Mineral Resources and Reserves

Summarised below are the Mineral Resources that have been estimated by Metal Mining Consultants, and the Ore Reserves estimated by Ausenco for the Company's Miraflores Gold Project located in Colombia; and the Mineral Resources that have been estimated by SRK Consulting (Chile) S.A, for the Company’s Mollacas and Vallecillo projects located in Chile.

The Miraflores Project Mineral Resource estimate has been estimated by Metal Mining Consultants in accordance with the JORC Code (2012 Edition) and first publicly reported on 14 March 2017.  The Miraflores Project Ore Reserve estimate has been estimated by Ausenco in accordance with the JORC Code (2012 Edition) and first publicly reported on 27 October 2017. The Mollacas and Vallecillo projects resource estimates were completed by SRK Consulting (Chile) S.A., in accordance with the JORC Code (2004 Edition) and first publicly reported on the 23 July 2012 and 31 October 2012 respectively. No material changes have occurred after the reporting of these resource estimates since their first reporting.

Miraflores Project - Columbia

Table 1: Mineral Resource Statement, 14 March 2017.

Reserve Classification Tonnes (000's) Au (g/t) Ag (g/t) Oz Au (000's) Oz Ag (000's)
Measured 2,958 2.98 2.49 283 237
Indicated 6,311 2.74 2.90 557 588
Measured & Indicated 9,269 2.82 2.77 840 826
Inferred 487 2.36 3.64 37 57

Note:
i) Reported at a 1.2g/t gold % Cu cut-off.
ii) Mineral Resource estimated by Metal Mining Consultants Inc.
iii) First publicly released on 14 March 2017. No material change has occurred after that date that may affect the JORC Code (2012 Edition) Mineral Resource estimation.
iv) These Mineral Resources are inclusive of the Ore Reserves listed in Table 2 below.
v) Rounding may result in minor discrepancies.

Table 2: Miraflores Mineral Reserve Estimate as at 27 November 2017 (100% basis)

Reserve Classification Tonnes (000's) Au (g/t) Ag (g/t) Oz Au (000's) Oz Ag (000's)
Proved 1.70 2.75 2.20 150 120
Probable 2.62 3.64 3.13 307 264
Total 4.32 3.29 2.77 457 385

Note:
i) Rounding-off of numbers may result in minor computational errors, which are not deemed to be significant.
ii) These Ore Reserves are included in the Mineral Resources listed in Table 1 above.
iii) First publicly released on 27 November 2017. No material change has occurred after that date that may affect the JORC Code (2012 Edition) Ore Reserve estimation.
iv) Source: Ausenco 2017.

Mollacas Project - Chille

Table 3: Mineral Resource Statement, 23 July 2012 (Copper Leach Project – Oxides & Secondary Sulphides).

Resource Category Tonnes (‘000) CuT (%) Cu_Sol (%) Au (g/t)
Measured 11,168 0.55 0.44 0.12
Indicated 4,314 0.41 0.29 0.14
Measured & Indicated 15,482 0.51 0.40 0.13

Note:
i) Reported at a cut-off of 0.20% Cu.
ii) Mineral Resource estimated by SRK Consulting (Chile) S.A.
iii)  First publicly released on 23 July 2012. No material change has occurred after that date that may affect the JORC Code (2004 Edition) Mineral Resource estimation.
iv) Rounding may result in minor discrepancies.
v) Cu Sol is copper metal that is heap leach soluble; Cu T is total copper including soluble copper.

Vallecillo Project (La Colorada deposit) - Chile

Table 4: Mineral Resource Statement, 31 October 2012.

Resource Category Tonnes (‘000) Au (g/t) Ag (g/t) Zn (%) Cu (%) Pb (%)
Measured 5,516 0.84 9.99 1.12 0.06 0.32
Indicated 2,570 0.80 10.23 0.94 0.07 0.35
Measured & Indicated 8,086 0.82 10.06 1.06 0.06 0.33
Inferred 773 0.50 8.62 0.48 0.12 0.17

Note:
i) Reported at a cut-off of 0.20g/t Au.
ii) Mineral Resource estimated by SRK Consulting (Chile) S.A.
iii) First publicly released on 31 October 2012. No material change has occurred after that date that may affect the JORC Code (2004 Edition) Mineral Resource estimation.
iv) Rounding may result in minor discrepancies.

COMPETENT PERSONS STATEMENTS 

Metminco

The information in this report that relates to Exploration Results is based on information compiled by Gavin Daneel, BSc, MSc, who is a Member of the Australasian Institute of Mining and Metallurgy and is engaged as a Consultant in Australia. The annual mineral resources and ore reserves statement as a whole in the form and context in which it appears in this report is also approved by Mr. Daneel.

Gavin Daneel is a consultant to the Company and has sufficient experience which is relevant to the style of mineralisation, type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results’.  Mr. Daneel, as Competent Person for this report, has consented to the inclusion of the information in the form and context in which it appears herein.

Ausenco

The Company’s Ore Reserve estimates for the Miraflores Gold Project have been independently reviewed and signed off by Mr. Boris Caro who is a Member of the Australasian Institute of Mining and Metallurgy and a Registered Member of the Chilean Mining Commission. Mr. Caro is an independent consultant contracted by Ausenco to review and sign off the Ore Reserve estimate. Mr. Caro has a broad international experience leading mining projects in several countries and he was a Qualified Person of Fortuna Silver Mines in 2014 and 2015. Mr. Caro has over five years’ experience relevant to the style of mineralisation and type of mineral deposit under consideration, and to the activity which was undertaken, to make the statements found in this report in the form and context in which they appear. Mr. Caro visited the site in August 2017 for 3 days as part of the study team to review all aspects of the study including an investigation of the mine, plant and site layouts. Mr. Caro consented to be named in the first publicly released announcement and inclusion of information attributed to him in the form and context in which it appears therein.

Metal Mining Consultants Inc.

The information provided as it relates to Exploration Results and Mineral Resources of the Miraflores Gold Project is based on information compiled by Scott Wilson, President of Metal Mining Consultants Inc. in Colorado, USA. Mr. Wilson, a Qualified Person for JORC (2012 Edition) compliant statements, reviewed the technical information presented in this document.

Mr. Wilson has sufficient experience that is relevant to the style of mineralisation and type of mineral deposit under consideration, and to the activity which was undertaken, to make the statements found in this report in the form and context in which they appear. Mr. Wilson consented to be named in the first publicly reported announcement and inclusion of information attributed to him in the form and context in which it appears therein.

SRK Consulting (Chile) S.A.

Metminco supplied SRK with geological models and supporting drill hole data. Copper and gold grades for Mollacas and gold, silver, zinc, copper and lead grades for Vallecillo were estimated into block models using ordinary kriging with GEMCOM software.

The information provided in this Annual Report as it relates to Exploration Results and Mineral Resources of the Mollacas and Vallecillo projects is based on information compiled by George G. Even, Principal Geologist and Mr. Ernesto Jaramillo, Principal Resource Geologist of SRK Consulting in Santiago, Chile. Mr. Ernesto Jaramillo performed the resource estimation. Mr. Even has sufficient experience that is relevant to the style of mineralisation and type of mineral deposit under consideration, and to the activity which was undertaken, to make the statements found in this report in the form and context in which they appear. Mr. Even and Mr. Jaramillo consented to be named in the first publicly reported announcement and inclusion of information attributed to them in the form and context in which it appeared therein.

COMPETENT PERSONS STATEMENTS – ANDES GOLD PORTFOLIO

The technical information related to the Andes Gold Portfolio assets contained in this presentation that relates to Exploration Results was first announced by the Company on 13 March 2019 is based on information compiled by Mr Simon Brown, who is a Member of the Australasian Institute of Mining and Metallurgy and who is an employee and director of Andes Resources (a 100% subsidiary of Metminco).  Mr Brown has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.  Mr Brown has consented to the inclusion of the information in the form and context in which it appears herein.

The Company is not aware of any new information or data that materially affects the information included in this release.