Cu mineralization in a Carbonate Replacement Deposit

By Miguel A Heredia

During the 42^nd week of the year (October 16^th to October 22^nd, 2023), at least 27 press releases were announced by companies working in Mexico, and 1 news published by the media, with eight communicating production results, five informing on exploration results, five reporting resources and developments of their properties, four disclosing deals and corporate issues, three commenting on Mexican issues, two announcing financing issues, and one discussing social issues. ON MEXICO ISSUES, Newmont announced end of strike at its Peñasquito Mine in Zacatecas. Almaden reported on two recent court decisions, both relating to the submission issued by Mexico´s Ministry of Economy to the second district court in Puebla (Ixtaca project, Puebla). Prismo, Endeavour, and Kootenay reported the best drilling intercepts in Mexico on the third week of October, 2023. ON EXPLORATION, In Sonora, Aztec Minerals selected drill contractor and mobilized exploration crews to conduct an upcoming RC drilling program at its Cervantes project, Prismo reported results of the first holes ever drilled at its Los Pavitos project, Tocvan released first pass reconnaissance results from its Pilar expansion area, and Colibri provided an update on its exploration activities at their Pilar, EP, and Diamante projects. In Chihuahua, Kootenay announced results from its ongoing drilling program at its Columba project. ON MINING, Orla reported Q3, 2023 production results from its Camino Rojo project in Zacatecas. Equinox announced that it will present its Q3, 2023 financial and operating results on October 31, 2023 (Los Filos Mine, Guerrero). GoGold reported Q3, 2023 production results from its Parral Tailings project in Chihuahua and provided an update on its Parral Zn circuit. Santacruz reported Q3, 2023 production results from its Zimapan Mine in Hidalgo. Avino reported Q3, 2023 production results from its Avino Mine in Durango. Sierra Metals reported Q3, 2023 production results from their Bolivar and Cusi Mines in Chihuahua. Bear Creek reported Q3, 2023 production results from its Mercedes Mine in Sonora. ON FINANCING Sierra Madre announced the amendment of all 5,123,092 subscription receipts, in order to extend the escrow release conditions and termination (as both terms are defined in the May 31 and Sep 14 News Releases) for an additional 30-day period (La Guitarra Mine Complex, Estado de Mexico State). Bear Creek announced the issuance of promissory note to Equinox (Mercedes Mine, Sonora).  ON RESOURCES AND DEVELOPMENT, Sonoro filed a NI 43-101 technical report for a Preliminary Economic Assessment (PEA) on its Cerro Caliche project in Sonora.  Gold Resource announced preliminary Q3, 2023 production results from its Don David Gold Mine in Oaxaca. Sierra Madre announced that it has engaged Stantec Consulting International LLC to examine tailings deposition options at its La Guitarra Mine Complex in Estado de Mexico State. Endeavour released positive drill results from its ongoing drilling program being conducted at El Curso and Porvenir Dos Areas at its Guanacevi project in Durango. Oroco filed a Preliminary Economic Assessment (PEA) and updated Mineral Resource Estimate (MRE) for the North and South Zones of its Santo Tomas project in Sinaloa. Gatos Silver announced filing of updated technical report on its Cerro Los Gatos Mine, Chihuahua.  ON DEALS AND CORPORATE ISSUES, Goldgroup exercised its option to purchase all of the issued and outstanding common shares of Minera Cerro Esperanza S.A de C.V., which owns the Company’s previously held Cerro Prieto mining concessions, in Sonora. Vortex announced the attendance at the 121 Mining Investment Conference in New York (Riqueza Marina project, Oaxaca). Tocvan completed a definitive agreement with a private owner to acquire 100% interest in 2,172.7 hectares adjacent to Pilar project in Sonora. Silver Viper amended the terms of its option to acquire 100% ownership of three mineral concessions totaling 2,102 hectares at the La Virginia project, Sonora.   ON SOCIAL RESPONSIBILITY, Minera Media Luna, a subsidiary of Torex Gold Resources Inc, renewed the agreement of the Avanzando Juntos scholarship program with 60 young people, 33 of whom are pursuing their high school studies and 27 plus a bachelor’s degree.

ON MEXICO ISSUE

• Newmont Corporation announced end of strike at its Peñasquito Mine in Zacatecas, and now is focused on a safe return-to-work plan and a quick ramp up of operations while strengthening workforce relationships. On October 13, 2023, Newmont and the Union submitted the Agreement to the Mexican Labor Court, which gave its approval, thus ending the strike. “In 2022, Peñasquito contributed USD $1.9 B in economic value to Mexico, including USD $643M in employee wages and benefits, taxes, and royalty payments to federal, state, and local governments, and investments in community infrastructure and water projects. Minera Peñasquito is the second largest employer in Zacatecas, Mexico with a workforce of more than 5,000 individuals. The mine supports another 28,000 people and their families, in neighboring communities and across the country, who are part of the mine’s local and national supply chain”.
• Almaden Minerals Ltd., reported on two recent court decisions, both relating to the submission issued by Mexico´s Ministry of Economy to the second district court in Puebla. “As reported on February 22, April 13, and September 14, 2023, Economia made the Submission to the District Court seeking to deny the two mineral title applications which were first made by Almaden in 2002 and 2008. The Submission claims that the applications contain technical faults, despite Economia’s previous statements to the contrary and its acceptance of the mineral title applications and grant of the mineral titles in 2003 and 2009. By alleging technical faults in the mineral title applications, Economia appears to be arbitrarily seeking to deny the grant of the mineral titles and avoid the indigenous consultation ordered by the February 2022 decision of Mexico’s Supreme Court (SCJN). Such consultation would be welcomed by both the Company and surrounding community members. The two court decisions reported today are summarized as follow: The Federal Appeals court (TCC) dismisses all of the appeals filed by the Parties, including those of the  Company and supporting community members, and rules the Submission is compliant with the 2022 decision of the SCJN, since the SCJN decision did not formally prevent Economia from reviewing the technical aspects of the mineral title applications; The TCC ruling also does not address the validity of the Submission and therefore safeguards the Company’s right to challenge the substance and legality of the Submission through the Mexican Federal Administrative Court (TFJA);  As follow-up to the press release of September 14, 2023, the TFJA has now granted a definitive injunction in relation to the Submission, which prevents Economia from releasing the mineral rights covered by Almaden’s mineral title applications to third parties while the trial continues, anticipated to last 18 months”. (Ixtaca project, Puebla).
• Prismo Metals Inc., Endeavour Silver Corp., and Kootenay Silver Inc., reported the best drilling intercepts in Mexico on the third week of October, 2023. Details are shown in the table below:

ON EXPLORATION

• Aztec Minerals Corp., selected drill contractor and mobilized exploration crews to conduct an upcoming RC drilling program at its Cervantes project. This RC drilling program is planned to be conducted at Q4, 2023 in two stages and is permitted for a total of 4,200m in 28 holes. Second stage will be designed subject to results of the initial stage RC drilling program.
• Prismo Metals Inc., reported results of the first holes ever drilled at its Los Pavitos project. It reported that four of the first eight holes at Santa Cruz target encountered high grade gold mineralization. Drilling highlights include hole LP-SC-01 (true widths reported) with 2.34 g/t Au, 15 g/t Ag, 0.08% Cu, 0.2% Pb, and 0.7% Zn over 5.2m, including 7.04 g/t Au, 43 g/t Ag, 0.19% Cu, 0.6% Pb, and 2.3% Zn over 1.4m; hole LP-SC.02 with 0.27 g/t Au, 0.5 g/t Ag, 0.01% Cu, 0% Pb, and 0.01% Zn over 1.2m, plus 5.77 g/t Au, 29 g/t Ag, 0.15% Cu, 0.2% Pb, and 0.4% Zn over 6m, including 10.22 g/t Au, 47 g/t Ag, 0.17% Cu, 0.3% Pb, and 0.6% Zn over 3.3m; hole LP-SC-07 with 1.52 g/t Au, 19 g/t Ag, 0.11% Cu, 0.1% Pb, and 0.06% Zn over 8.3m, including 2.52 g/t Au, 29 g/t Ag, 0.15% Cu, 0.1% Pb, and 0.1% Zn over 4.8m; and hole LP-SC-08 with 3.78 g/t Au, 19 g/t Ag, 0.19% Cu, 0.1% Pb, and 0.2% Zn over 7m, including 5.33 g/t Au, 27 g/t Ag, 0.27% Cu, 0.1% Pb, and 0.3% Zn over 4.5m. Prismo has delineated with mapping and sampling in the last year other targets in the property such as Las Auras, Oromuri, and Española. The company has plans to drill-test these other targets as well as to continue exploring the property to develop additional new areas for drilling in several areas identified during reconnaissance work.
• Tocvan Ventures Corp., released first pass reconnaissance results from its Pilar expansion area. Samples were collected 4.5km from the Pilar main Zone and returned high grade gold and silver values “associated with intense hydrothermal altered volcanic rocks on the newly acquired expansion area. Highlights include 5.60 g/t Au and 106 g/t Ag; 3.54 g/t Au and 645 g/t Ag; and 1.84 g/t Au and 177 g/t Ag. “The extent of the alteration in the area of the samples spans for over 3.3km of strike and over a 1.5km width as defined by satélite Aster data”.
• Kootenay Silver Inc., announced results from its ongoing drilling program at its Columba project in Chihuahua.  The current program comprises a 12 to 15 hole campaign for a total of approximately 3,000m designed to extend known mineralization on the “D-Vein” target 0.06% Pb, and area at Columba. Drilling highlights include hole CDH-23-138 with 599 g/t Ag, 0.5% Pb, and 1.2% Zn over 13.56m, including 858 g/t Ag, 0.8% Pb, and 1.9% Zn over 8m, including 2,060 g/t Ag, 3.2% Pb, and 4.3% Zn over 1m; hole CDH-23-137 with 118 g/t Ag, 0.03% Pb, and 0.09% Zn over 29.20m, including 190 g/t Ag, 0.04% Pb, and 0.2% Zn over 11.20m, or 864 g/t Ag, 0.2% Pb, and 0.08% Zn over 1m, or 340 g/t Ag, 0.06% Pb, and 1.2% Zn over 4m; and hole CDH-23-136 with 203 g/t Ag, 0.03% Pb, and 0.09% Zn over 4.97m, including 335 g/t Ag, 0.03% Pb, and 0.08% Zn over 2.97m. “The first 12 holes of the current program are designed to extend the D-Vein in preparation of a follow up program aimed to result in a maiden resource in late 2024. In addition to the D Vein, the Company maintains a priority list of new vein targets and known vein extensions all warranting drill testing”.
• Colibri Resource Corporation provided an update on its exploration activities at their Pilar, EP, and Diamante projects in Sonora. At Pilar project, Colibri received the notice from Tocvan Ventures Corp., that it has met all conditions set forth in its 2019 option agreement with Colibri to earn an initial 51% of its advanced exploration stage Pilar Gold & Silver Project. Under the terms of the agreement, Tocvan has until March18th, 2024 to purchase the remaining 49% of Pilar from Colibri by paying an additional CAD $2M in cash and issuing a 2% net smelter on the project to Colibri. Tocvan would maintain an option to buy back 1% of the royalty for CAD $1M. At EP project, Colibri recently completed 1 2,200m and consolidated land position consisting of Colibri’s long held Evelyn Gold Project and the contiguous Plomo Gold Project. At Diamante project, the company is currently completing a geological mapping and sampling program, taking a property-wide approach as well as a more detailed evaluation of selected showings. Sampling includes outcrop sampling as well as property-wide stream sediment sampling. The Company anticipates initiating a drill program at Diamante before the end of the calendar year.

ON MINING

• Orla Mining Ltd., reported Q3, 2023 production results from its Camino Rojo project in Zacatecas. The company mined 1,840,224 tonnes of 0.81 g/t Au, processed 1,716,819 tonnes of 0.85 g/t Au, and stockpiled 123,404 tonnes of low grade of 0.28 g/t Au, to produce 32,425 Oz Au, of which 31,060 were sold.
• Gold Resource Corporation announced preliminary Q3, 2023 production results from its Don David Gold Mine in Oaxaca. The company milled 128,884 tonnes (129,099 combined) of 2.63 g/t Au, 64 g/t Ag,0.32% Cu, 2% Pb, and 4% Zn to produce 3,982 Oz Au, 208.9K Oz Ag, 548.8K Lb Cu, 2.12M Lb Pb, and 5.76 M Lb Zn at realized prices of USD $1,934 per Oz Au, USD $24 per Oz Ag, USDS $8,185 per tonne of Cu, USD $2,196 per tonne of Pb, and USD $2,195 per tonne of Zn.
• Equinox Gold Corp., announced that it will present its Q3, 2023 financial and operating results on October 31, 2023 (Los Filos Mine, Guerrero).
• GoGold Resources Inc., reported Q3, 2023 production results from its Parral Tailings project in Chihuahua and provided an update on its Parral Zn circuit. The company produced during the quarter 169.4K Oz Ag, 1,106 Oz Au and 257.6K Lb Cu (300.8K Oz AgEq). The company also reported that the construction of a zinc circuit, in addition to the SART plant at Parral, is well underway and projected to be completed by the end of this year, with the project on budget and on schedule.
• Santacruz Silver Mining Ltd., announced Q3, 2023 production results from its Zimapan Mine in Hidalgo. The company milled 192,158 tonnes of 80 g/t Ag, 1% Pb, 2.5% Zn, and 0.29% Cu with metallurgical recoveries of 76%, 82%,18%, and 46% respectively, to produce 378.7K Oz Ag, 3.42M Lb Pb, 8.36M Lb Zn, and 564.5K Lb Cu.
• Avino Silver & Gold Mine Ltd., reported Q3, 2023 production results from its Avino Mine in Durango. The company milled 154,507 tonnes of 56 g/t Ag, 0.58 g/t Au, and 0.42% Cu with metallurgical recoveries of 86%, 72%, and 80% respectively to produce 237.2K Oz Ag, 2,077 Oz Au, and 1.14M Lb Cu (591.2K Oz AgEq).
• Sierra Metals Inc., announced Q3, 2023 production results from their Bolivar and Cusi Mines in Chihuahua. At Bolivar Mine, the company processed 362,890 tonnes of 0.77% Cu, 15 g/t Ag, and 0.37 g/t Au with metallurgical recoveries of 92.1%, 81.95%, and 69.58% respectively to produce 5.67M Lb Cu, 148K Oz Ag, and 2,965 Oz Au (8.1M Lb CuEq). At Cusi Mine, Sierra Metals processed 29,050 tonnes of 127 g/t Ag, 0.15 g/t Au, and 0.45% Pb with metallurgical recoveries of 83.94%, 58.5%, and 87.83% respectively, to produce 99K Oz Ag, 81 Oz Au, and 251K Lb Pb (117K Oz AgEq).
• Bear Creek Mining Corporation reported Q3, 2023 production results from its Mercedes Mine in Sonora. The company mined 123,505 tonnes and processed 125,208 tonnes of 2.42 g/t Au with a metallurgical recovery of 94.03%, to produce 9,158 Oz Au and 34,929 Oz Ag, of which 6,298 Oz Au were sold and 2,720 Oz Au were streamed. Bear Creek also provided gold production guidance for 2023 to 39,000-45,000 Oz Au.

ON FINANCING

• Sierra Madre Gold and Silver Ltd., announced the amendment of all 5,123,092 subscription receipts, in order to extend the escrow release conditions and termination (as both terms are defined in the May 31 and Sep 14 News Releases) for an additional 30-day period (La Guitarra Mine Complex, Estado de Mexico State).
• Bear Creek Mining Corporation announced the issuance of a secured convertible promissory note in the amount of USD $26,632,458 to defer a USD $25M current liability originally payable to a wholly-owned subsidiary of Equinox Gold Corp., Commencing on November 30, 2023, the company will make monthly interest payments in the amount of USD $155,356 to Equinox Gold with the balance of the principal and accrued interest payable in full on the Maturity Date (Mercedes Mine, Sonora).

ON RESOURCES AND DEVELOPMENT

• Sonoro Gold Corp., filed a NI 43-101 technical report for a Preliminary Economic Assessment (PEA) on its Cerro Caliche project in Sonora, with an effective day of August 28, 2023. PEA highlights include: pre-tax net present value discounted at 5% (NPV5) of USD $71.4M; pre-tax internal rate of return (IRR) of 59%; after-tax NPV5 of USD $47.7M with an IRR of 45%; gold recovery of 72% and silver recovery of 27%; 9 year life of mine (LOM) with 297,575 Oz AuEq;  LOM annual average production of 33K Oz AuEq at 0.45 g/t AuEq; initial CAPEX costs of USD $15.5M, including USD $1.83M in contingency; sustaining capital costs of USD $15.5M; cash operating cost of USD $1,295 per Oz AuEq; all included sustaining cost (AISC) of USD $1,395 per Oz AuEq; and a payback period of 2.9 years.
• Sierra Madre Gold and Silver Ltd., announced that it has engaged Stantec Consulting International LLC to examine tailings deposition options at its La Guitarra Mine Complex in Estado de Mexico State. Results are expected towards the end of Q4, 2023.
• Endeavour Silver Corp., released positive drill results from its ongoing drilling program being conducted at El Curso and Porvenir Dos Areas at its Guanacevi project in Durango. Drilling highlights (true widths reported) at El Curso Area include holes UCM-117 with 1.09 g/t Au and 384 g/t Ag (471 g/t AgEq) over 5.64m, including 4.73 g/t Au and 1,730 g/t Ag (2,076 g/t AgEq) over 0.37m; hole UCM-120 with 3.43 g/t Au and 1,265 g/t Ag (1,540 g/t AgEq) over 2.20m, including 14.35 g/t Au and 2,780 g/t Ag (3,944 g/t AgEq) over 0.21m; hole UCM-123 with 1.4 g/t Au and 265 g/t Ag (378 g/t AgEq) over 3.2m; and hole UCM-125 with 2.77 g/t Au and 859 g/t Ag (1,080 g/t AgEq) over 3.42m, including 8.22 g/t Au and 2,610 g/t Ag (3,268 g/t AgEq) over 0.64m. Within the El Curso concessions, 18 new holes have been completed totaling 3,162 metres. Drilling highlights (true widths reported) at Porvenir Dos Area include holes APD-13 with 1.08 g/t Au and 657 g/t Ag (743 g/t AgEq) over 3.47m, including 3.24 g/t Au and 4,090 g/t Ag (4,349 g/t AgEq) over 0.20m: and hole APD-23 with 1.15 g/t Au and 414 g/t Ag (506 g/t AgEq) over 2.77m, including 3.45 g/t Au and 1,170 g/t Ag (1,446 g/t AgEq) over 0.45m. Near Porvenir Dos, on the Alondra concessions, 19 new holes have been completed totalling 5,854 metres. “Endeavour plans to continue drilling towards the northwest to test continuity with the objective to access ore from development advancing between the El Curso and Porvenir Dos areas that would eventually be connected”.
• Oroco Resource Corporation filed a Preliminary Economic Assessment (PEA) and updated Mineral Resource Estimate (MRE) for the North and South Zones of its Santo Tomas project in Sinaloa. Highlights of the PEA include a USD $2.33 B pre-tax NPV (8%) and USD $1.24 B after-tax NPV (85); 23% pre-tax IRR and 17.3% after-tax IRR; total life of mine (LOM) payable copper production of 4,749 M Lb; pre-tax payback of 4.1 years and after-tax pay-back of 5 years from first concentrate production; initial cost estimated at USD $1,339.9M , sustaining and expansion capital costs estimated at USD $1,134.5M; average annual LOM C1 cash cost of USD $1.66/Lb Cu on by-product basis; and an ultimate pit design constrained resource of 338M tonnes of indicated and 460M of inferred material. The table below shows the MRE for the Santo Tomas project:

Notes:

1. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
2. Table abbreviations include: % = percent, g/t = grams per metric tonne, Mlb = million pounds, Koz = thousand troy ounces.
3. The mineral resources are reported at an effective cut-off grade (CoG) of 0.15% Cu.
4. All figures are rounded to reflect the relative accuracy of the estimates. Totals in the above table may not sum or recalculate from related values in the table due to rounding of values in the table, reflecting fewer significant digits than were carried in the original calculations.
5. The mineral resources exclude identified oxide mineralization due to a lack of confidence in recovery assumptions of oxidized tonnages at this phase of the Project.
6. Metal assays are capped where appropriate. At the PEA level of the Project, it is the Company’s opinion that all the elements included in the copper equivalent calculation have a reasonable potential to be recovered and sold.
7. All dollar amounts are presented in U.S. dollars.
8. Bulk density is estimated on a block basis using specific gravity data collected on diamond drill core.
9. Reasonable prospects of eventual economic extraction (RPEEE) are demonstrated through use of an economic pit shell based on long-term copper price of $4.00/lb, molybdenum price of $13.50/lb, a gold price of $1,700/oz, and a silver price of $22.50/oz. Metal recovery factors used in the determination of CoG and economic pit shell for Cu, Mo, Au, and Ag have been applied based on metallurgical recovery calculations based on average feed grade. A 45-degree slope angle was applied.
10. The Huites Reservoir boundary was ignored for the purposes of mineral resource determination. This is consistent with the previous study.
11. The economic CoG was calculated to be 0.11% Cu but for consistency with the previous study, Oroco has elected to use an effective CoG at 0.15% Cu. CoG assumptions include a copper price of $4.00/lb., mining cost of $2.27/t, processing costs of $4.23/t, G&A costs at $0.65/t, mine recovery at 98%, mean Cu recovery at 83.7%, and royalties at 1.5%, have been applied in consideration of the RPEEE.
12. Equivalent Copper (CuEq) percent is calculated with the formula CuEq% = ((Cu grade * Cu recovery [83.7%] * Cu price) + (Mo grade * Mo recovery [59.1%] * Mo price) + (Au grade * Au recovery [58.6%] * Au price) + (Ag grade * Ag recovery [54.2%] * Ag price)) / (Cu price * Cu recovery [83.7%]). It assumed that the Santo Tomas Project would produce a conventional (flotation) copper concentrate product based on metal recoveries indicated by PEA metallurgical test work and mean Indicated Resource feed grades.
13. Reported contained individual metals in the table above represent in-situ metal, calculated on a 100% recovery basis, except for CuEq% which applies mean recovery assumptions (see Note 12).

• Gatos Silver Inc., announced filing of updated technical report on its Cerro Los Gatos Mine, Chihuahua.  The 2023 Technical Reports, titled “Mineral Resource and Mineral Reserve Update, Los Gatos Joint Venture, Chihuahua, Mexico” dated October 20, 2023, support the disclosure made by the Company in its September 6, 2023 press release announcing an updated Cerro Los Gatos mineral reserve, mineral resource, and life of mine plan. 

ON DEALS AND CORPORATE ISSUES

• Goldgroup Mining Inc., exercised its option to purchase all of the issued and outstanding common shares of Minera Cerro Esperanza S.A de C.V. (MER), which owns the Company’s previously held Cerro Prieto mining concessions, in Sonora, “by a full option price of USD $1.85M in common shares of the Company and will issue 25,067,500 common shares to Calu Opportunity Fund LLP (Calu), the owner of MER and a material shareholder of the Company. As a result of the transaction, Calu will own, directly and indirectly, 55,297,000 common shares of the Company representing approximately 66.83% of the Company’s issued and outstanding share capital. The completion of the transaction is subject to final TSX approval”.
• Vortex Metals Inc., announced the attendance at the 121 Mining Investment Conference in New York (Riqueza Marina project, Oaxaca).
• Tocvan Ventures Corp., completed a definitive agreement with a private owner to acquire 100% interest in 2,172.7 hectares adjacent to Pilar project in Sonora by paying USD $4M in cash and the issuance of 2.5M of common shares over the 5-year term of the agreement. A total minimum work commitment of USD $1M is considered over the agreement. The title owner will retain a 2% NSR on the properties acquired. After the initial 5-year term the company can elect to extend the agreement an additional 10 years by starting advanced royalty payments or purchase full title ownership through an additional cash payment of USD $500K.
• Silver Viper Minerals Corp., amended the terms of its option to acquire 100% ownership of three mineral concessions totaling 2,102 hectares at the La Virginia project, Sonora. “The amendment clarifies that the USD $775K (or CAD $1,042,142.50, based on a fixed exchange rate of USD$-CAD$ of 1.3447 set out in the amendment) of Shares issuable by the Company to satisfy as a portion of the final payment under the Agreement in June 2024, will be issued with a deemed price per Share equal to the higher of (i) the closing price of the Shares on the TSX Venture Exchange on June 24, 2024 or (ii) CAD $0.095. In addition, the amendment also sets out that the Company shall not issue more than 10,969,922 Shares in satisfying this portion of the consideration due to the vendors. As previously announced by the Company, in addition to such issuance of Shares, the Company will also make a cash payment of US$200,000 to the vendors. In satisfaction of the Company’s payment of the USD $1,5M (or CAD $2.01M, based on an exchange rate of USD$-CAD$ of 1.3447) of Shares due to the vendors in April 2023 under the amended Agreement, the Company confirms it issued the vendors an aggregate of 16,808,750 Shares at a deemed price per share of CAD $0.12 on April 25, 2023”.

ON SOCIAL RESPONSIBILITY

• Minera Media Luna, a subsidiary of Torex Gold Resources Inc, renewed the agreement of the Avanzando Juntos scholarship program with 60 young people, 33 of whom are pursuing their high school studies and 27 plus a bachelor’s degree. This is the sixth consecutive year in which the company supports young students from the municipalities of Cocula and Tepecoacuilco; and the second to young people from Eduardo Neri, having MXP $441K of investment that the company grants to the students with the best averages of the January-June 2023 school semester, thus adding an annual amount of MXP $ 882K. The people benefiting from the Avanzando Juntos scholarship program are from the communities of Nuevo Balsas, Real del Limón, La Fundición, San Nicolás, Acalmantlila, Tlanipatlan, Atlixtac in the municipality of Cocula; as well as Puente Sur Balsas and Mazapa, in the municipality of Eduardo Neri; and from Tepecoacuilco to young people from the Valerio Trujano town. The company’s objective has been to reaffirm the commitment to strengthen education as a tool in the development of social and human capital, for a prosperous future.

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On the picture above, Cu mineralization in a Carbonate Replacement Deposit (CRD) in Durango, Mexico. Photo by Miguel A Heredia.