Geology, Exploration and Production Studies

The La India epithermal gold system is near the southwestern margin of a broad belt of Tertiary-aged volcanic rocks that forms the Central Highlands of Nicaragua.

Gold mineralisation occurs in quartz veins, often with a component of adularia and rarely calcite. The majority of the quartz veins are fissure veins that filled open spaces in extensional structures: planar veins filling open faults and fractures, and breccia matrix and stockwork veins infilling spaces formed along strike, in the footwall and at the intersection of faults.

On a regional scale, the structures that host gold veins are orientated on at least three different strike directions, with the dominant trend at 320-130° parallel to the margin of the Nicaraguan Depression. The mineralised structures can all be attributed to extensional tectonic stresses directed to the west to southwest.

The MRE presented here is based on some 82,019 metres of drilling, 19,136 metres of trench sampling and over 9,000 original underground mine grade control channel samples on 9 veins within the La India Project area. The effective date of the Mineral Resource statement is 28 February 2022.

Latest (28 Feb 2022) NI 43-101 Mineral Resource estimate includes Indicated resources of 9.7 Mt @ 6.2 g/t Au and Inferred resources of 8.6 Mt @ 4.3 g/t Au.

Near mine potential could extend mineralised zones at depth as a number of zones are open. The Property has good potential for the discovery of mineralisation along the Mojarra Prospect Trend in areas that are currently outside of the Mineral Resource Estimate.

Current (January 2025) development targets

• Exploration and definition drilling commencing April 2025
• First civil works commencing May 2025
• First production target December 2026

Significant upside potential proving a 5 million gold district conceptual – Copper porphyry style mineralisation