to the filter, resulting in a bulk concentrate with a humidity of 12%.
The concentrate from the zinc flotation circuit is received in a sedimentation cone where
the zinc concentrate is thickened to a density of 1,700 g/L. It is then pumped to the filter,
resulting in a zinc concentrate with a humidity of 13%.
Both concentrates are transported by truck to the port in Lima to await shipment to the
smelter.
24.13.5 Tailing Storage Facility

After the final flotation stage in the plant, the slurry is sent from the plant by a horizontal
pump 5 x 4 to a pumping station. There it will feed a hydro cyclone where the overflow
will be deposited into the tailings pond and the underflow will be used as raw material to
expand the tailings pond side wall. The water accumulated in the pond is pumped back
to the plant to be used again in the process.
At this time, the tailings pond does not meet current design criteria. These criteria
mandate that, at all times, the travelling board surface must be 6 m wide and a 2-m free
board must be maintained. Neither of these criteria are met.
25. INTERPRETATIONS AND CONCLUSIONS
The objective of InnovExplo’s mandate was to prepare a Technical Report (the

“Technical Report”) to present and support the results of a Mineral Resource Estimate
(the “2019 MRE” or the “Project”) for the El Santo mine on the El Santo Property, and to
present an assessment of the mineralization potential on the Suyckutambo and San
Miguel properties. This Technical Report meets these objectives.
The Properties host several mineral deposits. InnovExplo conducted a site visit that
included, among other things, a review and validation of the data used for the 2019 MRE,
as well as a validation of the Property geology and mineralization. The geological
information provided by the issuer or obtained from public sources was also conducted.
For the El Santo mine, Brexia created a litho-structural model for mineralized zones using
all available geological and analytical information. In order to provide accurate resource
modelling of the deposit, InnovExplo based its mineralized-zone wireframe model on the
drill hole database, on the interpretation provided by Brexia geologists and on the
authors’ knowledge of local geology. A total of five (5) mineralized zones were modelled
using the vein modelling module in Leapfrog from an automatic interval selection based
on the intercepts. The interpolation of the mineralized zones was constrained by
wireframes.
information for the El Santo Property and the results of the resource estimation:
• Recent and historical drill holes provide sufficient information to complete and
support the 2019 MRE;
• Geological and grade continuity were demonstrated for five (5) silver-bearing
polymetallic epithermal veins in the El Santo mine;
• Mineral resources are reported for an underground mining scenario and based on an
NSR cut-off of USD 80/t;
• The total Measured Resources contain 56,700 t @ 0.31 g/t Au for a total of 570 oz;
53.10 g/t Ag for a total of 96,800 oz; 0.35% Cu for a total of 442,000 lbs; 3.65% Pb
for a total of 4,563,500 lbs and 6.48% Zn for a total of 8,098,700 lbs.
• The total Indicated Resources contain 239,300 t @ 0.18 g/t Au for a total of 1,390 oz;
• The total Inferred Resources contain 187,500 t @ 0.17 g/t Au for a total of 1,030 oz;
• It is likely that additional diamond drilling at depth could potentially increase the
Inferred Resource tonnage and upgrade some of the Inferred Resources to the
Indicated category. Recent drilling (not included in the resource database as drilling
was not complete by the close-out date) illustrates the potential for extension at
depth. Drilling down-dip along the El Angel Vein (DDH-ES-18-155) intersected the
mineralized structure approximately 250 m below the current MRE model, extending
the depth of potential resources below the current mine workings.
• At this stage, it is reasonable to believe that drilling the extensions of currently defined
mineralized zones could add an “exploration potential” ranging between 200,000 to
300,000 t of mineralized material at grades between 0.1- 0.3 g/t Au, 30-60 g/t Ag,
0.1-0.3% Cu, 1.5-3.5% Pb and 3-5% Zn (Figure 25.1).
information for the Brexia properties:
• Epithermal vein mineralization at the Suyckutambo and San Miguel properties

correspond to the mineralization styles and grades described in the available
literature.
• Historical reported gold grades are higher at Suyckutambo than in the El Santo mine.
• Several of the veins on the Suyckutambo Property have potential for economic
resources along strike and/or down-dip.
• The results of recent geophysical surveys indicate a potential for disseminated
mineralization on the San Miguel Property.
Figure 25.1 ─ Exploratory potential at the El Santo Mine (blue ovals), looking east
25.1 Risks and Opportunities

Table 25-1 identifies the significant internal risks, potential impacts and possible risk
mitigation measures that could affect the future economic outcome of the Project. The
list does not include the external risks that apply to all mining projects (e.g., changes in
metal prices, exchange rates, availability of investment capital, change in government
regulations, etc.).
Significant opportunities that could improve the economics of the Project and the
potential of the Properties are identified in Table 25-2. Further information and study are
required before these opportunities can be included in the project economics.
Table 25-1 – Risks for the Project
RISK POTENTIAL IMPACT POSSIBLE RISK MITIGATION
Continue to develop a proactive
policy and transparent strategy to
identify all stakeholders and develop
Social acceptability and Possibility that the Project could not a communication plan
community support be explored or exploited
Continue to engage the stakeholders
and to make information on the
project available
Lithostructural model and definition
Geological discontinuity Loss of mineral resources
drilling
Continue to measure the density of
Inaccuracy in density Bias in tonnage estimation
the veins and various host rocks
Conversion of these areas into
mineral reserves will confirm local
Tonnage aspects of mineral
details of mineral resource zone
resource areas slated for
Viability outlines and grades, provide better
conversion to mineral
definition of related mineral reserves,
reserves
and result in a more reliable mine
plan
Dry stacked tailings could be an
The tailing pond does not option for the El Santo mine in order
meet current regulatory to extend the LOM
requirements
Closure of the tailing pond If studies on the San Miguel Property
If compliance is achieved, are positive, a new tailings pond
the pond has only four would need to be built
years of service remaining
Insufficient power available

power if the mine is to
Power and compressed air capacities
pursue development to Limited development
will need to be increased
level -120 and below, and
onto the adjacent property
Table 25-2 – Opportunities for the Properties

More ounces for future MRE and PEA
studies
Infill drilling Positive results will upgrade part or all Infill drilling to improve the confidence
inferred resources to indicated on the continuity of the mineralization
(El Santo) resources and to upgrade inferred resources to
higher-confidence resource
categories
Exploration drilling Positives results will extend known

zones, or new zones will be Increased mineral resources
(El Santo) discovered
Historical mineral resources Historical resources have not been There is potential to generate a
upgraded to NI 43-101 compliant maiden MRE through additional
(Suyckutambo) mineral resource categories compilation work and drilling
(Suyckutambo) mineralization and its extent
(San Miguel) mineralization and its extent
Eliminate development that is Maximize efficiency, increase
New underground
currently excavated with a jack leg in productivity and create a safer
equipment (El Santo)
3.5 m x 3.0 m drifts environment
Conduct long hole drilling tests to
Application of long hole determine suitability for applications
Reduce material costs
drilling (El Santo) such as service holes, raises and
long hole mining
Evaluate the option of installing a
Cemented Rock Fill (CRF) small crushing unit with a CRF plant Stope cycling will be faster
plant in the mine to reduce the size of Worker safety will improve
development waste material
26. RECOMMENDATIONS
Based on the results of the 2019 MRE and the conclusions of this Technical Report
additional work is warranted on the Properties.
26.1 Geology
InnovExplo recommends that further definition/exploration drilling be undertaken at the
El Santo mine, as well as delineation/exploration drilling on the Suyckutambo and San
Miguel properties:
Conversion drilling:
• Conversion drilling is recommended in the El Santo mine to upgrade Inferred
resources to the Indicated category. Additional drilling to evaluate the extension of
the mineralized veins along trend and at depth is also recommended. Positive results
would potentially add Inferred resources.
Delineation drilling:
• A geological compilation of historical data is recommended for the Suyckutambo
Property.
• Following the compilation, delineation drilling is recommended for the Suyckutambo
Property in order to investigate the extent of known mineralization.
Exploration drilling:
• The objective of exploration drilling would be to investigate untested targets on the
Properties. Positive results would potentially add Inferred resources at El Santo and
provide information on occurrences of new mineralization on the Suyckutambo and
San Miguel properties.
26.2 Mining
The El Santo mine is currently in operation and new mining infrastructure are being built.
If the mine is to pursue development to level -120 and below, but also onto the adjacent
property, many changes will need to be made in terms of development work and the
mining operation.
The short-term priorities to improve the current situation are as follows:
• Develop new areas for underground diamond drilling;

• Increase the number of underground diamond drill holes;
• Acquire new equipment to maximize efficiency;
• Improve raise excavation methods;
• Asses the ventilation needs in the mine, as the mine grows deeper and the equipment
fleet increases;
• Possibly adopt the long hole mining method instead of the methods currently in use.
26.3 Estimated Cost of Recommended Work

InnovExplo has prepared a cost estimate for the recommended two-phase work program
to serve as a guideline. The budget for the proposed program is presented in Table 26-1.
Expenditures for Phase 1 are estimated at USD 3,456,000 (incl. 15% for contingencies).
Expenditures for Phase 2 are estimated at USD 819,000 (incl. 15% for contingencies).
The grand total is USD 4,275,000 (incl. 15% for contingencies). Phase 2 is contingent
upon the success of Phase 1.
Table 26-1 ─ Estimated cost of the recommended work program

1a El Santo: Drilling on potential resource extension 5,000 m 425,000
1b El Santo: Exploration drilling 5,000 m 750,000
El Santo: Update of lithostructural/mineralization
1c 30,000
models
1d Suyckutambo: Delineation and exploration drilling 10,000 m 1,500,000
Suyckutambo: Structural analysis and update of

1e 175,000
lithostructural/mineralization models
1f San Miguel: Exploration drilling 5,000 m 750,000

2a El Santo: Provision for additional drilling 7,500 m 637,500
2b El Santo: Update 43-101 MRE 75,000
2c Suyckutambo: Maiden 43-101 MRE 100,000
2d Suyckutambo: Engineering studies 250,000
2e Suyckutambo: PEA 300,000
TOTAL (Phase 1 and Phase2) 5,737,400
27. REFERENCES
Arce, J. E. and J. R. Arce (2017). Levantamiento Geofisico de Polarizacion Inducida,

Noviembre 2017 , Arce Geofisicos: 11p.
Aresti, M. L. (2016). Mineral Revenue Sharing in Peru. from
https://resourcegovernance.org/sites/default/files/documents/mineral-revenue-
sharing-in-peru_0.pdf.
Chadwick, J. (2008). Goldplata: big plans. October 2008: pp 8-16.
Chapman, E. and E. Gutierrez (2017). Fortuna Silver Mines Inc.: Caylloma Property,
Caylloma District, Peru (NI-43101) , Fortuna Silver Mines Inc.: 175 p.
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NI 43 101 Technical Report Perou

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Val-d’Or Head Office

Québec Office Montréal Office Telephone: 819-874-0447

Brexia GoldPlata Peru S.A.C.

Claude Savard, P.Geo. (OGQ No. 1057)

Effective Date: March 1, 2019

(Original signed and sealed) Signed at Longueuil on April 12, 2019

(Original signed and sealed) Signed at Québec on April 12, 2019

(Original signed and sealed) Signed at Val-D’or on April 12, 2019

(Original signed and sealed) Signed at Gatineau on April 12, 2019

(Original signed and sealed) Signed at Rouyn-Noranda on April 12, 2019

I, Gustavo Durieux, (P.Geo.) do hereby certify that:

Signed this 12th day of April 2019 in Longueuil, Québec, Canada.

(Original signed and sealed)

I, Harold Brisson, (P.Eng.) do hereby certify that:

1. I am employed by InnovExplo Inc. at 725, boulevard Lebourgneuf, Suite #310-17, Québec

Signed this 12th day of April 2019 in Québec, Québec, Canada.

(Original signed and sealed)

I, Claude Savard, (P. Geo.) do hereby certify that:

1. I am employed by InnovExplo Inc. at 560, 3e Avenue Val-d’Or (Québec), J9P 1S4.

Signed this 12th day of April 2019 in Val-D’or, Québec, Canada.

(Original signed and sealed)

I, Éric Vinet, (P.Eng.) do hereby certify that:

1. I am a temporary employee of InnovExplo Inc. at 859, boulevard Jean-Paul Vincent, bureau

Signed this 12th day of April 2019 in Gatineau, Québec, Canada.

(Original signed and sealed)

I, Guillaume Noël, (P. Eng) do hereby certify that:

Signed this 12th day of April 2019 in Rouyn-Noranda, Québec, Canada.

(Original signed and sealed)

1.3 Property Description and Location

1.4 Accessibility, Climate, Local Resources, Infrastructure and Physiography

1.5 Geological Setting and Mineralization

1.6 Drilling, Sampling Method, Approach and Analysis

1.8 Mineral Resource Estimate

Contained Zn (lbs) 8,098,700 33,253,800 41,352,500 20,107,500

1.10 Interpretation and Conclusions

InnovExplo concluded the following based on a detailed review of all pertinent

• Epithermal vein mineralization at the Suyckutambo and San Miguel properties

Risks for the Project (Table 25-1)

Insufficient power available

Opportunities for the Properties(Table 25-2)

Exploration drilling Positives results will extend known

Evaluate the option of installing a

• Conversion drilling is recommended in the El Santo mine to upgrade Inferred

Estimated cost of the recommended work program (Table 26-1)

Suyckutambo: Structural analysis and update of

1f San Miguel: Exploration drilling 5,000 m 750,000

2.2 Terms of Reference

2.3 Report Responsibility and Qualified Persons

• Gustavo Durieux, P.Geo. (OGQ permit 1148)

• Harold Brisson, P.Eng.. (OIQ permit 41433) (PEO licence 100516300)

• Éric Vinet, P.Eng.. (OIQ permit 100894)

• Guillaume Noël, P.Eng.. (OIQ permit 131725)

• Josiane Caron, P.Eng. (OIQ permit 143677), of InnovExplo supervised the

2.4 Site visits

Table 2.1 – Site visits

Éric Vinet, February 17 to 23, 2018 El Santo

2.6 Sources of Information

2.7 Currency, Units of Measure, and Acronyms

Table 2.2 – List of abbreviations and acronyms

Table 2.4 – Conversion factors for measurements

Imperial Unit Multiplied by Metric Unit

4.2 Peru Mining Law

• Mining concession: grants rights to execute mining activities relating to exploration